I guess alot of people read the news on 7% GST... well let us soften it abit.
We will still pay 7% for any goods import in the future. We are paying 5% now. Let me explain breifly to how the GST work in the retail ground and correct me if I am wrong if theres any taxman here haha.
Let say we import a Guitar at @ 1000 buck. We will be charge 50 bucks for 5% GST before we can get the guitar so the cost become 1050 right??
So if the day come 7% guitar that cost be 1070 bucks. Anything we buy overseas we have to pay GST...whether we are registered or not...
We are not GST registered because we can opt out if we did not hit $1 million turnover a year.
If we are registered GST every guitar will be marked up 7% from the actual sales price overall. If its a USED Guitar no matter what amount we sell we still have to include GST if we are registered. If the consignment is 10% the total add on will be 17% in the future.
But Guys! Dont be too worried or stress up how these changes part and puzzle of our lives... We just have to work alittle harder and smarter to earn the bucks... Look our neighbours in the region our musicians here are buying all the good stuff!! ROCK AND ROLL!!
We will still pay 7% for any goods import in the future. We are paying 5% now. Let me explain breifly to how the GST work in the retail ground and correct me if I am wrong if theres any taxman here haha.
Let say we import a Guitar at @ 1000 buck. We will be charge 50 bucks for 5% GST before we can get the guitar so the cost become 1050 right??
So if the day come 7% guitar that cost be 1070 bucks. Anything we buy overseas we have to pay GST...whether we are registered or not...
We are not GST registered because we can opt out if we did not hit $1 million turnover a year.
If we are registered GST every guitar will be marked up 7% from the actual sales price overall. If its a USED Guitar no matter what amount we sell we still have to include GST if we are registered. If the consignment is 10% the total add on will be 17% in the future.
But Guys! Dont be too worried or stress up how these changes part and puzzle of our lives... We just have to work alittle harder and smarter to earn the bucks... Look our neighbours in the region our musicians here are buying all the good stuff!! ROCK AND ROLL!!