A New Tax System. 

The name the Federal Government has given to the implementation of recent tax initiatives and changes to tax laws.  The most recognisable feature of ANTS is the introduction of the GST.

Goods and Services Tax.

Effective from July 1, 2000, the GST replaced the wholesale tax system with a tax on the general provision of goods and services.  Wholesale tax was limited to a tax on goods, but the GST is payable by the end user/consumer on most goods and services.  If goods or services are acquired by businesses for the purpose of their business, they pay GST on the purchase but will then obtain a tax credit for that GST amount. 

A novated lease is based on a standard finance lease with one important difference.  The liabilities incurred by the employee under a finance lease may be transferred or novated from the employee to the employer, while the employee is employed.  A novated lease is transportable between employers, and is the most common means of employers providing a salary packaged motor vehicle.

Income Tax Assessment Act. 

The principal Tax Act of the Federal Government.

Fringe Benefits Tax Assessment Act.

Introduced in 1986, this Act was a major initiative of the Federal Government.  The ITAA did not cater for the levying of any tax on the non-cash benefits that were being made available to relatively small number of employees, in a trade-off for conventional salary.  The FBTAA allows for increased flexibility in the choices all employees can make in how they are remunerated.

Total Employment Cost or Total Remuneration.

The TER, or TR refers to a single remuneration figure that takes into account salary, superannuation and other benefits.  TER or TR is essentially what is meant by total remuneration or salary package.