A unique identifier issued by the australian taxation office ato. This glossary isnt a legal document and none of the terms found in it should be understood to change the meaning of any provisions of law, regulations, or any other authoritative precedent. The area immediately in front of or behind a wharf shed on which cargo is. Glossary of tax terms assessment or assessed value. It represents ownership of the goods so its release to the intended recipient of the goods is often held until a final payment for the goods is complete. As of june 2011, there were 21 eographic renaissance zones g with 157 active. Department of transportation in the interest of information exchange. This form has several variations including, most notably, the 1040a and 1040ez. Accessorial charges also called assessorials any additional services required outside of the standard shipping procedure require additional fees from the carrier called accessorials. In kiplingers a to z tax glossary, you will find more than 100 tax terms defined in easytounderstand language, along with the latest updates on the facts and figures you need to complete your. This is the right place where find the answers to your questions like.
Eu no 2822011 as regards the place of supply of services. Actual time of arrival, or airporttoairport, or air transport association of america. The profit from the sale of such property as stocks, mutualfund shares and real estate. In some ports the ship is aground when approaching or at berth. A glossary of terms and acronyms is included at the end of this report. Gains from the sale of assets owned for 12 months or less are shortterm capital gains and are taxed in your top tax bracket, just like salary. Paelinck author see all 2 formats and editions hide other formats and editions. In particular, he is not responsible for loading the goods in a vehicle apply only at the point of origin, and the seller agrees to place the goods at the disposal of the. Soi tax stats irs data book glossary of terms internal.
Liner terms freight rates which include loadingunloading charges, generally with regular shipping lines. Glossary of shipbrokering terms, terms used by ship brokers, ship owners and shipping agents and freight forwarders. We have attempted to include the major terms and abbreviations used when discussing taxation issues. Taxexempt interest may or may not be exempt from state income taxes. A bareboat charter involves the use of a vessel usually over longer periods of time. A glossary of common freight shipping and cargo transportation terms, including lingo used in the 3pl brokerage and trucking industry.
In order to understand how people use our site generally, and to create more valuable experiences. Terms youre most likely to hear bill of lading bl or bol the official shipping document containing details about the shipment. Gross shipping weight, is determined by 1 weighing the vehicle empty, 2 loading the shipment and returning to the scale to obtain the weight and 3 subtracting the two weights. For most assets owned more than 12 months, profits are considered longterm capital gains and are taxed at 0. Irs efile refers to the preparation and transmission of tax return information to the irs using telephone lines or a computer with a modem or internet access. For vat purposes the terms telecommunication networks and. Net weight the weight, or mass, of the goods themselves without any. Glossary of property tax terms rev 3a 20170510 apn assessor parcel number. They are not considered to necessarily reflect official position of the oecd in interpreting international tax terms, for example, in the tax treaty context. Shipping terms glossary taurus logistics australia. Disclaimer this information is disseminated under the sponsorship of the department of transportation in the interest. Air brake the air brake system on tractors is operated by air and consists of air lines, valves, tanks, and an air compressor. An application that expedites the clearance of cargo for the subsequent release of containers.
Includes taxable and taxexempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income. Shipping glossary the attached glossary is a resource for both the fundamentals of the maritime industry elearning course and the reefer cargo handling elearning course. It is intended to further the readers understanding of the terms used and provide direct links to the respective tables containing this information. Explanations on the terms are very condensed and may not be complete. Manifest a list of the various shipments being carried on a ship or aircraft. Glossary of tax terms a through m welcome to the wild, woolly, wacky world of taxation. Freight glossary and freight shipping terms freightcenter. On the first of january 2011, the incoterms 2010 formally. The draft must be presented first for acceptance the drawee becomes the acceptor then payment. A contract term requiring that the vessel not rest on the ground. Consortium a group of combined transport operators who agree to rationalise sailing in a trade and carry each others cargo. First, you must ship directly to the purchaser by common carrier, contract carrier, or us mail.
Sources drawn on in developing definitions for this glossary include. The surrender of the property, and any rights and liabilities attaching to it, by the insured to the insurers when a claim for total loss is to be made. A pricing term indication that the cost of the goods and freight charges are included in the quoted price. Returns for a specific tax year are usually filed in the subsequent year. Taxation statement glossary of terms australian interest income.
The dollar value that is assigned to property by the local municipal assessor for purposes of taxation. Shipping terms and definitions arcbest corporation. Shipping and freight forwarding terms and acronyms can be a real minefield. As you read through the definitions of terms in this glossary, you may get the feeling youve entered into a strange, alternate universe where nothing makes any sense except in its own terms. Please use the following tax glossary to reach a better understanding of common irs terms. Deductions are removed from taxable income and thus lower tax liability. This page provides a general meaning of tax terms and does not represent legal advice. Can also be obtained by individually weighing each piece of freight. Gross income minus any adjustments to income, any allowable exemptions, and either itemized deductions or the standard deduction. For example, tax year 2010 tax returns are due to the irs in 2011. A unique number as signed by the county assessor identifying a property. Taxes calculated upon the assessed value of the property. Shipping terms glossary bill of lading bl document serving three functions.
Interest income that is not subject to federal income tax. Glossary of terms accessorial charges charges that are applied to the base tariff rate or base contract rate, e. Port charge relating to a vessel moored at approved anchorage site in a harbor. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. Disclaimer this information is disseminated under the sponsorship of the u. Jan 01, 2014 the terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. Income is taxable by default, unless it is specifically exempted from tax under the internal revenue code.
Taxation statement glossary of terms public trustee. The rent tax credit in ireland applies for the years 2011 onwards to individuals who were renting on 7 december 2010. Logistics and supply chain management glossary of terms. The amount of income used to calculate an individual or companys income tax tax file number tfn. Glossary of international shipping terms old dominion freight line. Jan 01, 2011 glossary of shipping and financial terms paperback january 1, 2011 by honore c. Dictionary of shipping terms, third edition sullivan, eric. Analysis of the eu combined transport european commission. Freeze protection a service agreed upon prior to shipping. You will need one if you apply for a job in australia. Shipping terms glossary air waybill a nonnegotiable contract for carriage of air transportation between an air carrier and a shipper. Disclaimer this information is disseminated under the sponsorship of the department of transportation in the interest of information exchange.
The glossary contains information about selected terms and concepts used in the irs data book. Assessors are required to use this in developing the grand list of all taxable property and its valuation. Incoterms glossary exw ex works exw ex works means that the sellers only responsibility is to make the goods available at his premises that is, works or factory. The term applied by australian customs to the computer. Interest income includes interest, bill discounts and other taxable income in the nature of interest, but does not include foreign sourced income. First published in 1936, incoterms rules provide internationally accepted definitions and rules of. So are consultant fees that you might earn as a selfemployed consultant, or the profit you might make from. Cut off date the last date for which goods can be accepted for a. The word accepted and the date and place of payment must be written on the face of the draft. Business and tax glossary germanenglish abfindung severance pay abgabe levy, duty abgabenordnung ao general tax code abgrenzung apportionment abhilfeverfahren remedial procedure abkommensanwendung treaty application abkommensbegunstigung treaty benefits abkommensberechtigung treaty entitlement abkommenserleichterung treaty relief. If the sale is taxable, then shipping may be nontaxable, partially taxable, or fully taxable. Second, your invoice clearly lists shipping, handling, delivery, etc. It is a gradual increase by addition over a period of time and is a way of recognising that an expense or revenue and the related liability or asset can increase over time and not as signalled by an explicit cash transaction.
Taxable income your adjusted gross income reduced by all applicable exemptions, credits, and deductions. Vip very important person used by the new jersey division of taxation. The assessed value is used to determine the property tax amount and may be below the current market. Advance charge transportation charge advanced by one carrier to another to be collected by the later carrier from the consignor or consignee. Intermodal intermodal shipping incorporates more than one mode of transportation, such as combining the use of trucks and trains to cover more ground in a timely manner.
Income in tax law, income is an inflow of some sort of exchange for services rendered, goods provided, or assets exchanged. Adjusted gross income agi the amount of income which is taxable, consisting of gross income from all taxable sources minus all allowable. Glossary of international shipping terms a8a manifest a form issued by a licensed customs broker which allows ccra to monitor in bond shipments as they move through canada. Glossary of tax terms on this page you will find definitions and explanations of common tax words and acronyms for example. Capital gain a net gain realized from the sale of property or assets including real estate, stocks, bonds, and mutual fund shares. Market share of ct railroad of eu rail freight traffic, 2011. Agricultural processing renaissance zones established in 2000, these zones are made up of one or more facilities or operations that transform, package, sort, or grade livestock or livestock. Adjusted gross income agi the amount of income which is taxable, consisting of gross income from all taxable sources minus all allowable adjustments. Allrisk insurance the broadest form of coverage available, providing protection against all risk of physical loss or damage from any external cause. All vessels designed for the carriage of liquid bulk cargoes 80,000 119,999 dwt, including oil and products, chemical and other specialised. This term is used in international shipping where a ships country of. Msc is a world leader in global container shipping, dedicated to providing efficient transport solutions.