LAW8220 Goods and Services Tax (FOBUS)


Semester 1 (EXT)Toowoomba


Units 1.0 (Taxation Law) Band 3


Pre-requisite: An understanding of Australian income tax and accounting principle. Students are required to have access to a personal computer, e-mail capabilities and Internet access to USQConnect. Current details of computer requirements can be found at <http://www.usq.edu.au/ict/students/standards/default.htm>.


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.