GST tax calculations in Australia can be done easily using this GST calculator. The Goods and Service Tax Act of Austrlia came into operation on 1 July 2000. Previously Australia had Federal Wholesale Sales Tax system and numerous other taxes. Quarterly revenues under Goods and Services tax of Australia is expected to cross more than 14000 ($millions) in the coming financial year.
In Australia, the GST is a VAT [value added tax] of 10% on most goods and services sales. Under the act all such business whose turnover is more than $75,000 per annum should register for GST. There are discussions to increase GST rate to 15% however that has been not been given much support by the parties.
GST Tax calculator makes tax calculation under GST easy and accurate. Submitting Business Activity Statements (BAS) is a quite a time taking task but this GST calculator will make it easy for you.
GST Calculator Australia
Goods and Services Tax Calculator Australia
Original Cost [Value before GST]
GST Price [Calculated GST]
Net Price [Total cost after GST]
Explanation of the GST Calculation Formula
Add GST GST Amount = ( Original Cost * GST% ) / 100 Net Price = Original Cost + GST Amount
Remove GST GST Amount = Original Cost – ( Original Cost * ( 100 / ( 100 + GST% ) ) ) Net Price = Original Cost – GST Amount
Example: A product is sold from place A to Place B at the rate of Rs.2000. GST rate is 10 %. What is the net price? Solution : = 2000 x (10 / 100) = Rs.200 Hence the net price is 2000 + 200 = 2200$