Oztaxline Tax Tips & News Australia

1985 by Paul Keating was dropped by Labour Prime Minister Bob Hawke after pressure from the ACTU, welfare groups and business groups.

Then there was few times refloating in the 1990 till 1998 John Howard campaigned on the GST, with the GST replacing all former sales taxes, as well as applying to all goods and services. The legislation was passed on June 28, 1999 as A New Tax System (Goods and Services Tax) Act 1999. It gained assent on 8 July 1999 and came into operation on 1 July 2000 as 10%.

GST replaces the Wholesale Sales tax (average 22%) and Sates will abolish nine types of taxes:

• Financial institutions Duty;


• Debit tax;


• Conveyancing duties on business property;


• Stamp Duty on:
  
  
  1. Marketable securities
  
  
  2. Credit arrangement, instalment purchase, arrangement and rental
     (hiring) agreements;
  
  
  3. Leases;
  
  
  4. Mortgages, bonds, debentures and other loan securities; and
     Cheques, bills of exchange and promissory notes;
  
  
• Bed taxes (NSW and NT only)

# posted by L.Y.B. @ 8:07 PM