Subjects 2009
Goods and Services Tax Principles 730637
- Credited Courses: Graduate Diploma in Tax 187; Master of Commercial Law 504; Master of Laws (LLM) 502; Master of Tax 742
Objectives
A student who has successfully completed this subject should:
- Have developed an understanding of the policies, detailed rules and current practical problems involved in a GST
- Understand how a GST differs from other types of consumption tax
- Have an advanced understanding of the policies underlying a GST
- Have a thorough knowledge of the technical detail of the rules for the operation of and compliance with a GST.
Syllabus
This subject will examine the major foundational principles of the GST and its operation in practice. Comparisons will be drawn between the two major models of GST, the Canadian and New Zealand models, and the sixth Directive of the European Community.
Principal topics will include:
- Introduction to GST: Different forms of VAT/GST and the relation to the income tax base
- Obligation to register for GST
- Basic concepts for operating the GST: Supply, liability and value for tax; status of the taxable person; definitions of supplies; place of supply; goods and services; value of the consideration; treatment of imports and exports administration of VAT; treatment of input tax – mixed supplies and apportionment
- Special issues: Real property; financial institutions; government and non-profit-making bodies; agriculture and mining
- International aspects: Obligation for non-residents to register; supplies by non-residents and the reverse charge; exports and imports of goods and services
- Compliance assessment and collection of tax.
