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The document provides instructions for parents or guardians of dependent Youth Allowance or ABSTUDY customers, detailing the necessary income information required for the BASE and CURRENT tax years. It outlines who qualifies as a dependent, the process for completing the form, and the importance of parental income in determining eligibility and payment rates. Additionally, it explains various tests such as the Parental Income Test and Maintenance Income Test, exemptions from these tests, and requirements for proof of income.

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Versions	Form popularity	Fillable & printable
2023	4.8 Satisfied (36 Votes)
2020	4.8 Satisfied (103 Votes)
2017	4.4 Satisfied (185 Votes)
2012	4 Satisfied (33 Votes)

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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 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.

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.

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.

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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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.

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