Goods & Service Tax
2 pages (500 words)
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, Case Study
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.