大三下合作课税法part d gst.pdfVIP

GOODSANDSERVICESTAX

▪ReasonForIntroduction

•Moveawayfromrelianceondirecttaxes

•Goodswerealwaystaxed–toaddequityby

taxingservicesaswell

•IntroducedABN

•IntroducedwithPAYGSystem

GST-OVERVIEW

➔Rateof10%

➔Isataxonsupplyoftaxablegoodsand

services

➔InputTaxCreditspreventescalatingcost

ofGST

➔Exemptionsintroduceequity

➔Sellerliabletotax–section9.40

GENERALSCHEME

•GSTISPAYABLEONTAXABLES

•INPUTTAXCREDITSARISEONCREDITABLE

ACQUISITIONS

IMPOSITIONOFTAX

▪Act

•AnewTaxSystem(GoodsandServicesTax)Act

1999

•Section7.1

GSTispayableontaxablesandtaxable

importations.

TAXABLESUPPLY

▪Theremustbeasupply

•Section9.5definestaxablesupply

•5criteriamakeupthedefinition

TAXABLESUPPLY

▪Theremustbeasupply

•Section9.10definessupply

•Thedefinitioncoversalmostanygoodor

service,orthecreationorextinguishmentofa

right.

TaxableSupply

▪Theremustbeconsiderationforthesupply

•Section9.15definesconsideration

•Itcoverspaymentoranyactor,thusitisa

verywidedefinition.Contractualtermapplies.

•Section9.17identifieswhatwillnotbeconsideration.

TaxableSupply

▪Thermustbebyanenterprise

•Section9.20definesenterprise

•Coversbothcommercialandnoncommercial

activities

TaxableSupply

▪ConnectionwithAustralia

•Section9.25

SupplyismadeinAustralia

rimportsi