Assesable Income
What is assessable income?
The total of all of our income.
What is an allowable deduction at work?
Anything that we have spent money on that directly allows us or impacts our ability to work.
How many tax brackets are there?
5
What is the online website platform that we use to lodge our own tax return?
ATO - MyTax
What is a Tax File Number?
A customised number that is issued to you by the ATO to identify your Australian Tax dealings.
What is our taxable income?
Taxable income is our assessable income minus all allowable deductions.
What happens with an allowable deduction? Where is it removed from?
It is an amount removed from our assessable income.
What is the tax free threshold? How much is it?
The tax free threshold is how much we are able to earn before we pay tax. $18,200.
31st of October
What 5 things must a receipt have on it to make it valid?
The purchase amount
The date of Purchase
The date of the receipt
The name of the store
The nature of the purchase
Is Youth Allowance included in our assessable income?
Yes.
How long must we keep evidence of our receipts when claiming them as an allowable deduction?
5 years
For someone who earns $18,200 - $37,000 of taxable income. How many cents do they per dollar to tax
19 cents per dollar
What happens if we don't lodge our tax return before the due date?
The ATO will lodge it on your behalf and you will not be able to make your own claim. You will also incur a fine/fee.
Is pocket money/money that is won included in your assessable income?
No.
What are the rules around having a hobby that makes us some money?
If it is a hobby that makes a small amount of money (i.e. enough to cover costs) it is not included in our assessable income.
What is the most we can claim as an allowable deduction without having to have receipts?
$300
What is the highest tax brackets minimum earning?
$180,001
When does the financial year end?
30th of June
What happens when our PAYG with-held is greater than the amount that our tax bill is?
We get a refund issued to us at the time of our tax return.
How is the medicare levy fee determined?
What is the minimum amount we have to donate to a charitable organisation to be able to claim it as an allowable deduction?
$2
45 cents
What is PAYG
Pay as you go
It is money with-held by your employer that is paid towards your tax bill throughout the year.
If my Taxable Income is $50,000. How much should i expect my Medicare Levy fee to be?
$1,000