The first new tax introduced after Federation was the Bank Notes Tax Act 1910 which introduced an Australian currency. It imposed a 10% tax on bank notes that had been previously issued privately. The new national currency first appeared in December 1910.
Working with a partner, consider the scenario you are assigned and decide whether the money should be considered part of assessable income for the calculation of their income tax.
Add your ideas online and be ready to present your decision and justify it to the whole class.
|Task B1.2 Assessable income revisited|