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7 (Goods and Services Tax)[1]

Entities must report gst for a tax period on their

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Unformatted text preview: Entities must report GST for a tax period on their Business Activity Statements ► GST on taxable importations is paid directly to Customs unless “deferral arrangements” approved ► GST is payable monthly or quarterly ► Special rules for GST instalment payers ► Compulsory to pay electronically if “GST turnover” meets the “electronic lodgment turnover threshold” ($20m) Foundations of Taxation Law [¶7.13] Foundations of Taxation Law © CCH Australia Limited GST invoices, adjustment notes & GST invoices, adjustment notes & records records ► Tax invoices and adjustment notes are required to claim input tax credits and decreasing adjustments ► Tax invoices and adjustment notes must be issued within 28 days of request in the approved form ► Tax invoices do not need to be issued where “value” of the supply does not exceed $75 and adjustment notes need not be issued where “value” of the adjustment does not exceed $50 ► Commissioner may allow “recipient created tax invoices” Foundations of Taxation Law [¶7.14](a) Foundations of Taxation Law © CCH Australia Limited GST turnover thresholds GST turnover thresholds ► Registration turnover threshold ($75,000) ► Tax period turnover threshold ($20m) ► Cash accounting turnover threshold ($2m) ► Small enterprise turnover threshold ($2m) ► Electronic lodgment turnover threshold ($20m) ► Instalment turnover threshold ($2m) Foundations of Taxation Law [¶7.14](b) Foundations of Taxation Law © CCH Australia Limited GST turnover GST turnover ► A turnover threshold is met when: or ≥ Entity’s current GST turnover Entity’s projected GST turnover Turnover threshold Value of supplies made or likely to be made during the 12 months ending at the end of the month Value of supplies made or likely to be made during the month and the next 11 months Foundations of Taxation Law [¶7.14](c) Foundations of Taxation Law © CCH Australia Limited GST turnover GST turnover – – value of supplies value of supplies ► GST turnover based on “value” of supplies ► Certain supplies are ignored: Input taxed supplies Supplies not for consideration Supplies not made in connection with an enterprise carried on by the entity ► GST charged on supplies is ignored in calculating the value of the supplies Foundations of Taxation Law [¶7.15] Foundations of Taxation Law © CCH Australia Limited Going concerns Going concerns ► Supplies of going concerns are GST-free if: Supply is for consideration Recipient is registered or required to be registered Supplier and the recipient have agreed in writing that the supply is of a going concern ► A supply is of a going concern if: Supplier provides the recipient with all things...
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Entities must report GST for a tax period on their Business...

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