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:
“Customers are treasure; goods are but straw.”
—Chinese proverb.
“The community and family networks which helped sustain earlier generations have become scarcer for growing numbers of young parents. Those who lack links to these traditional sources of support are hard-pressed to find other resources, given the emphasis in our society on providing treatment services, rather than preventive services and support for health maintenance and well-being.”
—Bernice Weissbourd (20th century)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)