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With the business norms method, why are the GST-free rates higher for hot bread shops than convenience stores?

April 26, 2017bread Business convenience gst-free hot method norms rates shops

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With the business norms method, why are the GST-free rates higher for hot bread shops than convenience stores?

1 Answer

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10 Posted

A. The business norms percentages are based on the average values for each industry. The percentages have been developed in consultation with a wide range of industry groups, including shop owners, industry representatives and peak bodies. Every industry has different characteristics and trading, so it makes sense that they have different levels of GST-free stock purchases and sales.