What is the GST?

Oct 10, 2022, 16:47 PM
Title : What is the GST?

The Goods and Services Tax (GST) is a 10 per cent tax on most goods and services supplied in Australia since 1 July 2000.

The consumer bears the cost of the GST through the pricing structure of the goods and services they purchase. However it is the seller of the goods and services that is responsible for remitting the GST collected from sales, to the Australian Tax Office.

GST will apply to many (not all) types of property transactions. However, the treatment of property for GST purposes depends on whether it is private residential, commercial residential, commercial property or a farm.

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