Superannuation and PAYG Tax - Yr 11 Essential

Choose the correct definition of 'superannuation'.

• A personal investment account for use in retirement.

• A personal reference number used in tax.

• An amount of your gross income which the government uses to fund public services.

• Money taken out of your account for tax purposes.

What does PAYG stand for?

• Please Ask Your Google

• Pay As You Go

• Pay After You Get

• Purchase Always Yoda Goods

Choose the correct definition of 'Tax'.

• A record of the number of hours you worked in a certain pay period.

• A personal reference number used for tax and superannuation purposes.

• Money withheld (taken away) from your gross income that is used by the government for services such as roads, hospitals, schools, and defense.

• Your net income.

What happens if you don't have a Tax File Number?

• You will pay more tax and cannot access government benefits.

• You don't have to pay any tax.

• You will receive a massive fine.

• You will pay less tax.

What percentage of your pay (in addition to your pay) does your employer deposit into your superannuation account?

• 10%

• 9.75%

• 20%

• 9.5%

If you earn lower than __________ per year you get back all the tax you paid at the end of the financial year.

• $20 000

• $18 200

• $5 000

• $17 500

What do you call a cross between a grizzly bear and a polar bear? (Yes, it is a real thing.)

• A grolar bear

• A pizzly bear

• A pozzly bear