Dear Aussie Orchid members,
Now that the dreaded first BAS statement is due from all GST (goods
and services tax) registered people, I have had conflicting advice
ref being able to claim back the wholesale sales tax on raw
materials…specifically silver, gold as well as diamonds. I was led
to believe at the seminars I attended Pre GST that as long as we did
a stocktake, and could prove that we had purchased the items, I.e.
through sales dockets showing the sales tax, we had until end of
December to reclaim this sales tax. It was felt that having already
paid between 22-30% for metals and diamonds etc, it was unfair to add
another 10% on top of that. If it is not possible to claim refund, is
it possible to claim a loss from sales tax paid?. I feel that my
prices have had to come down to compensate for cheaper raw materials
that are now available as I can claim GST back on theses items.
However I am theoretically carrying a loss on other materials in
stock. I would really appreciate knowing what other jewellers have
been told. If possible with some type of ref number etc. Any advice
on how others plan to cope with this considerable problem, would be
Many thanks to Dr Aspler for this great forum
Felicity Peters In West Oz… where the sun always shines!