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A tax offset is a reduction in the amount of tax an eligible taxpayer owes in a given income year. The Australian Taxation Office (ATO) offers various tax offsets to provide targeted assistance to different groups of taxpayers, encouraging certain behaviours or helping those in specific situations.
TAB factor is the value assuming end-year discounting; t is the corporate tax rate applicable to the future amortization of the asset; n is the tax amortization period of the asset in years; k is the discount rate; The corporate tax rate as well as the tax amortization period are defined by country-specific tax legislations.
In the 2012–13 financial year, the ATO collected revenues totalling $313.082 billion in individual income tax, company income tax, goods and services (GST) tax, excise and others. [ 6 ] Former employee Richard Boyle has alleged that there was a culture within the ATO to increase the use of garnishee notices , which allow the ATO to access ...
The normal 50% discount rule for assets held at least 1 year applies too, in that case it is 50% off then 50% off the remainder, for an overall 75% discount. Small business retirement exemption. When selling a small business and not over 55, CGT is not payable on net capital gains paid into a superannuation fund.
In view of the new legislation, the ATO offered an amnesty from these penalties as incentive for affected persons to amend their returns for preceding years – by including previously undeclared interest income – pay their outstanding tax – without the available penalties being imposed on the increased tax liabilities.
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Earned leave: Leave of absence which is earned by the employee by dint of period of duty in service but usually credited in advance to the leave account in two installments per year at a rate 2.5 days per month (30 days per year) .
2 instances of absence, each of five days (2 × 2 × 10) = 40 points; 5 instances of absence, each of two days (5 × 5 × 10) = 250 points; 10 instances of absence, each of one day (10 × 10 × 10) = 1000 points; For comparison, a single instance of absence with a duration of one working year is approximately 240 points (1 × 1 × 240).