Federal Budget

Question 1

Define revenue

Answer 1

Tax collections e.g. Income tax, company tax and GST

Question 2

Define calendar year

Answer 2

January 1st to December 31st

Question 3

Define financial year

Answer 3

July 1st to June 30th

Question 4

Different types of revenue

Answer 4

Income tax - up to $18,200 non-taxable or tax free
Company tax - paid on profits, only around 30%
GST - goods and services tax, 10% tax

Question 5

Where does the most revenue come from?

Answer 5

Income tax and sales tax

Question 6

Define expenditure

Answer 6

The action of spending funds - government spending on items such as pensions, education, health and defence.

Question 7

Tax change in this year’s budget

Answer 7

1.5% decrease in company tax

Question 8

Where does the money from tax go?

Answer 8

Most expenditure is social security and welfare. This includes age, pension, disability and doll (anyone who is struggling with pay benefits)
The second most expenditure is health.

Question 9

What decreased in this year’s budget and why?

Answer 9

Childcare funds have decreased. This is to increase spending on anti-terrorism.

Question 10

What is the overall message in this year’s budget?

Answer 10

By encouraging small businesses to grow the government aims to boost the economy.