Glossary beginning with N

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Net amount payable search for term

The total amount required to be paid to the ATO. It includes an individual's tax payable and their Medicare levy (if applicable), less any credits for tax offsets and PAYG amounts.

Notice of assessment search for term

The notice sent to an individual after their tax return has been processed, advising them of the tax they owe or their refund entitlement.

  • Fact 24

    One poetic Australian taxpayer wrote to the ATO: 'Spring is sprung, the grass is riz, I wonder where my return iz. My "rego’s" due, my cash is nil, a cheque from you would pay the till'.

Business / enterprise

A business is any activity where goods or services are sold with the intention of making a profit. If the activity has not been set up with the aim of making a profit then it is considered to be a hobby. A business does not include:

  • private recreational activities and hobbies
  • activities carried on as an employee, labour hire worker, director or office holder
  • activities carried on by individuals (other than the trustees of charitable funds) or partnerships without a reasonable expectation of profit or gain.
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