Goods and services tax (GST) fundamentals
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Goods and services tax (GST) fundamentals

Issued by The Tax Institute

The earner has demonstrated an understanding of the basic GST concepts of a taxable supply and creditable acquisition, the requirements to register for GST and the consequences of registration, including lodgement of business activity statements and accounting for GST. Earners calculate a tax entity’s net GST payable/refundable in non-complex scenarios.

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Skills

  • Accounting for GST
  • Creditable acquisitions
  • Creditable Purpose
  • Goods and services tax (GST) fundamentals
  • GST
  • GST-free supplies
  • GST Registration
  • Income Tax and GST
  • Input taxed supplies
  • Non-taxable supplies
  • Taxable supplies
  • Tax Invoices

Earning Criteria

  • Calculate a tax entity’s net GST payable/refundable in non-complex scenarios.
  • Explain how the GST system is administered.
  • Earners complete 10 hours of online, self-paced, interactive learning, incorporating interactive examples, knowledge checks, case studies and a comprehensive activity.
  • Successful completion of two online, multiple-choice assessments: Assessment 1: 20 multiple-choice questions within 60 minutes. Assessment 2: 6 scenario-based multiple-choice questions within 45 minutes.
  • Achievement of a minimum score of 75% for all assessment tasks.

Standards

Professional level