The Australian Goods and Services Tax (GST) regime came into effect on the 1st of July 2000 after the A New Tax System 1999 Acts were passed through both houses of parliament.
The GST is levied at a rate of 10% on GST rated supplies. The GST rated supplies include almost all goods and services with the exception of fresh food, health care and education expenses which are zero rated. Financial supplies are input taxed, which means no tax is levied on the final supply of the good or service, but the tax on inputs used to produce that goods and service do not attract input tax credits. |
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A Company for Tax Purposes
A company for tax purposes is defined in s 995-1 of the Income Tax Assessment Act 1997 as:
(a) a body corporate; or
(b) any other unincorporated association or body of persons;
but does not include a partnership or a * non‑entity joint venture.
Note: Division 830 treats foreign hybrid companies as partnership.
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