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Payment summary - A statement from your employer showing the income you received and total amount of tax withheld for the financial year, Assessable income - Income before any allowable deductions. , Tax-free threshold - The amount of money you can earn before you are required to pay income tax, Tax file number - A unique number issued to you by the ATO to identify your Australian tax dealings, Allowances - A benefit you receive from your employer related to your work, such as for tools and/or clothing, Allowable deductions - Expenses that you can claim to reduce your assessable income such as work-related expenses, donations and tax return preparation, Taxable income - The income you have to pay tax on., Tax return - An ATO form that you fill in to state your income so the ATO can work out how much tax is payable, ATO - Australian Tax Office, Income - Money you earn from work or investments., PAYG - 'Pay as you go' witholding which is the tax your employer collects and sends to the government., Gross pay - Total money received each pay before tax and deductions, Net pay - The amount of money you get paid after tax and deductions are subracted,
Income Tax Australia
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