Basic Tax
What happens if you don’t pay your tax on time?
You may be fined or charged interest.
What is superannuation?
A retirement savings system where employers contribute a percentage of income into a fund.
Can personal contributions to superannuation reduce your taxable income?
Yes, personal contributions can be claimed as a tax deduction.
What is the difference between an index fund and a managed fund?
Index funds have lower fees because they simply invest in the top companies in the market, while managed funds do lots of research about which companies' shares will rise the most in the year and try to invest in them.
True or False: Tax on superannuation contributions is the same as tax on income.
False, super contributions are taxed at a concessional rate of 15%
If a person earns $75,000 annually, how much tax do they pay on the income between $45,001 and $75,000?
$5,250 (32.5% of $30,000)
How much is the Superannuation Guarantee rate as of 2025?
11.5%
What is salary sacrifice in relation to superannuation?
When an employee agrees to receive less income in exchange for additional superannuation contributions
What type of super fund is commonly offered to university staff?
UniSuper (a public sector fund).
True or False: All superannuation funds charge the same fees.
False, fees can vary widely between different super funds
What is the current tax-free threshold for individuals in Australia?
$18,200
At what age can you generally access your superannuation in Australia?
65 years old
What is the annual contribution cap for concessional superannuation contributions (for 2025)?
$30,000 per year.
What is a “balanced investment option” in a superannuation fund?
A default investment option that spreads investments across shares, bonds, and other assets to balance risk and return
True or False: You don’t need to worry about tax if your salary is under the tax-free threshold
False, while no tax is paid on income under the tax-free threshold, you may still need to lodge a tax return
What is the tax rate on income above $180,000?
45%
Can individuals make voluntary contributions to their superannuation?
Yes, individuals can make additional voluntary contributions.
What type of contributions are eligible for the government's co-contribution program?
After-tax (non-concessional) contributions from low-income earners.
Which superannuation fund typically offers higher fees: a retail fund or an industry fund?
Retail funds usually have higher fees compared to industry funds.
True or False: You can use your superannuation savings to buy a house
False, although first-home buyers can access a portion of their super under certain conditions, it cannot be used to purchase a house directly.
What is the tax rate for income between $18,201 and $45,000 in Australia?
19%
What is the purpose of the tax-free threshold in superannuation contributions?
It reduces the amount of tax paid on super contributions, allowing more savings to accumulate.
What is the maximum amount of tax-free superannuation contributions a person under the age of 75 can make?
$110,000 (non-concessional contributions) in a financial year.
How do superannuation funds invest your contributions to grow over time?
They invest in a mix of assets like shares, property, and bonds to generate returns.
True or False: Contributions to your super fund are taxed the same regardless of whether they’re employer contributions or personal contributions.
False, employer contributions are taxed at 15%, while personal contributions may be taxed differently depending on the type.