Part one of term paper
The Policy Objective of " This is A New Tax System for a new century", as quoted by the Hon P Costello MP in the second reading speech for ' A New Tax System (Goods and Services Tax ) Bill for 1998. Australia is in need for a change of Taxation systems to ' A Modern, Broad Based, Low Rate, Goods and Services Tax'.(' A New Tax System (Goods a ...

Part two of term paper
... Costello (' A New Tax System (Goods and Services Tax ) Bill for 1998).The GST is a broad based tax, that can benefit Australia by creating the following: * A reduction in the compliance costs of business. * Reduce the GST administration costs. * The removal of taxes on business inports and exports. * Guarantee the consumers the fairness of the GST implementation. * Increase the Real purchasing power of consumers.('Tax Reform. Not a new tax. A new tax system', from the Regulation ...