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Latest Accounting News
Hot Issues
Sub-trusts ‘redundant’ under final Div 7A ruling
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ATO adds indebted sole traders to credit referrals
State and Federal Covid support --- Aug 2022
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Write a business plan
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Largest cities in the world 1500 to 2100
Last chance to claim the loss carry-back
Changes to recovery loan scheme for small and medium enterprises
About the cash flow forecasting template
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Articles
GST & Pricing
GST on Credit Card Surcharge
Shareholder Loans
ASIC Changes ? Update
Family Law ? Superannuation Changes
Companies with Unpaid Tax Debts
No Business? No Deduction!!
ABN Information Available Online
Most Common Rental Property Deductions
ASIC Changes ? Update
No Depreciation for Rental Property Items
Late Lodgement Or Late Payment
Travel Expenses to Attend Company Annual General Meeting
Tax Invoice Requirements:-
GST Errors on Business Activity Statement Returns
GST Exemption ? Going Concern
Old Shareholder Loans
GST & Pricing
The Federal Court has recently held that the failure to show a GST-inclusive price for goods and services could, in some circumstances, be considered misleading or deceptive and, as a result, contravenes the Trade Practices Act 1974.

Where GST is applicable to the provision of goods and services, the full price inclusive of GST, or the exclusive price together with the GST payable, should be shown.

Where GST exclusive prices are used, substantial prominence should be given to alerting purchasers that the prices do not include GST.
This is probably important in quoting eg it would be necessary to quote $100 plus $10 GST.

It could be expensive for you if the customer only pays the quoted price, yet you have to pay one-eleventh to the Australian Taxation Office.  Beware ? this possibility is quite real if your quoting procedure is flawed.

Your customer claims the GST and you are out of pocket.



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