Reference no: EM132949197
On 1 July 2000 the Australian government, as part of its taxation reforms, enacted legislation for the introduction of a Goods and Services Tax (GST), an indirect broad-based consumption tax. In the context of the current GST taxation system, provide answers to the following questions:
Problem a) What is the name of the legislation or act that governs taxable transactions?
Problem b) Provide an example of a non-taxable transaction.
Problem c) What is the current rate of GST?
Problem d) What is a Taxable Sale?
Problem e) What is a GST Credit?
Problem f) What is a GST Free Sale?
Problem g) What is an Input Taxed Sale?
Problem h) What is a Tax Invoice?
Problem i) Explain the key features of the financial legislation covering reporting requirements.
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