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| *The Commerce Journal>>>Australia Taxes |
What is the difference between a sales tax and a GST? |
What is the difference between a sales tax and a GST? In essence, there is not much difference. They are both a tax on goods. However, GST is a muich broader tax. GST taxes almost everything. Hubert's answer is right. I think the main difference is that GST is a broad based consumption tax which is ultimately borne by the consumer. A sales tax is borne by business, etc |
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I think it means that as your income increases so does your tax. Alarmingly so when you have earned enough to be taxed in another bracket. The tax department has a good site which explains the brac... Your journal entries to your accounts would be: Land (DR) $3000 Cash at Bank (CR) $1000 Loan from ABC Finance (or whoever you still owe the money to) (CR) $2300 GST on Acquisitions (DR) $300 The GST Clearing Account is a Current Liability Account. ...The Tax Office most probably will ask you to complete a Statutory Declaration. Refer to this link below, scroll half way down for the Stat Dec form. ...No you can't; you have to lodge a tax return and receive a Notice of Assessment from the ATO with your tax refund worked out by them based on your tax return information. If you are leaving Au... YES! Wow. What an interesting question to have in this particular section of YA. Why did you ask it here? I hate BJ Westfield and how it has changed BJ. I always shop at the smaller shops on stre... You are taxed on an annual rate divided by the regularity you get paid i.e. if you are paid weekly the annual brackets are divided by 52, monthly divide by 12 etc. For example the 15% tax bracket i... You would have approximately $16,800 withheld from your wages of $70KAUD if you are a resident for tax purposes and work permanent fulltime and are entitled to annual leave loading etc. Note that r... |
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