The expenses of World War I were so great that the Commonwealth Government introduced three new taxes in 1917: an entertainment tax, a wartime profits tax and a bachelor tax that raised such a bitter protest that it was never put into operation.
- Tax credits search for term
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Amounts to be deducted from a tax bill, for example, franking credits and fuel tax credits.
- Tax evasion search for term
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When a person deliberately lies to the ATO to reduce their amount of tax payable by understating assessable income, overstating allowable deductions or incorrectly claiming tax credits and tax offsets. Tax evasion is against the law.
- Tax file number (TFN) search for term
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A unique number issued by the ATO to individuals and organisations to increase the efficiency in administering tax and other Australian Government systems, such as income support payments.
- Tax file number declaration search for term
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A form that helps an employer work out how much tax to withhold from payments made to employees.
- Tax Help search for term
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A free service sponsored and administered by the ATO where trained and accredited volunteers from the community assist low-income taxpayers to complete their tax return.
- Tax invoice search for term
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A document generally issued by a supplier registered for GST. It shows the price of a sale, indicating whether it includes GST, and may show the amount of GST. It must show other information including the ABN of the supplier.
- Tax minimisation search for term
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When a taxpayer legally minimises the amount of tax they have to pay.
- Tax offset / rebate search for term
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An amount that may reduce the amount of income tax payable, dollar for dollar.
- Tax payable search for term
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The amount of income tax required to be paid on a person's taxable income after applying any tax offsets. It does not include the Medicare levy.
- Tax return search for term
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The form that taxpayers complete and lodge annually with the ATO to report their income, tax withheld, allowable deductions and tax offsets.
- Tax-free threshold search for term
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Individuals who are Australian residents for taxation purposes pay no tax on the first $18,200 taxable income for the full financial year. This is called the tax-free threshold. They may claim the tax-free threshold from one employer only. Non-residents cannot claim the tax-free threshold.
- Taxable income search for term
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Assessable income minus allowable deductions.
- Taxpayer search for term
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Any individual or entity required to pay tax.
- Taxpayer's charter search for term
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The ATO client service charter, which sets out what a person can expect when dealing with the ATO. It lists a person's rights, obligations and what they can do if they are not satisfied.
- Trust search for term
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A trust exists when a person or company (called a 'trustee') holds assets on behalf of others who are intended to benefit from the assets, or income from those assets. Those intended to benefit are called 'beneficiaries'.
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Fact 12
Fixed interest investments
Investments that offer a fixed interest rate on a fixed sum of money, usually for a specific period of time.
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