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 4

    The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import taxes were put on spirits, wine and beer.

Income tax rate

The proportion of taxable income that is paid as tax. The income tax rate is expressed as a percentage or in cents-per-dollar. Companies have a set tax rate, unlike individuals, whose tax rate increases as the amount of taxable income increases.

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