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Extraordinary Depreciation
An unexpected, accelerated reduction in asset value due to unusual events like a natural disaster, accident, or sudden obsolescence. It’s treated separately from regular depreciation and may require special disclosure, as it distorts typical asset life and profitability.
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Excise Duty (Australia)
A tax levied on specific goods manufactured or produced in Australia, such as alcohol, tobacco, and fuel.
Employment Allowance
A UK relief allowing eligible employers to reduce their annual National Insurance liability by a set amount.
Estimated Tax Penalty
An IRS penalty applied when a US taxpayer underpays estimated taxes throughout the year.
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