Making Tax Digital for VAT
Definition
A UK requirement for VAT-registered businesses to keep digital records and submit VAT returns through compatible software rather than manually, aimed at reducing errors and modernising tax administration.
Related Terms in International Tax
GST (Australia)
Australia's broad-based goods and services tax applied at a single rate to most supplies. Registered businesses report it through a Business Activity Statement and claim credits for GST paid on purchases.
Business Activity Statement (BAS)
The Australian form businesses lodge to report and pay GST, PAYG withholding, PAYG instalments and other tax obligations in one statement, monthly or quarterly.
Australian Business Number (ABN)
A unique identifier for businesses dealing with the Australian Taxation Office and other businesses. It is required to register for GST and appears on invoices to avoid amounts being withheld.
Superannuation
Australia's compulsory retirement savings system, under which employers contribute a set percentage of an employee's earnings to a super fund. The contribution rate is set by law and has been rising in steps.
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