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GST not calculating 10%

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2 Mar 2011, 8:26 AM
#1
shpeedie avatar

shpeedie

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GST not calculating 10%

i have a tax class that is setup for Australian GST = 10% on all products.
For an $18 item, GST on the store is being calculated at $1.64 where it should be $1.80

Under my Products/Categories it is also wrong at
NET - $16.3636
GROSS - $18.00

Anyone know what im missing ?
www. uvtees .com.au

Thanks

2 Mar 2011, 2:40 PM
#2
rodg avatar

rodg

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Re: GST not calculating 10%

shpeedie:

i have a tax class that is setup for Australian GST = 10% on all products.
For an $18 item, GST on the store is being calculated at $1.64 where it should be $1.80

Under my Products/Categories it is also wrong at
NET - $16.3636
GROSS - $18.00

Anyone know what im missing ?
www. uvtees .com.au

Thanks

Actually I don't know what you are seeing... these figures are perfectly accurate.

18/11 = 1.63636 ($1.64) +Net @ $16.3636 = $18.00 GROSS

To obtain what you are expecting, the NET price needs to be $18.00 and the GROSS price will be $19.80 ($18 + $1.80)

Cheers
Rod

ps. Don't charge GST unless you are registered to do so, and don't register to do so unless your turnover is over $75k p/a (else you are nominating yourself to become an unpaid tax collector)

3 Mar 2011, 10:22 AM
#3
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shpeedie

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Re: GST not calculating 10%

Ah thankyou Rod.
Now you explain it, i see the way GST is calculated.
Im not good with calculating numbers, thats why im not an accountant!

Thanks