Tax Expenditures Included in the Goods and Services Act 1985[5]
Duty free goods: zero weighting
Section 11 of the Goods and Services Act 1985
Approved retailers are allowed a zero GST weighting on goods that will be taken out of the country.
Financial services general: exemption
Section 14(1) of the Goods and Services Act 1985
The supply of financial services and any goods and services incidental to the provision of those services are exempt from GST.
Leases or leasehold land: exemption
Section 14(1) of the Goods and Services Act 1985
Leases or the supply of leasehold land by way of rental is exempt from GST, to the extent that the land is used for the principal purpose of accommodation in a dwelling.
Residential land and property sales: exemption
Section 14(1) & 14(1) of the Goods and Services Act 1985
The sale of any dwelling is exempt from GST.
Supply of fine metal: exemption
Section 14(1) of the Goods and Services Act 1985
The supply of fine metal is either exempted (domestic sales) or subject to a zero-rated rate of GST.
The sale or supply of accommodation: exemption
Section 14(1) of the Goods and Services Act 1985
The supply or sale of accommodation in a dwelling by way of hire, service, or occupancy agreement is exempt from GST.
Notes
- [5]The GST Act 1985 provides two types of exemption: a pure exemption; and a zero weighting. A zero weighting is potentially more concessionary as the business retains the ability to claim GST on inputs.
