Income and income tax

When do we need to pay tax and when don't we? Discover the different types of income and test your knowledge about when and where tax should be paid.

Income and income tax
Type: Theory
Questions: 9
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 20

    In the 1950s, some ATO personnel informally referred to the tax laws as Pig's Stew because they collected Payroll tax, Income tax, Gift duty, Sales tax, Stevedoring industry charge, Tobacco charge, Estate duty and Wool tax.

Capital loss

Occurs when a capital gains tax asset is sold or disposed of for less than its purchase price.

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