Business and Personal Finance Dictionary

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• GST
  
  Abbrev. for Goods and Services Tax in Australia. Introduced with date of effect being 1/7/2000. Replaces the old wholesale tax system with a tax on the general provision of goods and services. Wholesale tax was limited to a tax on goods. The "end user" of a good or service (the consumer) is the person who pays GST. If a good or service is acquired by a business for business purposes it will pay GST on that purchase but will then obtain a tax credit for that amount. GST rate is 10% in Australia
  
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