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GST is imposed on "taxable supplies" and "taxable importations".
The concept of supply is defined very broadly in the legislation and includes, for example, supplies of goods and services, the provision of advice or information, supplies of real property and financial supplies.
There are three types of supplies, each with a different GST treatment that may occur under the GST legislation. These are:
- Taxable;
- GST-free; and
- Input taxed supplies.
The following transactions are non taxable supplies and as such are not subject to GST:
- supplies by non-registered entities
- transactions that occur outside Australia between entities entirely unconnected with Australia
- transactions that are made by entities that are not carrying on an enterprise (eg. hobbies).
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