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Effective Tax Rate
Effective tax rate is the actual percentage of income a business pays in taxes, calculated by dividing total tax expense by pre-tax income. It differs from statutory rates due to deductions, credits, and exemptions. Monitoring this rate helps businesses evaluate tax efficiency and plan strategies to optimise overall tax liability.
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Excise Duty (Australia)
A tax levied on specific goods manufactured or produced in Australia, such as alcohol, tobacco, and fuel.
Employment Allowance
A UK relief allowing eligible employers to reduce their annual National Insurance liability by a set amount.
Estimated Tax Penalty
An IRS penalty applied when a US taxpayer underpays estimated taxes throughout the year.
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