The Goods and Services Tax which we now call “GST” for short, is a complicated and convoluted tax, I’m sure you’ll all agree. The system is fraught with rules with which even the most experienced BAS or Tax Agents struggle to understand. At its core, one of the most difficult aspects of the GST is its own language (yes it has its own language!). The terms used by the ATO to describe even the simplest concept can be confusing and this is why we have supplied a graphic below which explains what some of these terms mean. We hope you find it helpful.
This graphic is not by any means a complete list of GST terms. If you would like to see a complete list, head to the ATO website here where you will find many other GST terms and their meanings (grab a coffee first though – you could be there for a while!).
If you feel that you need help deciphering some or all of these terms, please get in touch with us – we’d be be very happy to assist.