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Examples of bulk sales transactions:. A retiring contractor sells all his tools and other equipment to another contractor. A restaurant that is closing sells all of its fixtures and equipment to a person opening up a new restaurant. Corporation C, which is required to collect sales tax, transfers all of its business assets to Corporation D in exchange for stock in Corporation D.
Corporation E, which is required to collect sales tax, sells its entire inventory to Corporation F, which intends to resell the inventory. Smith, a person required to collect sales tax, makes a gift of all of his business assets to another person.
A sole proprietor incorporates her business and transfers her business assets to the new corporation. A hardware store makes a retail sale of tools and building materials to a contractor. A clothing manufacturer trades in six of its delivery vehicles when purchasing six new vehicles from a car dealer.
Corporation A purchases all the issued and outstanding stock of Corporation B, which is required to collect sales tax. Corporation A and Corporation B will continue to exist as separate legal entities. Since the business assets of Corporation B have not been transferred in connection with the sale of its stock, this is not a bulk sale. File this form by:. If any other delivery method is used, the notice will not be effective until the date the Tax Department actually receives it. The burden of proving the notice was received is on the purchaser.
File a revised Form AU For example, if the closing date for the sale changes, file a revised form showing the new closing date. Write Revised at the top of the new form. Within five 5 business days after receiving Form AU A purchaser who receives Form AU The purchaser may wish to consult a tax professional at this time.
Whether a purchaser receives Form AU The department will notify the purchaser and the seller of the amount of sales tax due, if any, within 90 days of receiving Form AU A purchaser who plans to start a business or continue an existing business that makes taxable sales must register with the Tax Department and obtain a Certificate of Authority.
The seller's Certificate of Authority is not transferable. John Howard was re-elected leader of the Liberal party in , and pledged "never, ever" to introduce the GST. However, before the election , Howard proposed a GST that would replace all existing sales taxes, as well as applying to all goods and services. At the election, the Howard Government suffered a swing against it of 4. Nevertheless, the incumbent government retained a majority of seats in the lower house and Howard described the election win as a "mandate for the GST".
Lacking a Senate majority, and with Labor opposed to the introduction of the GST, the government turned to the minor parties such as the Australian Democrats to gain the necessary support to get the necessary legislation through the Senate. A prominent selling point of the legislation was that all the revenue raised by the GST would be distributed to the states. In an agreement was reached with the state and territory governments that their various duties, levies and taxes on consumption would be removed over time, with the consequent budget shortfall being replaced by GST income distributed by the Commonwealth Grants Commission.
Furthermore, federally levied personal income tax and company tax was reduced to offset the GST. During the election campaign, the leader of the Australian Democrats, Meg Lees , stated that her party was opposed to a GST unless food, books and tourism packages sold offshore were exempt, and other compensating tax measures were implemented.
The government initially stated that exemptions to the GST were not possible, and looked most likely to pass the GST legislation with the support of independent Senator Brian Harradine. A proposal to exempt tampons from the GST was dismissed by Howard. It gained assent on 8 July and came into operation on 1 July Businesses whose turnover is below the threshold may register if they wish to.
A GST-registered business must charge its customers GST on taxable goods and services it provides, but is entitled to a credit for any GST it has paid for its expenditures on these goods and services as well as capital purchases called input tax credits.
A registered business must periodically lodge Business Activity Statements monthly, quarterly or annually , and at the same time pay the net amount of GST owed to the tax office if more GST is paid than collected, a refund is paid by the tax office instead. Some goods and services notably salaries, wages, fresh food, and real estate are exempt from GST. Other goods and services rental income and financial services are "input-taxed", which means that GST is not charged on the sale, but GST paid by that part of the business is not eligible to be claimed as an input tax credit.
This does not include employment or hobby income. Taxable supplies include goods wholly within Australia, from or to Australia or real property in Australia. Certain types of supplies are free of GST, examples include fresh unprocessed food, medical services, education courses, childcare, exports, pre-owned real estate and going concerns.
When an enterprise purchases goods or services to be consumed or used for resupply to an end customer they may receive a refund input tax credit on the amount of GST contained in the price Div 11 , which means in effect no GST is paid on those supplies.
New residential and commercial properties are subject to GST but re-sale of existing properties is not. All real estate agent fees on either new or second-hand property are subject to GST. Processed foods such as biscuits, soft drinks, restaurant meals and take-away foods are also subject to GST.
Businesses must lodge their Statements with the ATO within twenty working days of the end of each quarter. John Howard had said that the "GST would never become part of Liberal Party policy",  but his change of heart would become apparent in the lead-up to the campaign. It was passed by the Senate in June in a heavily amended form.
The annihilation of the Democrats was completed at the following election in when they lost all their remaining seats, with the Australian Greens becoming the major third party. Australian Labor Party leader Kim Beazley continued to oppose it during the Howard government's second term. During the election campaign, Labor made a 'GST rollback' a centrepiece of its election platform. Labor attempted to reprise the effects of the birthday cake interview by deriding the application of GST to cooked and uncooked chickens, but failed to ignite public response to the limited scope of the rollbacks  applying only to gas and electricity bills.
Labor lost the election, and though the September 11 attacks and the so-called Tampa affair dominated the campaign, the loss would effectively end all serious opposition to the GST. A Bill was introduced that gave the federal government no obligation to hand back revenue earned by that state to be divided to other non-performing states.
Unlike the GST,  sales tax revenue went back to the State that generated the sales tax. The federal government counteracted with its own advertising campaign which claimed that New South Wales had breached its contractual obligations under the GST Agreement by continuing to charge unfair stamp duties and land taxes, which were supposed to have been abolished.
After weeks of intense media and public pressure, the New South Wales State Government announced in its budget that it would reduce stamp duty and land tax, but critics argued that the State Government did not go far enough with much broader tax reform in New South Wales required to help encourage investment and business that had been forced elsewhere due to an unfavourable New South Wales business environment.
Critics have argued that the GST is a regressive tax , which has a more pronounced effect on lower income earners, meaning that the tax consumes a higher proportion of their income, compared to those earning large incomes. However, due to the corresponding reductions in personal income taxes, state banking taxes, federal wholesale taxes and some fuel taxes that were implemented when the GST was introduced, former Treasurer Peter Costello claimed that people were effectively paying no extra tax.
The preceding months before the GST became active saw a spike in consumption as consumers rushed to purchase goods that they perceived would be substantially more expensive with the GST.
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