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 3

    'Taxes, after all, are dues that we pay for the privileges of membership in an organised society'. Franklin D Roosevelt

Exempt income

Income that is not taxable, for example, an invalidity pension.

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