Budgeting
A plan for how you will spend and save your income.
A budget
The planet closest to the Sun.
Mercury
Compulsory insurance you need to register a car in NSW.
CTP/Green slip
The year Australia’s colonies federated.
1901
Your personal reference number for the tax and super systems.
TFN / Tax file number
Costs that stay the same each week, like rent or a phone plan.
Fixed expenses
A planet in our solar system that spins in the opposite direction to the others.
Venus OR Uranus
The amount you pay to buy an insurance policy.
A premium.
The largest Australian state by area.
Western Australia
The first $18,200 you earn each year, which is not taxed.
Tax-free threshold
Costs that change, like groceries, fuel and entertainment.
Variable expenses
Gold’s chemical symbol.
The amount you pay towards a claim before the insurer pays the rest.
The excess
Australia’s first Prime Minister.
Edmund Barton
The percentage of your pay employers must put into super in 2026–27.
12%
The money that lands in your bank account after tax.
Take-home pay
The country that overtook China in 2023 to have the world’s largest population.
India
Insurance that covers your belongings in a rented home.
Contents insurance.
Near Nowra, this Commonwealth territory is not part of NSW.
Jervis Bay Territory
The date your tax return is due if you lodge it yourself.
October 31st
Spending more than you earn leaves your budget in this state.
A deficit
The author of the novel 1984.
Car insurance that covers damage to other people’s property, but not your own car.
Third Party Property insurance / compulsory third party
The year of the Mabo decision, which recognised native title.
1992
The tax rate withheld from your pay if you don’t give your employer a TFN.
47%!