Task B2.3 Tax for the under 18s

Step 1 of 7

There are six questions in this task.

Ivan's parents own and run their own business. They give Ivan $200 every week from their business. Ivan is 16, and this payment is his only income. They do the same for his sister Katie who is 14. Neither work in the business. This is Ivan and Katie's only income and they both put the income into a bank account in their own name. Assume they have been paid for 52 weeks.

  • Fact 27

    The Sydney Olympic Games included a team of tax officers who advised visiting athletes of any tax obligations and helped them in reclaiming GST reimbursements for their expenditure during the games.

Income tax rate

The proportion of taxable income that is paid as tax. The income tax rate is expressed as a percentage or in cents-per-dollar. Companies have a set tax rate, unlike individuals, whose tax rate increases as the amount of taxable income increases.

read more glossary terms