Australia’s growth and prosperity after World War II meant that, in 1959, the ATO collected £823.37 million in revenue - more than double the amount collected in 1949.
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