Task A2.1 Types of taxes: income tax

Ever wondered what proportional, progressive and regressive taxes are? Find out what they are. See how they work.

Task A2.1 Types of taxes: income tax
Type: Quiz
Questions: 2
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 10

    In 1936, at the request of the Australian Wool Growers Council, a wool tax was imposed to help the production of wool and to extend the use of wool throughout the world. It was levied at 6d (about 5c) per bale on all sales of shorn wool produced in Australia.

Substantiation

Evidence of allowable deductions. Taxpayers must keep documents and records that can be used to prove they actually incurred the expenses they have claimed. These records must generally be kept for five years after they are claimed on a tax return.

read more glossary terms