A New Tax System (Goods and Services Tax) Act - Australia

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other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions (except for formulas), but are not kept separate from them.

      Chapter 2—The basic rules

      Division 5—Introduction

      5–1 What this Chapter is about

      This Chapter sets out the basic rules for the GST. In particular, these rules will tell you:

      • where liability for GST arises;

      • where entitlements to input tax credits arise;

      • how the amounts of GST and input tax credits are combined to work out the amount payable by you or to you;

      • when and how that amount is to be paid.

      5–5 The structure of this Chapter

      The diagram on the next page shows how the basic rules in this Chapter relate to each other. It also shows their relationship with:

      • the exemptions (Chapter 3) — these provisions exempt from the GST what would otherwise be taxable; and

      • the special rules (Chapter 4) — these provisions modify the basic rules in particular situations, often in quite limited ways.

      Part 2–1—The central provisions

      Division 7—The central provisions

      7–1 GST and input tax credits

      (1) GST is payable on *taxable supplies and *taxable importations.

      (2) Entitlements to input tax credits arise on *creditable acquisitions and *creditable importations.

      For taxable supplies and creditable acquisitions, see Part 2–2.

      For taxable importations and creditable importations, see Part 2–3.

      7–5 Net amounts

      Amounts of GST and amounts of input tax credits are set off against each other to produce a *net amount for a tax period (which may be altered to take account of *adjustments).

      For net amounts (including adjustments to net amounts), see Part 2–4.

      7-10 Tax periods

      Every entity that is *registered, or *required to be registered, has tax periods applying to it.

      For registration, see Part 2–5.

      For tax periods, see Part 2–6.

      7-15 Payments and refunds

      The *net amount for a tax period is the amount that the entity must pay to the Commonwealth, or the Commonwealth must refund to the entity, in respect of the period.

      For payments and refunds (and GST returns), see Part 2–7.

      Note: Refunds may be set off against your other liabilities (if any) under laws administered by the Commissioner.

      Part 2–2—Supplies and acquisitions

      Division 9—Taxable supplies

      Table of Subdivisions

      9-A What are taxable supplies?

      9-B Who is liable for GST on taxable supplies?

      9-C How much GST is payable on taxable supplies?

      9–1 What this Division is about

      GST is payable on taxable supplies. This Division defines taxable supplies, states who is liable for the GST, and describes how to work out the GST on supplies.

      Subdivision 9-A — What are taxable supplies?

      9–5 Taxable supplies

      You make a taxable supply if:

      (a) you make the supply for *consideration; and

      (b) the supply is made in the course or furtherance of an *enterprise that you *carry on; and

      (c) the supply is *connected with Australia; and

      (d) you are *registered, or *required to be registered.

      However, the supply is not a *taxable supply to the extent that it is *GST-free or *input taxed.

      9-10 Meaning of supply

      (1) A supply is any form of supply whatsoever.

      (2) Without limiting subsection (1), supply includes any of these:

      (a) a supply of goods;

      (b) a supply of services;

      (c) a provision of advice or information;

      (d) a grant, assignment or surrender of *real property;

      (e) a creation, grant, transfer, assignment or surrender of any right;

      (f) a *financial supply;

      (g) an entry into, or release from, an obligation:

      (i) to do anything; or

      (ii) to refrain from an act; or

      (iii) to tolerate an act or situation;

      (h) any combination of any 2 or more of the matters referred to in paragraphs (a) to (g).

      (3) It does not matter whether it is lawful to do, to refrain from doing or to tolerate the act or situation constituting the supply.

      (3A) For the avoidance of doubt, the delivery of:

      (a) livestock for slaughtering or processing into *food; or

      (b) game for processing into *food;

      under an arrangement under which the entity making the delivery only relinquishes title after food has been produced, is the supply of the livestock or game (regardless of when the entity relinquishes title). The supply does not take place on or after the subsequent relinquishment of title.

      (4) However, a supply does not include a supply of *money unless the money is provided as *consideration for a supply that is a supply of money.

      9-15 Consideration

      (1) Consideration includes:

      (a) any payment, or any act or forbearance, in connection with a supply of anything; and

      (b) any payment, or any act or forbearance, in response to or for the inducement of a supply of anything.

      (2) It does not matter whether the payment, act or forbearance was voluntary, or whether it was by the *recipient of the supply.

      (2A) It does not matter:

      (a) whether the payment, act or forbearance was in compliance with an order of a court, or of a tribunal or other body that has the power to make orders; or

      (b) whether the payment, act or forbearance was in compliance with a settlement relating to proceedings before a court, or before a tribunal or other body that has the power to make orders.

      (2B) For the avoidance of doubt, the fact that the supplier is an entity of which the *recipient of the supply is a member, or that the supplier is an entity that only makes supplies to its members, does not prevent the payment, act or forbearance from being consideration.

      (3) However:

      (a) if a right or option to acquire a thing is granted, then:

      (i) the consideration for the supply of the thing on the exercise of the right or option is

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