The opportunity to pay income tax in instalments, rather than once per year, was introduced in 1941.
- Net amount payable
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
The notice sent to an individual after their tax return has been processed, advising them of the tax they owe or their refund entitlement.
An expense incurred in the course of earning income that can be used to reduce assessable income. Allowable deductions are sometimes simply referred to as deductions.read more glossary terms