Individual Income Tax Rates Plus Medicare Levy These rates apply to individuals who are Australian residents for tax purposes and INCLUDE the Medicare levy of 2%. Assumes a single individual...
Bonus Payment & Tax This article focuses on the tax treatment of bonuses paid to employees. As commissions are essentially treated the same as bonuses for tax purposes, this article also...
Allowance vs Reimbursement It’s important to distinguish between payments which are allowances versus reimbursements. The character of an amount as an allowance or a reimbursement has...
TOFA TOFA (Taxation of Financial Arrangements) is a tax framework that focuses on taxing the gains and losses from financial transactions based on their actual economic impact, rather than just...
NANE Income Non assessable non exempt income (NANE) refers to specific types of income that are defined by tax laws or other Commonwealth legislation in Australia as being neither subject to...
Exempt Income What is exempt income? Exempt income means any amount of ordinary income or statutory income that is not subject to taxation due to specific provisions in the Income Tax Assessment...
Contractor vs Employee An employee is an individual who works under the supervision of an employer as a representative of their business receiving in return wages or other remuneration. While...
Employee Share Scheme An employee share scheme (ESS) is a scheme under which shares, stapled securities or rights to acquire such shares or securities in a company (known as ESS...
Intellectual Property Intellectual property (IP) encompasses a range of intangible assets and rights held by a taxpayer. This includes rights held by a taxpayer as the owner or licensor of...
