Gross Income

= Total Income of sales of Goods and Services plus their GST.   (GST goes to your GST Bank Account)

Net Income   

= Value of total sales less refunds to customers less cost of goods sold less their GST

Cost of Goods sold

= Opening Inventory plus Inventory purchased less Inventory on hand end of year

Gross Profit

= Net Income less cost of goods sold  less cost of Refunds

Net Profit

= Gross profit less all allowable business deductions including depreciation

Net Profit

= Taxable Profit = Taxable Income

Banking Money

= Taxable Profit less Income Tax at the Marginal Rate (see also Company Standard Tax Rate)

Dividends

= What the Board of Directors sees fit as a share for Shareholders

Franked Dividends

= Dividends which has Income Tax removed

Imputation Credits

= The receiver of Franked Dividends has an Income Tax Credit of so many $ Dollars

Net Tax Payable

= Gross Tax Payable less Rebates less Imputation Credits (too much)

Refund

= Tax Paid less Net Tax Payable

Otherwise

= Net Tax Payable less Tax Paid  (there could be an extra tax involved for late payment of tax)

Yield

= Dividend multiplied by original price divided by latest stock price.

Wealth

= Assets less liabilities

Wealthy

= Time one can live in the same fashion if an accident etc. happens and employment ceases .

Rich

= A psychological attribute indicating a winner and grinner

Poor

= A psychological attribute indicating a looser

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