WAGES & SALARIES
Money paid to a worker based on the number of hours they work, usually weekly.
What are wages?
Income earned when a business’s revenue is greater than its expenses.
What is profit?
Money collected by governments from individuals and businesses.
What is taxation?
Tax paid by individuals on the money they earn from jobs.
What is personal income tax?
A 2% tax on most Australians’ taxable income used to fund healthcare.
What is the Medicare levy?
Income paid as a fixed annual amount, usually to skilled or professional workers.
What is a salary?
Income earned as a percentage of sales, often by real estate or car sales agents.
What is commission?
The organisation responsible for collecting tax in Australia.
What is the Australian Taxation Office (ATO)?
A 10% tax added to most goods and services in Australia.
What is GST?
Extra tax charged to high-income earners without private hospital insurance.
What is the Medicare Levy Surcharge?
Extra pay for working beyond standard hours, often paid at time-and-a-half.
What is overtime?
Payments received from the government to help cover basic living expenses.
What is social security?
One key reason governments collect taxes.
What is to fund essential services?
A tax paid when selling an asset like shares or property for a profit.
What is capital gains tax?
A tax paid to local councils to fund services like roads and rubbish collection.
What are council rates?
Higher pay rates for working weekends or public holidays, sometimes double time.
What are penalty rates?
Money earned from savings accounts or from owning shares in a company.
What are interest and dividends?
The three levels of government that collect taxes in Australia.
What are federal, state, and local governments?
Extra taxes on products such as alcohol, tobacco, and fuel.
What are excise taxes?
A tax paid on investment or commercial land, but usually not the family home.
What is land tax?
These workers are typically paid salaries and work in skilled or professional jobs.
Who are white-collar workers?
Income paid to creators for the use of their work, such as books, music, or inventions.
What are royalties?
The idea that everyone contributes tax based on their ability to pay.
What is tax fairness?
A tax paid when purchasing property or vehicles.
What is stamp duty?
A category of taxes linked to owning assets such as property.
What are wealth or property taxes?