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GST overview

Common terms and concepts relevant to the operation of the GST system in Australia

In Australia, goods and services tax (GST) is charged on the supply of most goods, services and other things - for example, supplies of rights or the sale of certain property. The GST rate is set at 10%.

The following common terms and concepts are explained in this document.

Sections within Common terms and concepts relevant to the operation of the GST system in Australia

Last Modified: Friday, 2 November 2012

Table of contents

Common terms and concepts relevant to the operation of the GST system in Australia

Accounting for GST

Australian business number

Australian resident agent

Activity statement - remitting GST payable on supplies and claiming GST credits for GST paid on acquisitions

Calculating GST payable

Certificate of Status of Enterprise

Connected with Australia

Creditable acquisition

Creditable importation

Creditable purpose

Entering goods for home consumption and 'owner'

Foreign exchange conversions

GST-free supply

GST credits and claiming income tax deductions

GST turnover for GST registration requirements

Input-taxed supply

Non-monetary consideration for a supply

Non-taxable importation

Price of a supply

Principal and agent (including Australian resident agents acting for non-residents)

Principal and intermediary as separate suppliers or acquirers

Private binding ruling

Recipient created tax invoice

Registering for GST

Residential premises

Rounding of GST payable

Taxable importation

Value of a supply

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