Hums: Year 10 Rev notes RT1

Taxtation

governments collect money from individuals and businesses to fund public services and infrastructure.

superannuation

is a long-term savings plan for retirement, where employers and individuals contribute to a fund.

Superannuation benefits

Financial security

pay less income tax

discounts and rewards

Supperannuation conS

Inaccessibility

Volatility

Fees

savings

is the portion of income that is not spent and is set aside for future use or emergencies.

investings

is putting money into something like a business or company to make a profit.

Consumers

is a person who buys goods and services for personal use.

Producer

is a person or business that creates, grows, or supplies goods and services.

Goverment

is an organization that creates and enforces laws, manages public services, and oversees a nation or community.

Austraila feduarl budget

is the government's annual financial plan, outlining revenue, spending, and economic priorities for the country.

Austraila tax system

a tax rate that increase as taxable income increases

Medicare

is Australia's public health system offering help to pay for doctor appointments or hospital visits.

Goods n Services

are products and activities provided to consumers for a price.

Tax file number

is a special identification number issued by the Australian Taxation Office for tax and superannuation purposes.

Age Pension

financial support for austrailan people in retirment that the goverment provides

Age Pension Eligibility

age

residency

income assets test

speculation

buying assets with the hope of making a profit from future price changes rather than from their intrinsic value.

assesable income

taxable income

investment types

Shares:

Bonds:

Real Estate