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|*What is assessable income?|
Assessable income is income that can be taxed by the Australian Taxation Office.
It includes, for example, salary and wages, interest from bank accounts, dividends
and income from investments, bonuses and overtime, commissions from sales, and
pensions. This amount will generally be the amount you write at total income or
loss on your tax return for individuals non business.
#What are reportable fringe benefits?
A fringe benefit is a benefit provided to you (or say your spouse or children)
because of your employment. A benefit could be:
If the value of certain fringe benefits provided exceeds $2,000 in a fringe benefits
tax year (1 April to 31 March), your employer must record the grossed-up taxable
value of those benefits on your payment summary for the corresponding income year
(1 July to 30 June).
- the use of something, for example, a car, house or equipment
- ownership of something, for example, items of clothing, or
- enjoyment of a privilege or facility, eg when you are provided with a cheap
loan, free private health insurance or enter into a salary sacrifice arrangement.
As you do not pay income tax on fringe benefits, the
grossed-up taxable value of a benefit reflects the gross salary that you would
have to earn to purchase the benefit from after-tax dollars
(assuming you would be taxed at the highest marginal rate plus 2.0% medicare levy).
^What is adjusted taxable income?
Adjusted taxable income includes:
- Taxable Income (i.e. assessable income less allowable deductions); plus
- Adjusted Fringe Benefits Total (i.e. reportable fringe benefits / 0.51); plus
- Target Foreign Income; plus
- Total net investment loss; plus
- Any tax free pension or benefit (this includes certain Social Security and other
Government benefits and does not include superannuation pensions or benefits);
- Reportable superannuation contributions (i.e. Reportable Employer Superannuation
Contributions plus deductible personal contributions); less
- Deductible child maintenance for the year.