ACCT2331 Chapter Notes - Chapter 46: Australian Business Number, Financial Transaction
Document Summary
Introduction: australia"s tax system is underpinned by the following identification and payment systems: In addition, the "financial transaction reporting regime" assists in the administration and enforcement of the tax law: tfn system [p1112] Tfn system contained in part va itaa36. Tfns are personal numbers that identify taxpayers and are used for audit and data-matching purposes by the ato. Generally quoting a tfn is optional, but if it is not quoted in many circumstances "payg withholding" consequences will arise. Failure to quote a tfn to a superannuation fund results in extra tax on assessable contributions: abn system [p1113] Abn system contained in a new tax system (australian business number) act. Entities that can register for an abn: government departments and branches, entities carrying on enterprises in australia, entities making supplies connected with australia, companies under the corporations act. Abns may generally be quoted on investments in place of tfns. Gst-registered entities must quote their abns on tax invoices.
