Taxation

Taxation
1 / 18
next
Slide 1: Slide
EconsSecondary Education

This lesson contains 18 slides, with interactive quizzes and text slides.

Items in this lesson

Taxation

Slide 1 - Slide

Henry VIII introduced a beard tax
A
true
B
false

Slide 2 - Quiz

What is a new term we spoke about yesterday?

Slide 3 - Open question

3 tax types
Proportional - tax % is the same for everyone 
Regressive - tax % decreases as income increases 
Progressive - tax % increases as income increases

Slide 4 - Slide

Medicare Levy and Medicare Levy Surcharge
Medicare Levy -  flat rate of 1.5% of an individual’s taxable income, with exemptions may be given to low income earners and foreign residents.

 Medicare Levy Surcharge  - extra 1-1.5% tax on high income earners who do not have private hospital insurance.


Slide 5 - Slide

What is the purpose of the Medicare Levy?

Slide 6 - Mind map

Direct Taxes
Individuals
  •  personal income tax - tax table (varies)
capital gains tax (CGT) - gains (profit) made from sale of assets is added into your INCOME amount
• the Medicare levy - 1.5%
superannuation fund tax - 15%
Businesses
company tax - 30% (small/medium business - 25%)
fringe benefits tax (FBT) - 47%

Slide 7 - Slide

Give an example of an direct tax

Slide 8 - Mind map

Indirect taxes 
$ goes to a business who then sends $ to government

  •  excise duty e.g the excise on unleaded petrol is about
30%
  • customs duties - on imported goods  (alcohol at 'duty free')
  •  goods and services tax (GST) - 10%
  • Departure tax

Slide 9 - Slide

Why do you think the Australian government uses customs duties?

Slide 10 - Mind map

Car registration
car registration depends on vehicle, not the owner.

What type of tax is it?
Progressive, regressive, or proportional?

Slide 11 - Slide

A country in which the tax payers who earn more pay a relatively higher amount of tax has a
A
Regressive income taxation system
B
Progressive income taxation system
C
Proportional income taxation system

Slide 12 - Quiz

Extended Answer Questions
Explain two methods used by the Australian government to redistribute income.


Definitions and examples and answer the question 

and diagram (if relevant)

Slide 13 - Slide

two methods - 

redistribute income - 

circular flow diagram - 

Slide 14 - Slide

Explain 2 methods used by the government to redistribute income.

Slide 15 - Mind map

Let's do one together
Describe Australia’s taxation system.

 
(Hint – 3 types of tax R, P and P)

Slide 16 - Slide

Your turn - pair or individual
Outline two reasons why the government tries to redistribute income in Australia.

Slide 17 - Slide

Outline two reasons why the government tries to redistribute income in Australia.

Slide 18 - Mind map