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Showing posts with label wow-gold.selling. Show all posts
Showing posts with label wow-gold.selling. Show all posts

25 August 2011

GST on Gold Selling

As questionable it may be, gold selling is a way to make money. Like any other Australian business, a Australian gold seller may get taxed on their proceeds, and if they have not been declaring such income on their BAS (business activity statement), they may well be running up a tax debt...

Josh, as well as his friends Guy and Sandy, have dipped their toes into the grey market, and are now wondering if they will have to pay GST (Goods and Services Tax). Unfortunately, they find the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) too daunting to find out themselves. Will you be able to help them?

This problem has been taken out of Understanding Taxation Law 2011 (see bibliography for full citation), and the GST Act as of 1 November 2010 has been referred to.

How to attract the tax collector
In the GST Act:
  • s 7-1 says that "GST is payable on taxable supplies and taxable importations".
  • s 9-5 says that a taxable supply is made if a supply is made for consideration in the course or furtherance of an enterprise carried on, if it is connected with Australia and the supplier is registered or required to be registered.