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Test/Exam Revision - Coggle Diagram
Test/Exam Revision
More Tax
Personal income
Personal income tax is a type of income tax levied on an individual's wages, salaries, and other types of income.
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GST
The goods and services tax (GST) is a type of tax levied on most goods and services sold for domestic consumption in many countries
Company tax
A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company's taxable income
Excise Duty
Excise taxes are taxes levied on specific goods or services like fuel, tobacco, and alcohol.
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Tax
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Indirect
indirect tax is collected by one entity in the supply chain, such as a manufacturer or retailer, and paid to the government. However, the tax is passed onto the consumer by the manufacturer or retailer as part of the purchase price of a good or service.
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Progressive
A progressive tax is a tax where the. average tax rate, or the total amount of. tax paid as a percentage of income, increases as the taxpayer's income. increases.
For example, the Australian taxation system is a progressive tax system.
Proportional
A proportional tax is an income tax system that levies the same percentage tax to everyone regardless of income.
Company tax is an example of a proportional tax, as companies making over 50 million pay 30%, where companies earning below 50 million pay 27.5%
stage 3 tax cuts KYS
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positives: decreases tax bracket creep, economic stimulus, international competitiveness and incentive for workl
negative: income inequality, revenue impact (gov), economic circumstances and inflationary pressure
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economic circumstances have changed Australia went from slow growth in 2019 to dealing with rapid inflation in 2022
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