Post-GST checklist released

A POST-GST checklist has been released for small businesses.

Small Business Development Corporation managing director George Etrelezis said his organisation had released a free pricing list that showed the post-GST

percentage needed to calculate the price that maintained a small business’ dollar margin.

He said that, among other issues, small businesses should monitor the implications of pricing changes and other fluctuations in sales resulting from the GST and plan resulting cash flow and funding requirements.

It was also important that small businesses evaluated record keeping to ensure it allowed for adequate information collection to enable accurate business activity statement preparation and ensured tax invoices and adjustment notes met Australian Tax Office specifications.