The first computers used by the ATO were used primarily for issuing the five million refund cheques sent out each year in the mid 1960s.
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
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)
A savings account set up specifically for the purpose of saving funds for retirement.
The net amount an individual receives from an investment.
- Revenue / government revenue
The income of a government (from taxes, excise duties or other sources) used for the payment of public expenses.
The chance of loss on a financial investment.
When an individual transfers super money from one super fund into another.