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Essay / Research Paper Abstract
This 18 page paper examines Australian Tax law, defining what a taxable supply is and looking at when goods and services tax (GST)is payable. The paper looks at the requirements under GST legislation, examining the connection with Australia. The meaning of supply and the use of monetary and non-monetary consideration. The bibliography cites 8 sources.
Page Count:
18 pages (~225 words per page)
File: TS14_TEtaxsupply.rtf
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Unformatted sample text from the term paper:
very true. A range of taxes are payable, with one of the most recent pieces of legislation also being one of the more controversial application of taxation. The new goods
and services tax (GST) is applicable on any goods or services supplied on or after 1st July 2000 expect the few goods and services which are exempt (Hill, 2000).
Part of the controversy has been the way it is implemented and the lack of some specific reliefs, for example, charities may find
that they are exempt, as would be expected, but another area, that has created resentment is the assets left in the estate of a deceased (Eastway, 1999). This means that
evening death there are still taxes, in this instances GST cannot be avoided, and although seen as unfair by many legal practitioners, it is also recognised as now being
the law (Eastway, 1999). The GST is a large source of funds for the government, in 2000/1 a total of AU $23.8
billion was collected in net terms, of this 25% came from the wholesale industry, making it the largest contributor of GST, followed by 18% from the property and business industry
(Australian Taxation Office, 2003). Therefore, this is a major tax in Australia and any tax practitioner as well as individuals and businesses
need to have a clear understanding of when it is payable and how this is determined. This paper will examine on what the tax is payable, how the determination is
made and how this has and may be enforced with reference to case law. 2. What is GST In Australia when any goods or services are sold they are likely
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