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takeover

When one company makes a bid to take control of another company.

taxation risk

The risk that changes to the tax system could affect the outcome of your investments. With regard to your superannuation, it is the risk that changes to the way superannuation is taxed could affect the amount of super earnings. See also regulatory risk.

tax-driven scheme

A scheme that attracts investment mostly for the tax benefits it offers, such as an agricultural or film scheme. An investment is said to be ‘tax-effective’ if investors pay less tax on it than they would have on another investment that gives the same return.

tax file number

A unique number assigned to taxpayers by the Australian Taxation Office for tax administration. You need to quote the number to employers, benefit and allowance providers, banks and other investment bodies.

tax-free threshold

The level of annual income, as set by the Australian Taxation Office (ATO), on which you do not have to pay income tax. See ATO: Individual income tax rates.

Telecommunications Industry Ombudsman (TIO)

A free independent service to help resolve telephone and internet complaints.

tenancy

A person’s right to occupy land or buildings as per the terms of a lease or other agreement.

tenants in common

Where two or more people hold shares in a property. Each owner has the right to deal with their share of the property separately to the others. Tenants in common may pass on their share to a nominated beneficiary in their will.

term

The length of time a loan or an investment will run for.

term deposit

An account with a financial institution where money is deposited for a set period of time. The interest rate is usually fixed for the term of the deposit and is generally higher than a transaction account but not always higher than some other at-call high interest savings accounts. Also known as a fixed deposit.

third party, fire and theft insurance

A type of car insurance that covers damage to other people's property, and provides limited cover for damage to your own car, as a result of theft or fire.

third party property insurance

A type of car insurance that covers damage you cause to other people's property (e.g. their car or home), as well as your own legal costs.

transaction account

An account with a financial institution where your money is readily available for day-to-day transactions.

transaction fees

Charges for any account transactions you conduct i.e. withdrawals, deposits, transfers.

transition to retirement scheme

A scheme that allows you to reduce working hours in the lead-up to retirement without reducing take-home pay, or to continue working full-time and make significant tax savings by salary sacrificing heavily into super and supplementing take-home pay with a super pension.

travel insurance

Covers traveller's for cancellations, medical care and loss of possessions while they are away from home on business or leisure trips.

trustee (super fund)

People or a company appointed to manage a super fund on your behalf.

trustee

A person or company that holds or administers assets for the benefit of someone else.

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