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 19

    Australia’s growth and prosperity after World War II meant that, in 1959, the ATO collected £823.37 million in revenue - more than double the amount collected in 1949.

Substantiation

Evidence of allowable deductions. Taxpayers must keep documents and records that can be used to prove they actually incurred the expenses they have claimed. These records must generally be kept for five years after they are claimed on a tax return.

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