| A | B |
|---|
| income tax | Tax paid out of the money people earn. |
| tax return | A form you fill out at the end of the financial year where you tell the tax office your assessable income and your allowable deductions |
| financial year | The 12 months that run from the start of July in one year to the end of June the next year |
| tax file number | A personal I. D. code used by the tax office |
| net amount payable | After doing your tax return |
| refund | After doing your tax return |
| net tax payable | The total tax you have paid over the year (except Medicare). |
| assessable income | All the money you have obtained over the year |
| taxable income | That portion of your assesssable income that can be taxed |
| allowable deductions | Things you have spent money on like donations that are subtracted from your assessable income to work out your taxable income |
| tax-free threshold | The maximum salary you can have without having to pay income tax |
| tax rate | The percentage of your income which goes to tax. |
| superannuation | Money put into a special bank account for your retirement |
| PAYG witholding | Money taken out of your fortnightly pay that goes to the tax office so that you don't need to pay all your tax at once at the end of the financial year |
| casual employment | Employment where you are paid more per hour |
| pro rata employment | Employment where you are paid less per hour |
| annual leave | Paid holiday time |
| sick leave | Paid sick days |
| medicare levy | An extra amount you have to pay ontop of tax that goes to the public health system |
| medicare levy surcharge | An extra medicare levy that only high income earners without health insurance have to pay |
| gross | The total amount before you've accounted for things |
| net | The final amount that's left once you've accounted for everything |
| wage | How much you earn per hour |
| salary | How much you earn per year |
| overtime | Getting paid more per hour for working yucky hours |
| time and a half | Overtime paid with a 50% bonus on the normal rate |
| double time | Overtime paid at double the normal rate |
| 365 | Number of days in a normal year (not leap year) |
| 366 | Number of days in a leap year |
