Overview of GST The law for the goods and services tax (GST) is set out in the A New

Tax System (Goods

and Services Tax) Act 1999 (GST Act) GST Act is Commonwealth legislation – under the GST scheme, the
Commonwealth collects the tax and then distributes it to the States GST is a broad-based tax at the flat
rate of 10% – has applied since 1 July 2000 to the consumption of both goods and services (unless an
exemption applies) Is administered through the lodgement of a GST return or a Business Activity
Statement (BAS) GST collected for the ATO (GST payable) is offset against GST claimed back on
acquisitions (input tax credits) and an amount is owed or a refund due.