This research is being carried out to evaluate and present the goods and services tax (GST) that came into force as an open based indirect tax on 1st of July 2000. Goods and services tax is a legislative act under the new tax system (Goods and Services Tax) Act of 1999…
Download file to see previous pages...
The present research has identified that goods and services tax (GST) is said to be indirect and broad-based because it is charged depending on the supply or activities of good and services instead of being charged directly on income. Also, these charges are applied generally to all taxpayers with a few limitations. Taxation under GST is applied to the goods and services that are used by consumers, meaning that, this system is a consumption taxation system. A step process is used in the collection of taxes under GST, to make sure that tax is levied at every stage of the production chain, and also to allow suppliers of goods and services who are registered to claim the credit on tax paid to their inputs. Although the tax is charged at every stage, the tax is paid finally by the consumer at the end spot. For a firm to be able to take credit on GST, they must be registered. Thus, if they do not apply to be registered under GST, they are treated as the end consumers and can only enjoy the GST credit they incur. GST is classified into three types of supplies namely; taxable supplies, input tax supplies, and GST free supplies. GST liability is created out of supply, but it is not created by the GST registered entity. The rules of GST do not apply if the supplies of either goods or services came to force before 1st July 2000, and in accordance to set special rules, gifts, when supply is made by entities not registered, or which are not required to register and when the transactions involved are not connected to Australia. In order to register Tiles Pty Ltd under GST system, the management needs to ensure that the firm satisfies the following requirements as stipulated under chapter 2, part 2-5 division 23 of the act. The main importance of registration is due to the following: - GST is only payable on any supplies for registered entities only Credits for input tax cannot be claimed unless the entity is registered GST returns are only lodged for registered entities Under the goods and services act, an entity structure may include an individual, a sole corporate, a corporation body, a political body, a partnership, a trust and an unincorporated association or body of persons. Tiles Galore Pty Ltd is a small sized corporation, meaning that, it falls under an entity structure required to be registered. Thus, the firm can apply to be registered by ATO for GST. Registration requirements are in sec 23-5; it states that an entity is registered It is an enterprise Annual turnover meets the threshold for registration turnover The term entity is broad in definition and includes various legal persons as described here below; The trustee is that entity that should register for GST and ABN The partnerships are those entities that should register for GST but not for individual partners It thus entails that under section 23-10, an entity cannot be registered if it does not carry or intend to carry on with an enterprise. It is optional for that entity to register if it carries on an enterprise but does not meet the threshold for registration. Supplies fall under various sections namely; taxable supplies, GST free supplies, and input taxed supplies. Other kinds are importations and those that fall outside the scope of the GST. Taxable supplies are determinant factors in ruling whether a certain transaction is worth falling under GST.
...Download file to see next pagesRead More
Cite this document
(“Goods and Services Tax (GST) Essay Example | Topics and Well Written Essays - 3750 words”, n.d.)
Retrieved de https://studentshare.org/finance-accounting/1400376-taxation-gst-assignment
(Goods and Services Tax (GST) Essay Example | Topics and Well Written Essays - 3750 Words)
“Goods and Services Tax (GST) Essay Example | Topics and Well Written Essays - 3750 Words”, n.d. https://studentshare.org/finance-accounting/1400376-taxation-gst-assignment.
One would be the Aldus professional series that would include professional versions of PageMaker, Aldus snapshot, Aldus freehand, and additional products aimed at creative graphics markets. The other was the Aldus executive series that included persuasion, PageMaker, and other products aimed at the business market.
U.S. GAAP vs. IFRS Research & Presentation “Revenue Recognition – Goods and Services”
From a critical perspective, it has often been argued that the GAAP policies currently followed in the US are quite distinct (Simlogic, 2012). Based on this understanding, accounting practices that are followed under the International Financial Reporting Standards (IFRS) system, will also be critically evaluated in contrast with US GAAP in treating revenue recognition transactions related to both goods and services.
There is a new regulation in place, as a result of the announcement made by the Government in the 2007-08 Federal Budget, of various steps taken to enable small businesses to have more flexibility and a less complicated taxation system.
Due to the regulation, a GST registered entity can to claim GST credits for purchases with any GST-inclusive amount of $82.50 or less, without having to hold a recognized tax invoice.
Using examples from different sectors such as land development, retail, healthcare and Internet, and various other industrial sectors, pricing policies and strategies are compared to provide a comprehensive picture of the marketing and business approaches of companies especially with regard to pricing of goods.
Structural budget deficits arise because fiscal revenue grows at a lower rate than fiscal expenditure in the long run. In other words, the problem is one of perennial overspending or of living beyond one’s means.
As clearly indicated, the product could possess distinguishing characteristics in terms of tangibility, distinct separateness, differences in kind, and perishability.
Wolak, Kalafatis & Harris (1998, 24) clearly enumerated the
After that the boat begins to decline. The life cycle of a successful Regal boat is 3 to 5 years.
Regal tries to come up with new and innovative boats to remain competitive. The strategy that it uses is
It serves about forty seven million customers daily. It product brands are valued globally and their worth is about 25 billion dollars. Though its roots in the United States, it has become the world accepted Company by