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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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66
Notes Online Home 2014 GST Basics Dealing with the fundamentals of GST
In this chapter of the notes we discuss the fundamentals of GST. In particular, the following:
- Overview of how GST works
- When GST applies to a transaction
- When an entity must register for GST
- GST-free supplies and input taxed supplies – what you need to know
- When an entity can claim GST input tax credits
- Dealing with the paperwork required for GST
- Attributing GST payable, input tax credits and adjustments to the correct tax period
- Increasing and decreasing adjustments