LAW 8220 Goods and Services Tax

STAFFING:

OTHER-REQUISITES:

RATIONALE:

The Goods and Services Tax (GST) is a broad based indirect tax that applies in Australia from 1 July 2000. Goods and Services Tax is paid at each step along the chain of transactions involving the provision of goods and services. The tax is imposed on "taxable supplies" which includes virtually every activity involving the supply of goods and services. Entities making taxable supplies will receive a credit for the GST paid on their inputs but will charge GST on all taxable supplies. It is the final private user or consumer of the goods and services that pays the tax because they will not be entitled to a credit for the GST paid. Generally, GST applies at the rate of 10% on the value of the taxable supply. Certain goods and services will be GST-free including many food items, education and health services. Some supplies will be "input taxed" where the supplier does not charge GST on the supply but cannot claim a credit for the GST paid on their inputs.

SYNOPSIS:

The Goods and Services Tax (GST) applies at the rate of 10% to the supply of most goods and services in Australia. This course introduces you to the principles underlying the operation of the Goods and Services Tax. The course discusses in detail the operation of the relevant legislation and comprehensively explores the practical application of GST to the supply of goods and services. Topics covered include a discussion of the key features of the GST Law, the liability to pay GST, registration, GST-free supplies, input taxed supplies, taxable supplies, creditable acquisitions, tax periods, transitional issues, specific transactions, compliance, the impact of GST on business and accounting for GST transactions.

OBJECTIVES:

On successful completion of this course students will be able to:

1. identify and explain the legislative framework of Goods and Services Tax in Australia; and
2. apply the principles of Goods and Services Tax to factual situations.

TOPICS:

TEXT and MATERIALS required to be PURCHASED or accessed:

ALL textbooks and materials are available for purchase from USQ BOOKSHOP (unless otherwise stated). Orders may be placed via secure internet, free fax 1800642453, phone 07 46312742 (within Australia), or mail. Overseas students should fax +61 7 46311743, or phone +61 7 46312742. For costs, further details, and internet ordering, use the 'Textbook Search' facility at http://bookshop.usq.edu.au click 'Semester', then enter your 'Course Code' (no spaces).

Internet Access: Throughout this course numerous references are made to Internet sites for further reference and research. It is suggested that to get the maximum benefit from studying this course that you should have easy access to the Internet.

REFERENCE MATERIALS:

STUDENT WORKLOAD REQUIREMENTS:

ASSESSMENT DETAILS:

NOTES:

1.

The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised.

IMPORTANT ASSESSMENT INFORMATION

1. Attendance requirements:
   If you are an international student in Australia, you are advised to attend all classes at your campus. For all other students, there are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
2. Requirements for students to complete each assessment item satisfactorily:
   To complete the examination satisfactorily, students must obtain at least 50% of the marks available for the examination.
3. Penalties for late submission of required work:
   If students submit assignments after the due date without prior approval then a penalty of 20% of the total marks gained by the student for the assignment will apply for each working day late.
4. Requirements for student to be awarded a passing grade in the course:
   To be assured of receiving a passing grade a student must submit all of the summative assessment items, achieve at least 50% in the examination and at least 50% of the available weighted marks for the summative assessment items.
5. Method used to combine assessment results to attain final grade:
   The final grades for students will be assigned on the basis of the weighted aggregate of the marks (or grades) obtained for each of the summative assessment items in the course. Students who do not qualify for a Passing grade may, at the discretion of the Examiner, be awarded a Supplementary Examination and/or assigned additional work to demonstrate to the Examiner that they have achieved the required standard.
6. Examination information:
   This is an open examination. Candidates may have access to any material during the examination except the following: electronic communication devices (eg mobile telephones, pagers), bulky materials, devices requiring mains power and material likely to disturb other students.
7. Examination period when Deferred/Supplementary examinations will be held:
   Any Deferred or Supplementary examinations for this course will be held during the next examination period.
8. University Regulations:
   Students should read USQ Regulations 5.1 Definitions, 5.6. Assessment, and 5.10 Academic Misconduct for further information and to avoid actions which might contravene University Regulations. These regulations can be found at the URL http://www.usq.edu.au/corporateservices/calendar/part5.htm. Students should also read the Faculty of Business Guide to Policies and Procedures of the Faculty which can be found at the URL http://www.usq.edu.au/handbook/current/buspolproc.html.

ASSESSMENT NOTES

OTHER REQUIREMENTS:

1. Learning Resources: Prescribed text and materials (see above); recommended reference materials (see above); printed Introductory Book and Study Book; and course Website accessible via USQConnect.
2. E-mail and Internet Access: Students will require access to e-mail and Internet access to USQConnect for this course.
3. Dishonest Actions: (i) Any student who is alleged to have performed a dishonest action relating to any assessment in the course will have a course of action taken against him/her as outlined in the Academic Regulations. (ii) Pieces of assessment should be the work of individual students. Joint pieces of assessment are not permitted unless written approval has been obtained from the Examiner. (iii) Dishonest action in relation to assessment includes: copying or attempting to copy the work of others; use of or attempting to use information prohibited from use in that form of assessment; submitting the work of another as your own; consciously committing acts of plagiarism, that is, taking and using another's thoughts or writings as one's own with intent to deceive, which occurs when paragraphs, sentences, a single sentence or significant parts of a sentence which are copied directly, are not enclosed in quotation marks and appropriately footnoted or referenced in the text; direct quotations are not used, but text is paraphrased or summarised, and the source of the material is not acknowledged by footnoting or other reference in the text.