What do you need to know about GST?
Quick Facts -
- it is levied at a rate of 10%;
- it is ultimately paid by consumers who are the end users of goods and services;
- it is levied on most goods, services and other items sold or consumed in Australia;
- certain types of supplies are GST free. Examples include certain fresh foods, exports and medical supplies, but most are subject to GST;
- certain real estate sales are subject to GST (for example, sales of commercial property), while others are not (for example, resale of residential property owned by mums and dads, business premises sold as part of an ongoing business and most rural property);
- businesses that purchase goods or services to use as part of the product or service that they supply to consumers may receive a refund of the GST they pay;