ITR – Medicare levy -ATO
Medicare levyM1 - Medicare levy reduction or exemptionMedicare Means:Australia's public health system known as MedicareLevy MeansCollect or Demand Money…
ITR – Losses – ATO
LossesL1 - Tax losses of earlier income yearsIf you have tax losses from an earlier income year that you have…
ITR – Deduction Notes -ATO FY 2021 -2022
Deduction Notes: FY 2021 -2022D1 - Work-Related Car ExpensesWork-related car expenses are expenses you incurred as an employee for a…
ITR – Income Notes – ATO
Income Notes: 1. Salary or wages 2. Allowances, Earnings, Tips, Directors’ fees etc 3. Employer lump sum payments 4. Employment…
Individual Tax Return – ATO
Individual Income Heads IndexIncome DeductionLossesOffsetsMedicareIncome TestSpouseBusinessEstimatesScheduleWorksheet Individual Tax ReturnLabelsIncome 1Salary or wages 2Allowances, Earnings, Tips, Directors’ fees etc 3Employer lump sum payments 4Employment termination payments 5Australian…
Tax Rates – ATO
Individual Tax RateResident Tax Rate FY 22-23 Individual Marginal Rate0-18200Nil18201-4500019%45001-12000032.5%120001-18000037%Above 18000045%Note: The above rates don't include the Medicare levy of 2% Resident Tax…
Introduction to IAS – ATO
Introduction to IASInstalment Activity Statement (IAS)IAS is a Form Lodge by Tax Payers who are not required to register GSTIAS…
Introduction to GST – ATO
Introduction to GSTWhat Is GSTMost Goods or Service Sold or Consumed in Australia are Subject to 10% Goods and Service…
ATO Acronymous
AcronymousMeaningPAYGPay As You GoFBTFringe Benefit TaxBASBusiness Activity StatementGSTGood and Service TaxIASInstallment Activity StatementICAIntegrated Client AccountASActivity StatementTRTTrust Tax ReturnTINTax File…
Accounting Terminologies Australia vs India
Accounting Terminologies India AustraliaTDSPAYG With HoldingSalaryPAYG SummaryAdvance TaxPAYG InstalmentPerquisiteFringe Benefit Tax (FBT)ESIWork Cover InsuranceEmployer Contribution and Employee ContributionEmployer…
