Goods And Services Tax (Australia)
The GST (Goods and Services Tax) is a broad sales tax of 10% on most goods and services transactions in Australia. It is a value added tax, not a sales tax, in that it is refunded to all parties in the chain of production other than the final consumer.
It was introduced by the Howard Government on 1 July 2000, replacing the previous Federal wholesale sales tax system and designed to phase out a number of various State and Territory Government taxes, duties and levies such as banking taxes and stamp duty.
Read more about Goods And Services Tax (Australia): Political Impact, Economic and Social Effects, Tourist Refund Scheme, Legal Framework, GST Statistics
Famous quotes containing the words goods, services and/or tax:
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—Bible: New Testament, Luke 12:17-20.
“Those services which the community will most readily pay for, it is most disagreeable to render.”
—Henry David Thoreau (1817–1862)
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)