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Provide an example of a non-taxable transaction

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Question - On 1 July 2000 the Australian government, as part of its taxation reforms, enacted legislation for the introduction of a Goods and Services Tax (GST), an indirect broad-based consumption tax. In the context of the current GST taxation system, provide answers to the following questions:

a) What is the name of the legislation or act that governs taxable transactions?

b) Provide an example of a non-taxable transaction.

c) What is the current rate of GST?

d) What is a Taxable Sale?

e) What is a GST Credit?

f) What is a GST Free Sale?

g) What is an Input Taxed Sale?

h) What is a Tax Invoice?

i) Explain the key features of the financial legislation covering reporting requirements.

Reference no: EM133022309

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