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Goods and Services Tax - Issues for Retail Business

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.

Author profile:

Craig Darley CTA
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 Click here to expand/collapse more articles by Craig DARLEY.
 

This was presented at GST Food and Retail Businesses.

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Goods and Services Tax - Issues for Retail Business

Author(s):  Craig DARLEY

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GST - Food and ACCC Pricing Guidelines

Author(s):  Jeff O'CONNELL

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