GST GLOSSARY

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Below is a listing of frequently used terms and abbreviations which relate to the GST and the tax system generally.

ABN: Australian Business Number

BAS: Business Activity Statement

BOA: Binding oral advice

CGT: Capital gains tax

DAFGS: Diesel & Alternative Fuel Grants Scheme

FAO: Family Assistance Office

FBT: Fringe benefits tax

GIC: General interest charge

GST: Goods & services tax

IAS: Instalment Activity Statement

LCT: Luxury car tax

PAYG: Pay As You Go

RBA: Running balance account

ROGATE: Register of Gift Deductable & Tax Exempt Entities

SAP: Substituted accounting period

SPOR: Shorter period of review

STS: Simplified Tax System (for small business)

TRS: Tourist Refund Scheme

WET: Wine equalisation tax

These terms describe withholding tax systems that were abolished when the new PAYG system commenced from 1 July 2000:

PAYE: Pay-As-You-Earn

PPS: Prescribed Payment System

RPS: Reportable Payment System

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