Glossary beginning with R

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Refund search for term

An amount paid back by the ATO to a taxpayer when the taxpayer has paid more tax than they are liable to pay.

Regressive tax search for term

A tax charged at a set dollar amount, regardless of the value of the transaction. The passenger movement charge (also called departure tax) on passengers at airports is a regressive tax.

Retirement savings account (RSA) search for term

A savings account set up specifically for the purpose of saving funds for retirement.

Return search for term

The net amount an individual receives from an investment.

Revenue / government revenue search for term

The income of a government (from taxes, excise duties or other sources) used for the payment of public expenses.

Risk search for term

The chance of loss on a financial investment.

Rollover search for term

When an individual transfers super money from one super fund into another.

  • Fact 22

    The changeover to decimal currency in 1966 created a massive amount of work for the ATO. In NSW alone, staff manually converted 200,000 accounts worth $450 million.

Superannuation fund

A fund or scheme for the future payment of benefits following retirement, serious disability or death.

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