Finance

DISCLAIMER

Session 2b

A New Tax System

(ANTS)

© The Australian College for Microcomputers Pty Ltd Sydney 2015

(Provided under License to UTS Taxation Law Students for study

purposes only. Selling, copying or any commercial dealings of any kind

is strictly prohibited)

• These notes contain a collection of slides for use by lecturers in

Taxation Law.

• It is not meant to be a complete nor comprehensive coverage of the

topics involved. Rather it is an aid to assist students in note taking.

It should be understood that these slides may be modified,

discarded or supplemented by lecturers at their absolute

discretion.

• Students should not rely on the information contained in the slides,

but should use them as a preliminary basis for research only. This

area of the law is changing on a daily basis and these slides are not

meant to cover more than some broad themes referred to in

lectures and to trigger discussion. At all times, students should

refer to primary sources such as the actual legislation, court

reports & current ATO rulings.

• Do not rely on the summaries contained in these slides.

• For individual and /or personal advice, students should consult

qualified advisors in finance, tax, accounting and law.

A New Tax System

Australian Business Number

(ABN)

(ANTS)

• Australian Business Number - ABN

• Pay As You Go Withholding - PAYG

•

•

•

•

Identifies businesses for tax purposes

ABN is needed to register for GST

Facilitates Business Activity Statements (BAS)

Absence of ABN may trigger a withholding of

income tax (PAYG)

─ Payer must withhold at top marginal rate where

• Business Activity Statement - BAS

• Goods & Services Tax (Consumption tax) - GST

Business Activity Statement

(BAS)

• ABN is the primary identifier

• Most businesses generally report all tax

obligations on the BAS

• Lodged quarterly for small businesses

• Lodged monthly for larger businesses

• Most businesses to make one payment for...