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GST stocktake credit

SMALL GST-registered retailers can expect a one-off credit for their embedded wholesale sales tax.

Small Business Development Corporation managing director George Etrelezis said, on 1 July, many small retailers would be holding stock that included embedded WST.

“When the stock is sold, it will be subject to GST,” Mr Etrelzis said.

“Retailers who are registered for GST as of 1 July are able to claim a one-off GST credit for this WST in their next monthly or quarterly business activity statement.”

Small retailers have until 22 January 2001 to make the claim.

The GST credit for WST does not apply to raw materials or goods held for manufacture, second-hand goods, goods held for hire or plant and equipment used to operate the business.

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