Suppose the income tax schedule in Australia is:IncomeTax on this income0-$20,000None$20,000 and above30 cents per dollar of income over $20,000 Your income in 2022 was $30,000. Inflation between 2022 and 2023 is 10% and your pre-tax income rises between 2022 and 2023 at the inflation rate.Group of answer choicesYour after-tax income increases by less than 10%Your after-tax income is unchanged.Your after-tax income increases by 10%Your after-tax income increases by more than 10%

Define Australia’s progressive tax system.*1 pointThe rate of tax for all individuals is 30 per cent.As individuals earn a higher amount of income, the rate of tax increases.As individuals earn a higher amount of income, the amount of tax decreases.As individuals earn a higher amount of income, the rate of tax decreases.

To calculate total tax payable at the end of the Australian financial year: add the Medicare levy to income tax subtract the Medicare levy from income tax multiply the Medicare levy by income tax

It was estimated that the Australian Government would make $72 620 million revenue from the Goods and Services tax (GST) in the 2020–21 financial year.This being based on the GST percentage of 10%.If the government increased the GST percentage to 15%, what would have been the predicted revenue in the 2020–21 financial year?A. $10 893 millionB. $36 310 millionC. $108 930 millionD. $145 240 million

Sidney Aus is 64 years old and married with 2 children. She is fully employed and earned a salary of R1 690 000 for the current year of assessment. She also made contributions to a medical aid fund of R25 000 and her employer also contributed a further R65 000. In addition to the above she received the following income:Local dividends of R10 000,Interest received from a South African investment of R19 000.YOU ARE REQUIRED to determine the total amount which will be included in Sidney's Gross income for the current year of assessment.Select one:a.R1 780 000b.R1 784 000c.R1 690 000d.R1 755 000

The (modified) “stage 3 tax cuts” have been making the Australian economic headlines recently.  Do you expect that these cuts will have a significant impact upon Australians’ average cost of living?  Explain why or why not.