Means good and services tax payable pursuant to the Goods and Services Tax Act 1985 or any similar tax levied in substitution thereof
From July 1 2000 the Federal government introduced the Goods and Services Tax into Australia The commencing rate of GST is 10% and it replaces a number of wholesale taxes on a broad range of products All businesses are required to have an "Australian Business number (ABN) and be registered for GST if their anticipated turnover is $50,000 or over Unregistered businesses are unable to claim credits for GST paid Business purchasers must be registered for GST at the time of settlement