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LAW303 - Taxation Law Assignment - Elite Education Institute, Australia
Task - Write a report on Goods and Services Taxation (GST).
Solution - Taxation Law Presentation
Introduction
In the year 2010, the federal government of Australia introduced the Goods and Services Tax (GST) (Sakurai & Braithwaite, 2019).
The tax system was introduced based on the model of Value-added tax (VAT) as a broader concept of taxation (McGee, Devos & Benk, 2016).
Revenue generated from GST is used for the benefits of the states and its territories.
In 2010 the federal government of Australia introduced the Goods and Services Tax legislation. The value-added tax model which was already in existence was taken into consideration for modeling the GST legislations. The potential revenue to be generated out of GST was to be used for the welfare of the state.
Changes introduced in GST
The government of Australia has introduced a number of changes to the GST legislation in the year 2018 (Burkhauser, Hahn & Wilkins, 2015).
The new GST law contains elements that might affect the supply and services of goods in case of Australian businesses as well as consumers ((Sakurai & Braithwaite, 2019).
In the year 2018, the government of Australia introduced a number of changes in the GST legislation of Australia. The newly introduced changes contained elements that could affect the supply of services of the goods and current procedures for the same.
Cross-border transaction
Modification in the zone of indirect tax zone was introdoced.
Allowing the non-resident suppliers not to have an account to GST for certain kind supplies.
Application of GST-free treatment in case of a transaction between two non-residents.
Removal of requirement of GST registration for the non-resident suppliers while making a transaction for GST-free supplies (Sakurai & Braithwaite, 2019).
The changes affected the cross-border transaction by modifying the zone of indirect taxes. This allows the non-resident suppliers to avoid the GST registration for the supply of certain kinds of goods. The transaction between two-non resident suppliers would be GST-free. It further stated that a GST-free transaction will not require any GST registration.
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Digital products and suppliers
The changes affect the transactions being made between the non-residents and the residents.
Following the changes, the non-residents will be obligated for registering and be charged for GST (McLaren, 2019).
The changes allow the affected supplier to shift the liability to the electronic distribution operators.
The changes further affect the transaction to be executed between a non-resident supplier and a supplier who is a resident of Australia. Following these changes, the non-resident supplier will be required to register for GST in case of such transactions. The affected supplier can shift the liability of GST on the operator of electronic distribution.
Low-Value Threshold changes
The new changes in the GST law require overseas retailers with an amount of AUS 75,000 for turnover (McLaren, 2019).
There is the existence of a threshold where the collection of GST is done on imports at borders for goods above AUD $1,000. The newly introduced changes will remove this threshold and GST will be applied to all the goods being transacted at the border (McLaren, 2019).
The newly introduced changes in case of the GST rules and regulations, the overseas retailers are required to comply with an amount of AUS 75,000 for turnover. Existence of a threshold in case of transactions, where a collection of GST is done on imports for goods at borders is above AUD $1,000. These changes will eliminate this threshold and therefore, GST will be applied to all the goods being transacted at border.
Significant Global Entity Penalties
The recently passed law has significantly increased the penalties to be imposed on significant global entities (SGE) (McLaren, 2019).
SGE is to be considered an Australian resident which is the member of a wider global group consisting of an income above SU $1 billion (McLaren, 2019).
The law recently passed, has considerably improved the penalties to be imposed on significant global entities (SGE). SGE is to be measured as an Australian resident which is the associate of a wider global group holding an income exceeding SU $1 billion.
GST compliance
On registration, the companies are obligated for filing the GST returns on a periodic basis.
The periodic returns of GST are known as Business Activity Statements (BAS) (Sakurai & Braithwaite, 2019).
The frequency of BAS is dependent on the turnover of the concerned trader.
BAS is determined generally at the time of its registration.
BAS enlists all the supplies made by the company for the relevant goods or services.
Any due amount of GST is to be paid at the time of filing the BAS returns (Sakurai & Braithwaite, 2019).
The tax office will request the documents related to the tax credit.
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On registration of GST, the companies are required to file returns on a timely basis. These returns as filed on a periodic basis are known as Business Activity Statements (BAS). Filing of Bas might be frequent. This frequency is based on the turnover of the registrar or the trader. Thus is affects the filing of GST and compliance of the same. BAS is determined at the time of the registration of BAS. This enlists all the transactions made by the traders or the company following relevant goods and services. Any due of GST is to be paid at the time of BAS returns filing. Relevant documents are to present at the time of filing or registration of BAS.
GST recovery
There is no existence of any provisions related to VAT reclaims.
It does not relate to that of the 8th o 13th VAT directives of the European Union.
The non-resident citizens or companies must register for GST instead of the VAT directives (Sakurai & Braithwaite, 2019).
No provisions related to VAT reclaims are present in Australian tax laws, neither is it related to that of the 8th o 13th VAT directives of the European Unions. The non-resident citizens or companies must get registered for GST instead of the VAT directives.
Conclusion
GST legislation was introduced in Australia in 2010.
Changes in the existing laws were brought in 2018.
The introduced changes affected the supply of certain goods and services in Australia.
The changes were followed by certain regulations differentiating among the resident and non-resident suppliers.
The GST legislations have been introduced in Australia in the year of2010. The changes made in the existing laws were introduced in 2018. The introductory changes had the potential for affecting the supply of certain goods and service in Australia. These changes were followed by certain regulations which differentiated the transactions to be made by the resident and non-resident suppliers.
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