Acquisitions - Victorian Government _Victoria Online_

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Acquisitions - Victorian Government _Victoria Online_ Powered By Docstoc
					   This Tax Factsheet is provided as guidance concerning GST as it may apply in Victorian Government schools, and should not be
                                           interpreted as general guidance on GST matters.


Acquisitions
This fact sheet is to assist schools in determining the GST treatment for Acquisitions provided to students in Victorian
Government Primary, Secondary and Special Schools.

Issues/Details
The GST Act allows input tax credits to be claimed on creditable acquisitions. Acquisition is a very broad term and covers
the usual purchase of goods and services for an enterprise. It also includes many other transactions such as the receipt of
advice or information, an acceptance of a transfer, assignment or surrender of any right, receiving financial supplies,
acquiring the right to require someone to do anything, refrain from doing something or tolerate something.

Example
All schools would acquire acquisitions in there day to day trading with other suppliers and the general public.
Depending on the type of transaction, GST-free, fully taxable, input taxed, out of scope of GST or NPSE will determine
the tax treatment for each individual transaction.
The type of transaction being processed should be covered in a tax invoice or similar document which should provide
sufficient information to process the transaction correctly, meeting all ATO requirements.


GST Codes
The school could use one of the following GST codes to process all transactions on CASES 21.
REVENUE:
Fully Taxable – G01        GST Free – G03               Input Taxed – G04           NPSE – NS6
EXPEDITURE:
Fully Taxable – G11        GST Free – G14               Input Taxed – G13           NPSE – NP6

Legislation/Policy/Guidelines/Links




Last updated June 2008
Tax Resource Centre URL: http://www.education.vic.gov.au/management/tax
Enquiries     If you have any questions or enquiries, please contact Tax & Compliance Unit on 9637-3702 or 9637-3281.
              Greg Hart at hart.greg.j@edumail.vic.gov.auMike Collins at Collins.mike.s@edumail.vic.gov.au

				
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posted:2/26/2010
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