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These can include generating a profit from a profit making scheme, [25] and profit earned from activities that go beyond the mere realisation of an asset in an enterprising manner. Income from investment or property is also classified as ordinary income and can include: rent from a lease, interest on a loan, dividends and royalties.
For example, each unit of the Westfield Group is three parts, a share in Westfield Limited, a unit in the Westfield Australia Trust, and a unit in the Westfield America Trust. Taxpayers treat each part of a stapled security separately for capital gains tax purposes, i.e. calculate a gain or loss on each separately.
Employers, or a group of related businesses, whose total Australian wages exceed the current NSW monthly threshold, are required to pay NSW payroll tax. Each monthly payment or 'nil' remittance is due seven days after the end of each month or the next business day if the seventh day is a weekend (i.e. August payment is due by 7 September).
The Moneysmart website was officially launched on 15 March 2011, [3] as part of the Australian Government's National Financial Literacy Strategy 2008–2010. [4] In July 2008, the Australian Government transferred the functions of the Financial Literacy Foundation to ASIC, including managing and maintaining the Understanding Money [5] website.
In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.
For a business, gross income (also gross profit, sales profit, or credit sales) is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments.
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Personal (nonconcessional, after-tax) contributions by members whose taxable income is less than $35,454 will attract a government "co-contribution" of 50c for each $1 contributed, up to a total of $500. The co-contribution shades out and stops entirely when the member's taxable income exceeds $50,454.