The Goods And Services Tax


The Policy Objective of
" This is A New Tax System for a new century", as quoted by the Hon P Costello MP in the second reading speech for ' A New Tax System (Goods and Services Tax ) Bill for 1998. Australia is in need for a change of Taxation systems to ' A Modern, Broad Based, Low Rate, Goods and Services Tax'.(' A New Tax System (Goods and Services Tax ) Bill for 1998 ').
By the introduction of (GST), the Australian Government will abolish ten indirect inefficient taxes such as the Wholesales Sale Tax (WST).
These indirect taxes are inefficient and narrowly based. 'is not a plan for a new tax, but a new tax system' as quoted by the Government treasurer, Peter Costello (' A New Tax ...

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the Introduction of a Goods and Services Tax).

The Goods and Services Tax is the necessary change that Australia needs for a new tax reform. Australia's current taxation system is complex, unfair and in need of a quick replacement due to it being out-of-date. The current taxation system incurrs both economic and social disadvantages on the country, the community and the businesses.
The Government proposes to introduce the Goods and Services Tax with a stable and controlled rate levied at 10 percent.As part of the Commonwealth-State agreement this rate will be 'locked in' and the only possibility of changing the rate is upon a unanimous vote for change and a new rate specified, to be decided upon by all State Governments.(' A New Tax System (Goods and Services Tax ) Bill for 1998)

Background of the Goods and Services Tax

The Goods and Services Tax is considered to be a Value Added Tax, to which is a form of broadly based ...

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to become more involved in obtaining the tax from the economy in each state of Australia.

The Outline of the Goods and Services Tax Policy

The GST to be imposed must:
(a) Promote a structural change which will broaden the existing Tax Base, so as to affect incomes, consumption of both Goods and Services, and assets
(b) Deliver a comprehensive indirect tax reform that will provide Australian businesses with significant offsets to business costs. This will impeed the Wholesale Sales Tax (WST) and the Payroll Tax to be completely abolished.
(c) To allow the simplification of the Taxation treatment of assets
(d) Reform the Federal and State financial relations ...

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"The Goods And Services Tax." Essayworld.com. September 19, 2008. Accessed June 20, 2018. http://www.essayworld.com/essays/The-Goods-And-Services-Tax/90132.
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PAPER DETAILS
Added: 9/19/2008 05:41:43 AM
Category: Economics
Type: Free Paper
Words: 1829
Pages: 7

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