Published on 09 Sep 99
by QUEENSLAND DIVISION, THE TAX INSTITUTE
The GST issues facing retail business, in broad terms, are no different to those facing most businesses. Retail businesses by their very nature however, do undertake sales transactions in a variety of ways such as lay-bys, gift vouchers, warranties attaching to goods and so on, and these transactions will need to be specifically considered under the GST regime. Further, the majority of retail businesses will need to give very careful attention to how the phasing out of the Wholesale Sales Tax System is to occur, what information is required on tax invoices, display and pricing of their goods post GST, and how their customers may react in terms of demand for their goods both pre and post GST.
Craig is a Director at Vincents Chartered
Accountants. Craig has over 20 years experience in providing
taxation advice to small business, large private companies and
public corporations across a diverse range of industries including
those operating in the property, sport, tourism, mining and oil
and gas industries. Craig specialises in transaction advisory and
support, corporate tax and compliance issues, SME taxation issues
and restructuring of business and family groups.
- Current at
06 August 2012