Money received, especially on a regular basis, for or through investments.

Self-Employment/ Side hustle

A way to earn money working for yourself by providing a service or solving a problem.

Earning income by working for someone else.

A distribution of a portion of a company's earnings to it's shareholders

Money you earn without having to work for it everyday. E.g. Renting out a house, earning interests from savings, making money from investments.

Interest on money in the bank

The money the bank pays you (interest) on your deposits. (Interest rates will be low, low risk)

A low income benefits based on a person's situaiton.

The total amount of money you earn BEFORE anything is taken out.

The amount of money you receive AFTER deductions are taken out of your gross income.

* 1.5 pay the usual hourly rate

Pay is twice the usual hourly rate

The amount of money an employee earns per unit of time.

Your employer, takes a small amount of tax out of each pay and sends it to the government on your behalf.

If you earn less than $18,200 per year, you won't need to pay tax.

Tax File number (TFN)

A personal number given to you by the government, you need it to work legally, make sure you are taxed correctly and to give back any extra tax you've paid.

Progressive tax system

People who earn less pay less tax, people who earn mor pay more tax.

Starts from the 1st of July to the 30th of June.

A range of income taxed at a specific, progressive rate, meaning higher income portions are taxed more than lower ones.

A long-term backup plan that helps you be more secure when you no longer have a regular income (Retired). The minimum superannuation rate that employers must put aside for you is12%.

A government loans that helps pay for student tuitions. You start repaying your debt once you start earning over $67,000.

Tax that fund Australia's public healthcare system. The standard levy is 2% once you earn above a threshold.

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Term	Definition
Income	Money received, especially on a regular basis, for or through investments.
Self-Employment/ Side hustle	A way to earn money working for yourself by providing a service or solving a problem.
Paid Employment	Earning income by working for someone else.
Dividends	A distribution of a portion of a company's earnings to it's shareholders
Passive income	Money you earn without having to work for it everyday. E.g. Renting out a house, earning interests from savings, making money from investments.
Interest on money in the bank	The money the bank pays you (interest) on your deposits. (Interest rates will be low, low risk)
Government Benefits	A low income benefits based on a person's situaiton.
Gross Income	The total amount of money you earn BEFORE anything is taken out.
Net Income	The amount of money you receive AFTER deductions are taken out of your gross income.
Time and a Half	* 1.5 pay the usual hourly rate
Double time	Pay is twice the usual hourly rate
Pay rate	The amount of money an employee earns per unit of time.
PAYG (pay as you go)	Your employer, takes a small amount of tax out of each pay and sends it to the government on your behalf.
Tax-Free Threshold	If you earn less than $18,200 per year, you won't need to pay tax.
Tax File number (TFN)	A personal number given to you by the government, you need it to work legally, make sure you are taxed correctly and to give back any extra tax you've paid.
Progressive tax system	People who earn less pay less tax, people who earn mor pay more tax.
Financial Year	Starts from the 1st of July to the 30th of June.
Tax Brackets	A range of income taxed at a specific, progressive rate, meaning higher income portions are taxed more than lower ones.
Superannuation	A long-term backup plan that helps you be more secure when you no longer have a regular income (Retired). The minimum superannuation rate that employers must put aside for you is12%.
HECS (HELP)	A government loans that helps pay for student tuitions. You start repaying your debt once you start earning over $67,000.
Medicare Levy	Tax that fund Australia's public healthcare system. The standard levy is 2% once you earn above a threshold.

Created by: Uprightm1kkay

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