ITR – Adjustments – ATO
AdjustmentsA1 - Under 18 When Tax Payer is Less than 18 Years old on 30 June of FY EndUnder 18…
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…
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 BAS
Introduction to BASBusiness Activity Statement (BAS)If a Business Entity is Registered for GST, then you need to lodge BASBAS…
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…
