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Australian GST Australian GST The GST (Goods and Services Tax) proposed by the Howard government is a new tax which plans to add ten percent to the cost of every
Tax) Act 1999 ("GSTA99"). While financial supplies are given input-taxed status under the Australian GST regime, in certain cases the supply of such a good or service
in Australia." (http:/www.ato.gov.au/) The GST policy affects more than just people in Australia, it affects the economy of the country. Thus, the Australian government
sharp upturn. The initial upturn was due to increased post GST spending followed by huge foreign cash injections into the Australian economy as a result of the Sydney
second plan are those belonging to the fiscal policy, adjusted by the Australian government. Both an increase in GST and a cut in government spending to education
Submitted by oppapers on October 8, 1999
Category: Miscellaneous
Words: 967 | Pages: 4
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Australian GST
The GST (Goods and Services Tax) proposed by the Howard government is a
new tax which plans to add ten percent to the cost of every item
purchased whether it be a car or a pen with only a few exceptions. The
tax set to commence on July 1 2000 may still not become a reality if
the senate does not have a majority vote on the issue. The VAT (Value
Added Tax) of the United Kingdom is much the same tax adding seventeen
and a half percent to all goods and services (although there are
exceptions). This tax is currently in operation in the UK. Differences
between the proposed GST and VAT are not great but there are some
significant differences.
If and when the GST becomes a reality a range of taxes including
wholesale sales tax and provisional tax will disappear when the GST
appears. Daily consumables and services will rise as a result of the
GST. The government is promising to balance the tax by creating
household savings through lower marginal tax rates. The question is,
will this be sufficient compensation? It probably will not be. The
^Aussie battler^ will not be favoured with the GST, as the current
compensation being offered is simply not sufficient. This tax proposal
is yet to be passed by the Senate which means that the GST may not even
become a reality. There may have to be some changes to the GST for it
to be passed by the Senate without another federal election. Some of
these may be food to be exempt from the GST, more compensation for
lower income families, pensioners, etc. Although the government will
receive ten percent of every item sold, not many items will actually
rise by the full ten percent; estim! ated...
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