Carbon Tax Carbon Tax is an additional tax included in the price of fossil fuels such as petrol and diesel. It makes fuels that produce carbon emissions more expensive to encourage lower emissions.


Excise Duty Excise Duty is an additional tax charged on each litre of fuel such as petrol and diesel.


It is one of the main taxes that make up the price of fuel and its aim is to discourage consumption of a good.


Toll Charges Toll Charges are payments required when a driver uses certain toll roads or bridges. Tolls collected can help fund the cost of road infrastructure and toll road maintenance.


Banking - Taxes and Charges Investing, Saving Or Borrowing


DIRT (Deposit Interest Retention Tax) DIRT is a tax charged on interest earned on savings. DIRT is calculated based on the interest earned on savings in a bank account before the interest is paid to the account holder.


Stamp Duty on Bank Cards


Stamp duty on bank cards is a tax charged each year on credit cards issued by banks.


Taxes and Charges On Other Items Capital Gains Tax


Capital Gains Tax is a tax paid on the profit someone makes when selling certain assets.


For example if someone sells shares in a business, sells a cryptocurrency such as Bitcoin, or sells an investment property and has earned a profit, they may have to pay Capital Gains Tax on the profit.


Capital Acquisitions Tax


A tax paid on gifts or inheritances received that are above a certain value.


If someone gives you a large gift or leaves you money when they die, and the total goes above a certain tax-free limit, you have to pay tax on the extra amount. The limit depends on how closely related you are to the person. The closer the relation, the more you can receive tax-free.


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STRAND 1


CHAPTER 4: Key personal taxes and charges


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