Author: Rae Hathaway
|This Saturday sees the GST drop from 7 per cent to 6 per cent.
While it's something that's generating conversation right now, Mark Verwey of Portage's BDO Dunwoody office hasn't dealt with a lot of questions about the changeover, nor have his colleagues. He believes the government has made the process simple, adding there's no transition period.
As long as cash registers are set properly or computer software is installed, Verwey doesn't think many problems will arise for retailers.
He notes if you're being billed for something that extends through June and beyond, GST payable will depend on when the invoice is issued, not when services are rendered.