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An amount paid as part of a super income stream, lump sum or a mixture of the two. It may also be an entitlement from your fund that you, your estate and your children are entitled.
Total income before any business or tax deductions are accounted for.
Notice of Assessment (NOA)
A notice you receive from the ATO advising you whether you have tax to pay or will be receiving a refund. This is sent electronically through MyGov if you have a MyGov account or it will be posted out to the address the ATO have on file.
A form with a person’s income tax details that needs to be completed and lodged with the ATO each financial year.
Penalties can be executed by the ATO for Taxation and Superannuation offences.