The Australian Taxation Office started as the Commissioner of Land Tax in 1910 with a dozen employees. It was based in the Department of Treasury, situated in Melbourne, which was the seat of the Commonwealth Parliament until 1927.
- Refund search for term
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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
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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
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A savings account set up specifically for the purpose of saving funds for retirement.
- Return search for term
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The net amount an individual receives from an investment.
- Revenue / government revenue search for term
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The income of a government (from taxes, excise duties or other sources) used for the payment of public expenses.
- Risk search for term
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The chance of loss on a financial investment.
- Rollover search for term
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When an individual transfers super money from one super fund into another.
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Fact 9
Tax credits
Amounts to be deducted from a tax bill, for example, franking credits and fuel tax credits.
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