Assessment QUESTION 1 GOODS AND SERVICE TAX Goods and service tax refers to as a value added tax. In Australia, GST is levied at a rate of 10% on most of the goods and services sold. This tax is charged on every stage of the transaction but is refunded to everyone present in this chain of transaction except the final consumer. The tax of GST is a consumption based tax that is the person consuming would be the one paying the tax. (G…
Assessment Table of Contents Taxation Issue 1- Whether the PSI rules are applicable Determination of PSI or PSB by applying the PSI tests Issue 2 : Whether income should be reported using cash basis or accrual basis of accounting Determination of the suitable method Issue 3 – Deductibility of Business expenses Determination of the above issue Issue 4: Taxability of c…
Group Assignment – Case Study Table of Contents Taxation Issue 1- Whether the PSI rules are applicable Determination of PSI or PSB by applying the PSI tests Issue 2 : Whether income should be reported using cash basis or accrual basis of accounting Determination of the suitable method Issue 3 – Deductibility of Business expenses Determination of the above issue Issue…
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