Australian income tax

When does the Australian financial year run from and to?

• 1st of January to 31st of December

• 1st of April to 31st of March

• 1st of July to 30th of June

Taxable income is _____

• Gross income less tax deductions

• Gross income less net income

• Gross income less Medicare fees

Net income is ______?

• Gross income less tax paid

• Gross income less tax deductions

• Taxable income less tax paid

Which of these is NOT a tax deduction?

• Donations to a registered charity

• Tax agent fees

• Uniform allowance

• equipment maintenance costs

The main purpose of a tax return is ________?

• to determine a person's amount of tax owed or refund due

• To tally up tax deductions

• To figure out how much a person has earned

Following the end of the financial year, when must a tax return be submitted by?

• within 4 months

• within 6 months

• within 9 months if submitted by a tax agent

• within 12 months if submitted by a tax agent

What Medicare levy is paid by a person with a taxable income of $50,000?

• $1000

• $2000

• $0

• $3000

The marginal income tax rate a person pays refers to _______?

• the percentage of tax applied to the last dollar of an individual's taxable income

• the base percentage of tax applied to an individual's taxable income

• The additional tax payable by people without private health insurance

The tax-free threshold in Australia is _______?

• $18200

• $4500

• $45000

• $22800

Revenue collected through personal income tax is used for ________?

(select all that apply)

• Educating young people

• Defence and National Security

• Health care

• Social services such as pensions and the dole

• Public Safety and Law Enforcement