Introduction to Gst free essay sample

Introduction to GST A goods and services tax (GST) was introduced into Australia on 1 July 2000 * It is a tax levied at the rate of 10% on the supply (sale) of most services and goods * Business registered under the GST legislation collect the tax on behalf of the Australian tax office (ATO) and remit the amounts collected to the ATO at regular intervals * Business are allowed to offset and GST they pay on buying services and goods against the GST collected on supplies * Any business which is registered for GST typically has two accounts: * GST collection (GST payable in the GST legislation) for any GST received or receivable by the entity from its customers. This is what the company â€Å"owes† to the government. Therefore, it a liability * GST Outlays (GST credit in the GST legislation) for any GST paid or payable by the entity to its suppliers. This is what the entity can claim as a refund from the government. We will write a custom essay sample on Introduction to Gst or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Therefore, is an asset all * All supplies of services and goods are subject to GST unless they are Non-taxable * There are two types of non taxable supplies * â€Å"GST-free† supplies are services and goods that would normally attract GST but are exempted under the legislation. (e. g. fresh food, educational courses, wages and salaries, capital contribution and withdrawals) * â€Å"Input taxed† supplies (e. g. bank fees, bank charges, a loan from a bank) Items| GST/No GST| Contribution of cash by the owner| No GST| Purchase of supplies on credit| GST| Payment of tuition fees| No GST| Payment of wages to employees| No GST| Sales of service on credit| GST| Cash paid to accounts payable| No GST| Purchase of services for cash| GST| Interest received from a bank| No GST| Cash received from accounts receivable | No GST| Accounting for GST * The GST legislation provides rules for allocating GST payable and GST credits to the relevant tax period * The tax period entities account for GST will depend on whether they account for GST on a cash basis or an accruals basis * Entities that issue or receive an invoice but do not account for the sale of purchase until the cash is received or paid are using a cash basis * Entities that account for the sale of purchase at the time of issue or receipt of an invoice are using the accruals basis Cash Basis * An entity is eligible to use a cash basis for GST if: The entity is a small business with an annual turnover or less than 2,000,000 * The entity accounts for income tax on a cash basis * Under the cash accounting system: * The GST collections are recorded at the time cash is received for supply of services and goods * GST outlays are recorded when cash is paid for services and goods Accruals basis * An entity can choose to account for GST on a non-cash basis even if it is eligible to account for GST on a cash basis * If it is not eligible to account for GST on a cash basis, it must account on a non-cash basis * Under the accruals accounting system: * GST collections and GST outlays are recorded when a tax invoice is issued/received or cash is received/paid, whichever event occurs first.

Free Essays on Platos Ideal State

Plato’s Ideal State This paper will discuss the different parts of Plato’s ideal state, as well as link them to the normative concepts of Property, Common/Public Good, and Justice. The discussion of justice will be lengthier than the others, on the grounds that it is the basis for a great deal of the discussion contained in Plato’s Republic. Each concept will be specifically discussed in its relation to the ideal state, as well as its function within the society. Firstly, the state will consist of three parts. These parts will be kept separate so there will be no interference in their prescribed function. The three parts are as follows: rulers, who will attend to political affairs of the state, auxiliaries, who will protect the state, and craftsmen, who will provide their skills to the state. The citizens will be told a myth in order to control breeding outside of the class. A shortened version basically says that rulers have gold Giraudo 2 blood, auxiliaries have silver, and the craftsmen have bronze. When breeding takes place, it must be gold to gold, silver to silver, and bronze to bronze. However, Plato does allow the ideal that it is possible for gold blood to give birth to silver or bronze, and vice versa. The rulers and auxiliaries are actually divided from a previous class, in which they both belonged, called guardians. The guardians are the most intelligent and skilled. They will live together, and be educated together. When the education and training reaches a certain point, they will be divided into the two classes, rulers and auxiliaries. The rulers are selected by their superior skill and knowledge. They will move on to more academic education, while the auxiliaries will continue with more physical training. The rulers continued education would consist of mathematics as well as dialectic. After this period they will be returned to civilization in order to hold various positions in gov... Free Essays on Plato's Ideal State Free Essays on Plato's Ideal State Plato’s Ideal State This paper will discuss the different parts of Plato’s ideal state, as well as link them to the normative concepts of Property, Common/Public Good, and Justice. The discussion of justice will be lengthier than the others, on the grounds that it is the basis for a great deal of the discussion contained in Plato’s Republic. Each concept will be specifically discussed in its relation to the ideal state, as well as its function within the society. Firstly, the state will consist of three parts. These parts will be kept separate so there will be no interference in their prescribed function. The three parts are as follows: rulers, who will attend to political affairs of the state, auxiliaries, who will protect the state, and craftsmen, who will provide their skills to the state. The citizens will be told a myth in order to control breeding outside of the class. A shortened version basically says that rulers have gold Giraudo 2 blood, auxiliaries have silver, and the craftsmen have bronze. When breeding takes place, it must be gold to gold, silver to silver, and bronze to bronze. However, Plato does allow the ideal that it is possible for gold blood to give birth to silver or bronze, and vice versa. The rulers and auxiliaries are actually divided from a previous class, in which they both belonged, called guardians. The guardians are the most intelligent and skilled. They will live together, and be educated together. When the education and training reaches a certain point, they will be divided into the two classes, rulers and auxiliaries. The rulers are selected by their superior skill and knowledge. They will move on to more academic education, while the auxiliaries will continue with more physical training. The rulers continued education would consist of mathematics as well as dialectic. After this period they will be returned to civilization in order to hold various positions in gov...