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Businesses are responsible for charging and collecting the goods and services tax (GST) on the sale of most goods and services. They also have obligations to report and pay GST to the Australian Taxation Office (ATO) by submitting a business activity statement (BAS) (usually quarterly). Prices to include GST The amount of GST (10%) must be included in any advertised or displayed price of goods and services that are sold and that are subject…

Part 1: Calculating GST Imagine you own a clothing store. Complete table 1 and calculate the GST amount to be added to the value of each item and the price of each item after GST is added. If you find calculating GST a little tricky, use the GST calculator. Table 1 Item Original price $ (GST excl) GST to be added (10% of original price) $ Selling price $ (GST…