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GST > GST > Flashcards

GST Flashcards

1
Q

Goods and Services Act ______

A

1985

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2
Q

In what year as the GST Act passed?

A

1985

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3
Q

Under section ___ of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

8

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4
Q

Under section 8 of the GST Act, GST is charged on ____________:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt ___________.

A

supplies

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5
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• __________________;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

In New Zealand

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6
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• _______________________;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

On goods and services

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7
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• _____________________;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

On or after 1 October 1986;

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8
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• _____________________________;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

By a registered person

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9
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• ______________________________________________, and
• By reference to the value of the supply. GST is not charged on exempt supplies.

A

In the course or furtherance of a taxable activity

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10
Q

Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• ____________________________. GST is not charged on exempt supplies.

A

By reference to the value of the supply

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11
Q

Under the GST Act, the term “______________” means:
Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

Taxable activity

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12
Q

Under the GST Act, the term “taxable ____________” means:
Any _________________ which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

activity

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13
Q

Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

continuously

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14
Q

Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or _____________ by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

regularly

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15
Q

Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, ________________pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

whether or not for

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16
Q

Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, whether or not for ____________, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

pecuniary profit

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17
Q

Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a _________________, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.

A

consideration

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18
Q

Eligibility to adopt the payment basis is limited to:-
• _________________;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.

A

Non profit bodies

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19
Q

Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• _____________________;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.

A

Non residents

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20
Q

Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have _____________ in the preceding 12 months or is __________________ in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.

A

not exceeded $2m not likely to exceed $2m

21
Q

Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who ____________________________________ for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.

A

satisfy the Commissioner that it would be appropriate

22
Q

It is ________________ for a non-resident person registered under section 54B to use the payment basis.

A

mandatory

23
Q

It is mandatory for a __________________ registered under section 54B to use the payment basis.

A

non-resident person

24
Q

It is mandatory for a non-resident person ______________ under section 54B to use the payment basis.

A

registered

25
Q

It is mandatory for a non-resident person registered under ______________ to use the payment basis.

A

section 54B

26
Q

It is mandatory for a non-resident person registered under section 54B to use the __________________.

A

payment basis

27
Q

A person who accounts for tax on a _______________must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

payments basis

28
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within _____________of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

21 days

29
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ______________ the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

ceasing to satisfy

30
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

the relevant conditions

31
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section _____(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

53

32
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). ________________constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

Failure to so notify

33
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an _______________ under section 143 of the Tax Administration Act 1994.

A

absolute liability

34
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

section 143

35
Q

A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.

A

Tax Administration Act 1994

36
Q

A person may _______________________________to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the payments basis requirements.

A

make an application to the Commissioner

37
Q

A person may make an application to the Commissioner __________________ (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the payments basis requirements.

A

to account for GST on the hybrid basis

38
Q

A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax ________________ and account for input tax on an invoice basis) if that person meets the payments basis requirements.

A

on a payment basis

39
Q

A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for _____________________) if that person meets the payments basis requirements.

A

input tax on an invoice basis

40
Q

A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the ________________________.

A

payments basis requirements

41
Q

What was issued on 15 May 2018 concerning GST on assets sold by non-profit bodies?

A

An issues paper

42
Q

What is the main proposal in the issues paper on 15 May 2018 concerning GST on assets sold by non-profit bodies?

A

To ensure that GST is paid on the sale of assets by non-profit bodies where input deductions have been claimed.

43
Q

When will the changes in the issues paper concerning GST on assets sold by non-profit bodies, apply from?

A

15 May 2018

44
Q

An accountant relied on a list supplied by IRD that stated his clients were GST registered. The information was incorrect, GST was owed, and _____________ was claimed. Cost to insurers $84,000.

AON – Affinity Magazine

A

penalty interest

45
Q

An accountant relied on a list supplied by IRD that stated his clients were GST registered. The information was incorrect, ____________, and penalty interest was claimed. Cost to insurers $84,000.

AON – Affinity Magazine

A

GST was owed

46
Q

An accountant relied on a list supplied by IRD that stated his clients were _____________. The information was incorrect, GST was owed, and penalty interest was claimed. Cost to insurers $84,000.

AON – Affinity Magazine

A

GST registered

47
Q

An accountant made a mistake in claiming GST on a property sale when the transaction should have been ______________. The client’s claim was for GST paid in error, which cost insurers $100,000.
AON – Affinity Magazine

A

zero rated

48
Q

An accountant made a mistake in claiming ________________ when the transaction should have been zero rated. The client’s claim was for GST paid in error, which cost insurers $100,000.
AON – Affinity Magazine

A

GST on a property sale

49
Q

An accountant made a mistake in claiming GST on a property sale when the transaction should have been zero rated. The client’s claim was for _______________, which cost insurers $100,000.
AON – Affinity Magazine

A

GST paid in error

GST (4 decks)

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