GST Principles Quiz

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Questions and Answers

Which date was the Goods and Services Tax (GST) introduced in Australia?

23 July 2000
1 July 1930
1 July 1999
1 July 2000 (correct)

What is the rate of the Goods and Services Tax (GST) in Australia?

20%
15%
10% (correct)
5%

What is the Goods and Services Tax (GST) considered to be in Australia?

A corporate income tax
A personal income tax
A transaction-based tax (correct)
A property tax

What is the legislative reference for the Goods and Services Tax (GST) in Australia?

A New Tax System Act 1999 (D) Signup and view all the answers

What do registered entities do in relation to the Goods and Services Tax (GST) in Australia?

Collect the GST on supplies they make (D) Signup and view all the answers

What is the purpose of the Goods and Services Tax (GST) in Australia?

The purpose of the GST in Australia is to apply a 10% tax on most goods, services, and importations consumed in the country. Signup and view all the answers

When was the Goods and Services Tax (GST) introduced in Australia?

The GST was introduced in Australia on July 1, 2000. Signup and view all the answers

What type of tax was repealed when the GST was introduced in Australia?

The introduction of the GST in Australia coincided with the repeal of a wholesale sales tax that had been levied since 1930. Signup and view all the answers