MANAGING MONEY EVERY DAY - Personal Tax

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10 Questions to Understand Tax

  1. What is tax?
  2. Why do we pay personal income tax? Where does the money go?
  3. Who is the organisation that oversees taxation in Australia?
  4. What does the term progressive tax system mean?
  5. If you were earning $15,000 per year, how much tax would you pay?
  6. If you were earning $35,000 per year, how much tax would you pay?
  7. If you were earning $75,000 per year, how much tax would you pay?
  8. If you were earning $250,000 per year, how much tax would you pay?
  9. What are some examples of tax deductions? What can someone do if they want to reduce their taxable income?
  10. Do teenagers need to complete tax returns? How often does a tax return need to be completed

 

 

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