Got a tricky question? Receive an answer from students like you! Try us!

Principles of Taxation Law - Case Study Example

Only on StudentShare
Case Study
Pages 7 (1757 words)


Goods and Services Tax similar to the Value added Tax (VAT) prevalent in European jurisdictions is an indirect broad based consumption tax. "It applies not just to goods and services as commonly understood but also to real estate and the creation of rights…

Extract of sample
Principles of Taxation Law

A supply will not be regarded as a 'taxable supply' to the extent that it is a 'GST-Free' supply or an 'input taxed' supply. The GST payable is calculated at 10 percent of the value of the consideration that entity receives for making the supply (excluding GST). Entities registered for GST are entitled to claim input tax credits for the GST included in the costs of various goods and services that the business has acquired for its activities. "However where an acquisition relates to input taxed supplies, the registered entity may be restricted in its ability to claim input tax credits for that acquisition depending on the purpose of the acquisition and the supplies to which it relates"3.
Depending on the size of the turnover the entities registered for GST are subjected to certain reporting obligations. The entities are required to prepare and lodge with the Australian Tax Office (ATO) GST returns on a monthly, quarterly or annual basis. The entities whose turnover is more than A$ 20 million per annum are required to file the GST returns on a monthly basis. ...
Download paper
Not exactly what you need?

Related Essays

Computer Software Taxation
As a preliminary matter, it must be noted that attempts to tax computer software have long been particularly troublesome. How a taxing authority decides to classify sales transactions involving computer software determines whether it will be subjected to sales/use tax or treated as exempt. It is here that, in attempting to classify computer software, a number of state authorities and judicial bodies have struggled to forge a uniform approach. Uniformity and consistency, to be certain, have proven elusive ideals.…
12 pages (3012 words)
Taxation Law Assignment
However, this section also puts a discretionary element into the ATO's or the Judge's determination because the expenditure has to be necessary to the actual capital gain, which brings into question the validity of the expenses that are preparatory in nature or for other purposes rather than the actual construction. The key point that this judgment made is that the determination of this and subsequent cases is in reference to all circumstances, which includes an examination of the taxpayer's purpose or intention in incurring the expenditure. If it is necessary to apportion a loss or outgoing,…
10 pages (2510 words)
Australia taxation law
The first task identified was the determination of whether, for tax purposes, the Finlays are considered residents of Australia. The determination was made that the Finlays were considered residents based upon the residency test. According to Australian Tax Law the Finlays are considered residents because they were in Australia for 6 months or more during the 2006/2007 tax year. They also meet residency requirements because they met one or more of the three statutory residency tests. They are considered residents because they maintain a residence in Australia, have resided in Australia for 6…
9 pages (2259 words)
General Principles of Law in the Eu
It has been said that there were two main aspects for achieving a common market; the first being "negative integration" which required removal of existing barriers and the second requiring "harmonization" of rules so as to be in compliance with the set community rules which require positive steps so that the products can move freely within the EU this is known as positive integration1.…
20 pages (5020 words)