Glossary beginning with N

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Net amount payable search for term

The total amount required to be paid to the ATO. It includes an individual's tax payable and their Medicare levy (if applicable), less any credits for tax offsets and PAYG amounts.

Notice of assessment search for term

The notice sent to an individual after their tax return has been processed, advising them of the tax they owe or their refund entitlement.

  • Fact 27

    The Sydney Olympic Games included a team of tax officers who advised visiting athletes of any tax obligations and helped them in reclaiming GST reimbursements for their expenditure during the games.

Business activity statement (BAS)

A single form used by businesses registered for GST to report their business tax entitlements and obligations including GST, PAYG instalments, PAYG withholding and FBT instalments. See also instalment activity statement.

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