In: Accounting
Conduct the appropriate research and explain the followings:-
1/. What is the requirements from ATO (Australian Taxation Office) regarding Employment declaration?(100 to 120 words)
2/. What is the requirements from ATO (Australian Taxation Office) regarding Tax File Number (TFN) declaration? (100 to 120 words)
(Please type up your answer)
Ques 1/. What is the requirements from ATO (Australian Taxation Office) regarding Employment declaration?(100 to 120 words)
Ans 1. Employment Declaration as per ATO is a requirement by all the employers by their employees irrespective of Australian Citizenship; it may be completed by the employees. It helps employer to work out how much tax is to be deducted from their employees' pay.
It is usually required to complete the form by the employee on the first pay day of the after they begin work for employer however if they do not choose to fill it then employer must deduct tax at the top marginal rate plus the Medicare levy.
If any employee has more than one job and is filling more than one employment declaration form then the tax free threshold and any rebate entitlements can only be claimed with the employer who usually pays the most salary or wage. Any other employers are required to deduct tax at the higher rate.
Ques 2/. What are the requirements from ATO (Australian Taxation Office) regarding Tax File Number (TFN) declaration? (100 to 120 words)
Ans 2. TFN Declaration is filled with the objective of providing the necessary information to allow the payer to work out how much tax to withhold from payments made to payee.
Here the term
The requirements are as follow: