What Are Taxable Supplies
A "taxable supply" is not limited to a sale, and covers a very wide range of transactions.
For there to be a taxable supply, the following requirements must be satisfied:
Requirement 1: there must be a "supply"
The first requirement for a taxable supply is that there be a "supply". This includes:
Requirement 2: supply must be "for consideration"
The second requirement for a taxable supply is that the supply is made "for consideration". Consideration means, in effect, just about anything of value. In the straightforward example of a sale of goods for money, the consideration is simply the payment. As well as payment, consideration also covers situations where you do something or refrain from doing something. Any of these things are treated as consideration for a supply if they are:
It is not necessary that the consideration is provided by the recipient of the goods or services - it may be provided by a third party. Nor is it necessary that there was any legal obligation to make the payment.
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