Allowable Tax Deductions and Taxable Income (HSC SSCE Mathematics Standard): Flashcards
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Allowable tax deduction
Allowable tax deduction
Expense ATO permits to subtract from gross income
Gross income
Gross income
Total money earned from all sources during the year
Taxable income
Taxable income
Gross income minus allowable tax deductions
Formula for taxable income
Formula for taxable income
Gross income - Allowable tax deductions
PAYG
PAYG
Pay As You Go - tax automatically taken from wages
Tax return
Tax return
Document showing income, tax paid, and deductions claimed
Calculating car expense deduction
Calculating car expense deduction
Kilometres travelled × rate per kilometre
Weekly pay to annual salary
Weekly pay to annual salary
Weekly pay × 52
Examples of allowable deductions
Examples of allowable deductions
Work expenses, car costs, union fees, donations, tools
To claim a deduction you must have
To claim a deduction you must have
Records to prove the expense