7 (Goods and Services Tax)[1]

Of the supply does not exceed 75 and adjustment notes

Info icon This preview shows pages 27–34. Sign up to view the full content.

View Full Document Right Arrow Icon
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”
Image of page 27

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Foundations of Taxation Law [¶7.14](a) © 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)
Image of page 28
Foundations of Taxation Law [¶7.14](b) © 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
Image of page 29

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Foundations of Taxation Law [¶7.14](c) © 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
Image of page 30
Foundations of Taxation Law [¶7.15] © 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  necessary to continue the operation of the  enterprise Supplier carries on the enterprise until the day of  the supply
Image of page 31

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Foundations of Taxation Law [¶7.16] © CCH Australia Limited Financial supplies Financial supplies Financial supplies are input taxed Defined as the provision, acquisition or disposal of an  interest specified in r 40-5.09 Includes an “incidental financial supply” Excludes interests mentioned in r 40-5.12 Special input tax credit rules apply to: Financial supplies that do not exceed the “financial  acquisitions threshold” Borrowing expenses relating to making supplies  that are not input taxed Reduced credit acquisitions 
Image of page 32
Foundations of Taxation Law [¶7.17] © CCH Australia Limited Sales and long-term leases of  Sales and long-term leases of  residential premises residential premises Sales and long-term leases of real property are input  taxed but only to the extent that the property is 
Image of page 33

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 34
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern