Tax

Question 1

What tax system does Australia have?

Answer 1

A progressive tax system ( the more money you earn the more taxes you pay) and uses tax brackets/ tiers

Question 2

What are different types of tax

Answer 2

Income tax
Goods and services tax (GST)
Fringe benefits tax (FBT)
Medicare levy and Medicare levy surcharge

Question 3

What is GST

Answer 3

Goods and services tax is imposed on the sale of most goods and services in Australia and those imported to Australia. Levied at 10%

Question 4

Fringe benefits tax (FBT)

Answer 4

Imposed on the value of non-cash benefits provided by employers to employees. Tax payed when employees get special benefits or perks from their job.

Question 5

What is income on which tax is payed called?

Answer 5

Accessible income

Question 6

How is the amount of tax paid determined?

Answer 6

The amount of tax you will pay depends on the amount of income made in the financial year (1st July- 30th June)