The opportunity to pay income tax in instalments, rather than once per year, was introduced in 1941.
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.