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Tax Terminology – the 3 most important tax terms to rememberin Tax Advice Information and Updates
- Tax Deductions are deductions to your income. Tax Deductions lower your income. The lower your income, the lower tax you pay.
- Tax Credits are credits against your tax owing. Tax Credits are amounts that are deducted from your tax payable. They do not affect your income.
- Tax Benefits are amounts paid to you in the form of cheques or through direct deposit. These include the Child Tax Benefit, Universal Child Care Benefit or Personal GST Cheques.