Year 9 Tax - Personal Finance

Who pays tax?

• Individuals

• Business

• Both Individuals and Business

Business pays tax on what?

• Sales

• Profits

• GST Charges

What is a tax file number?

• Personal Reference number in the tax and super systems

• Centrelink reference number

• Birth Certificate code?

What dates cover the financial year?

• January 1 - December 31

• July 1 - June 30

• June 1 - July 31

Types of taxable income?

• Employment income

• Bank account interest

• Investment income (e.g. Dividends

• All of the above

Examples of allowable tax deductions:

• Work related travel expenses

• Safety boots

• Self education

• All of the above