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The document is a form for parents or guardians of dependent Youth Allowance or ABSTUDY customers, collecting income details for the BASE and CURRENT tax years. It outlines the purpose of the form, who should fill it out, and provides instructions on completing and returning it. The form includes sections on parental income assessment, maintenance income, and verification requirements to determine eligibility and payment rates for Youth Allowance or ABSTUDY.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a base year when filing taxes?

Yes, your base year is the year before the first qualified employee is hired. The base year is tax year 2022 for an employer who hired its first qualified full-time employee during tax year 2023.

What is base tax?

A tax base is the total value of all assets, properties, individual income, and corporate income in a certain area or jurisdiction. To calculate the total tax liability, you must multiply the tax base by the tax rate:1. Tax Liability = Tax Base x Tax Rate.

Where can I find my base tax year?

The base year is the tax year ending in the previous calendar year (that is, for the 2025 assessment period the base year is 2023-24). However in particular circumstances the tax year immediately following the base tax year may be used for assessing parental income.

How do I know my tax year?

A tax year is usually 12 consecutive months. There are two kinds of tax years: Calendar Tax Year: This is a period of 12 consecutive months beginning January 1 and ending December 31; or. Fiscal Tax Year: This is a period of 12 consecutive months ending on the last day of any month except December.

How do you find the tax base?

Income as a Tax Base: We subtract any tax credits or deductions from gross income to determine taxable income. The Internal Revenue Service (IRS) provides tools like Form 1040 to compute individual income tax bases.

mod jy form

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What does mod jy mean?

What does mod JY mean? Parent or Guardian details - for the BASE tax year and CURRENT tax year for dependent Youth Allowance or ABSTUDY customers form MOD JY Use this form to provide income details of a parent or guardian if you are a dependent claiming or receiving Youth Allowance or ABSTUDY.

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