AYB320 Lecture Notes - Lecture 10: Bpay, Circulating Capital, Hire Purchase
Document Summary
Gst is an indirect, broad based consumption tax. Gst applies to the supply of most goods, services and anything else, including importations, consumed in. Australia after 1 july 2000: gst is payable on taxable supplies and taxable importations, certain supplies of goods and services are gst-free. Final consumers do not get a cr for gst. If you add no value to an item, there is no gst payable. Gst is perceived as a good tax" because: It applies to a board base of transactions (compared to wholesales sales tax); It only has only a limited number of exemptions; and. It is economically efficient as it has one flat rate: easy to administer as one single flat rate (10%) There are high compliance costs associated with gst. The gst legislation is contained in a new tax system (goods and services tax) act 1999 (the gst act").
