Daft Jokes

The new tax system is full of acronyms which makes it more difficult for the average taxpayer to grasp. The following is a simple succinct appreciation of the new system.

The new system is NUTS the New Universal Taxation System and although it may appear to be complicated, it is easy to understand.

Basically, it is STUFFT the Simplified Tax Unit For Financial Transactions.

Major elements of NUTS include a number for each business entity an Australian Business Utilisation Number (ABUN) which will be used during dealings with governments at all levels.

Every business in Australia will get ABUN with NUTS. The new system will simplify the way businesses report to the Australian Taxation Collection Head Office Organisation (ATCHOO) Businesses will be required to complete a Business Activity Statement Table And Report Directive (BASTARD) every month.

Businesses should set aside at least three days every working week to fill the BASTARD more...