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 Chartered Accountant and the Director responsible for Vincents Business Advisory and Taxation divisions. He has over 25 years’ experience in providing commercially focused taxation advice to businesses of all sizes across a broad range of industry groups and sectors. Craig’s expertise includes domestic and international structuring, transaction advisory and support, financing and business succession planning. - Current at 13 August 2018

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