Yes, Australia and Papua New Guinea (PNG) have a Double Taxation Agreement (DTA)

 Yes, Australia and Papua New Guinea (PNG) have a Double Taxation Agreement (DTA) in force, which officially began on 29 December 1989. This treaty prevents double taxation on income flows, covering taxes such as those on business profits, dividends, interest, and royalties for residents of both nations. 

Treasury.gov.au

Treasury.gov.au

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Key aspects of the Australia-PNG DTA include:

Purpose: It ensures income is not taxed twice and prevents fiscal evasion.

Foreign Tax Credits: Under Article 23, Australian residents earning income in PNG can generally claim a credit for PNG tax paid against their Australian tax liability.

Key Coverage: It covers income derived by a resident of one country from sources in the other, including professional services and business activities.

Updated Provisions: The treaty is complemented by the Multilateral Instrument (MLI), which amended many of Australia's tax treaties, with the MLI provisions having effect for the PNG agreement from 1 December 2023. 

Treasury.gov.au

Treasury.gov.au

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The agreement is crucial for managing the strong economic relationship between the two countries, particularly with Australian firms often operating in PNG. 

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Key Aspects of Athlete Taxation: USA

 Yes, professional soccer players in the USA (like MLS) generally pay state income taxes based on where they play, known as a "jock tax". Players pay taxes on their game salary for every state—and sometimes city—they work in, meaning a single season can involve filing taxes in numerous jurisdictions, not just where they live. 

Income Sourcing: Tax is generally paid to the state where the income is earned (i.e., where the game takes place).

Pro-rated Salary: Athletes typically calculate their taxable income by dividing their total salary by the total number of duty days (including training) and multiplying by the days spent in that specific state.

No Income Tax States: While playing in states without income tax (e.g., Florida, Texas, Washington) saves on that specific game, players still owe taxes to their home state and federal taxes.

Non-Resident Filing: Players often file non-resident tax returns in every state they traveled to for away games.

Reciprocity: Some states have agreements, but generally, athletes face a complex tax situation requiring specialized accountants. 

Foreign Players:

Foreign athletes often face a flat 30% federal withholding tax on income earned from prize money or matches played in the USA, according to Internal Revenue Code Section 1441. 

Vocabs.

A "jock" is a North American informal term for a dedicated male athlete, often stereotype-casting them as obsessed with sports, physically fit, and academically uninterested. 

credit note

 A credit note (or credit memo) is a legally binding document issued by a seller to a buyer to reduce or cancel part of a previously issued invoice. It indicates that the seller owes the buyer money due to returned goods, damaged products, overcharges, or canceled services, acting as a "negative invoice" to maintain accurate, audit-ready financial records. 

Key Usage Examples

Returned Goods: A customer returns damaged or unwanted items, and the seller issues a credit note to refund the value.

Overcharging Errors: The seller invoiced a higher amount than agreed; a credit note is issued to correct the difference.

Cancelled Services: A client cancels a project or reduces the scope of work after an invoice has already been sent.

Price Adjustment: A discount is applied after the original invoice was finalized. 

Synonyms of Credit Note

Credit Memo (short for Credit Memorandum)

Credit Letter (less common) 

How It Works

Instead of deleting an invoice, which is typically forbidden in accounting systems, a credit note is created to counteract it. The customer can use this credit to offset future purchases or receive a direct refund. 

Components of a Credit Note

Reference to the original invoice

Clearly stated credit amount

Reason for the credit (e.g., returned goods)

Unique identification number