GST inclusive or exclusive

Discussion in 'Accounting and Tax' started by JustAMum, 22nd Mar, 2004.

  1. JustAMum

    JustAMum Member

    Joined:
    20th Nov, 2002
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    Hi,
    Can any one help me with understanding what GST inclusive means, and what GST exclusive means?
    I've come across it in an SRO Goods statement and would LOVE to understand what they are saying.

    I have looked on the governement and SRO sites but cant find any thing that helps me.

    It would be so great if someone had an idea.

    JAM - confused as ever. :confused:
     
  2. ani

    ani Member

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    Hi JAM

    An example:

    an item costs $110 including GST (Cost $100 + 10% GST)

    GST inclusive figure is $110
    GST exclusive figure is $100

    cheers
    ani
     
  3. Olly

    Olly Member

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    To remember it -

    Inclusive means includes/in/inside (e.g.inhale = air (GST) in)
    Exclusive means out/without (e.g. exhale = air (GST) out)

    And you breathe a sigh of relief when the price looks good and it includes GST :p

    Olly
     
  4. JustAMum

    JustAMum Member

    Joined:
    20th Nov, 2002
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    Location:
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    Ta for that - thats simple enough for my simple brain.

    Now residential property is not meant to include GST if it is not a 'new' property.

    Is that correct?

    JAM