Goods and services tax (Australia)

Quarterly Goods and services tax revenues ($millions) since 2000.

Goods and Services Tax^[1] (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions (such as for certain food, healthcare and housing items^[2]) and concessions (including qualifying long term accommodation which is taxed at an effective rate of 5.5%^[3]). GST is levied on most transactions in the production process, but is in many cases refunded to all parties in the chain of production other than the final consumer.

The tax was introduced by the Howard government and commenced on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out a number of various State and Territory Government taxes, duties and levies such as banking taxes and stamp duty.

An increase of GST to 15% has been put forward, but is generally lacking in bipartisan support.^[4]^[5]

^ https://www.macquariedictionary.com.au/dgresources/view/resource/7/ ^{[dead link]}
^ Part 3.1 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
^ Division 87 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
^ Hudson, Phillip. "Lowest income earners worst hit by GST rise". ABC News. Retrieved 27 April 2016.
^ "Labor faces internal battle over campaign against GST increase". ABC News. 31 January 2016. Retrieved 27 April 2016.

[1] ttps://www.macquariedictionary.com.au/dgresources/view/resource/7/ ^{[dead link]}

[2] Part 3.1 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

[3] Division 87 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

[4] Hudson, Phillip. "Lowest income earners worst hit by GST rise". ABC News. Retrieved 27 April 2016.

[5] "Labor faces internal battle over campaign against GST increase". ABC News. 31 January 2016. Retrieved 27 April 2016.

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