Credit Cards
This plastic card allows you to borrow money from a bank to make purchases.
What is a credit card?
This type of loan is used to purchase a home or property.
What is a mortgage?
This is the money your employer puts aside during your working life to support you when you retire.
What is superannuation?
This is the government department responsible for collecting taxes in Australia.
What is the Australian Taxation Office (ATO)?
This is what happens to the value of most cars after you buy them new.
What is depreciation?
This is the amount you must pay by the due date to avoid interest charges.
What is the minimum repayment?
When you borrow money from a bank, this is the extra amount you pay back on top of the loan.
What is interest?
In Australia, your employer must contribute this minimum percentage of your salary into your super fund.
What is 11%? (as of 2025)
This number is unique to every working Australian and is used to track your tax and super.
What is a Tax File Number (TFN)?
This is the term for the amount an asset drops in value each year.
What is depreciation expense?
If you don't pay off your full balance, this fee is charged monthly on the amount you still owe.
What is interest?
This is the agreement between the bank and borrower that outlines the loan amount, interest rate, and repayments.
What is a loan contract?
These companies manage your super and invest it in shares, property, and other assets.
What are superannuation funds (or super funds)?
This type of tax is taken directly out of your wages before you are paid.
What is income tax (or PAYG – Pay As You Go)?
This type of depreciation decreases an asset’s value by the same fixed amount each year.
What is straight-line depreciation?
Going over your credit limit or missing a payment can negatively impact this personal financial score.
What is a credit score?
This type of interest is calculated only on the amount borrowed, not on any interest that builds up.
What is simple interest?
This type of fund allows you to control how your super is invested and is often used by business owners.
What is a Self-Managed Super Fund (SMSF)?
This 10% tax is added to most goods and services you buy in Australia.
What is the Goods and Services Tax (GST)?
This type of depreciation decreases an asset’s value by a fixed percentage each year.
What is reducing balance (or diminishing value) depreciation?
This is the document sent each month showing your purchases, repayments, interest, and fees.
What is a credit card statement?
This is what happens to your credit rating if you miss multiple loan repayments.
What is it goes down (or drops)?
You usually can’t access your super until you reach this stage in life, often based on your age and retirement.
What is the preservation age (or retirement age)? (60 years old)
At the end of the financial year, you lodge this document to report your income and possibly get a refund.
What is a tax return?
Businesses in Australia can claim depreciation on assets to reduce this yearly financial obligation.
What is taxable income (or tax)?