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?

    <p>A New Tax System Act 1999</p> Signup and view all the answers

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

    <p>Collect the GST on supplies they make</p> Signup and view all the answers

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

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

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

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

    What type of tax was repealed when the GST was introduced in Australia?

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

    Who collects the GST on supplies in Australia?

    <p>Registered entities collect the GST on supplies they make in Australia.</p> Signup and view all the answers

    How is the Goods and Services Tax (GST) in Australia described?

    <p>The GST in Australia is described as a transaction-based tax or a consumption tax.</p> Signup and view all the answers

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