The Australian Competition and Consumer Commission GST Price Line is assisting small and medium businesses wanting help re-pricing their goods and services under the New Tax System, as businesses seeks last-minute advice.
"Businesses should now be finalising their pricing arrangements under the New Tax System", ACCC Chairman, Professor Allan Fels, said today.
The ACCC has a range of easy to use publications available from our GST website, as well as staff on the ACCC GST Price Line to help answer businesses' last-minute questions. The fundamental principals for business to remember are that any savings from the New Tax System must be passed on so that they reach the end customer and price displays must not mislead or deceive. The tax system changes are not designed to increase the net profit margins of business at the expense of consumers.
The ACCC is currently checking prices and will continue to do so over the weekend. Where ticketed prices have not yet been adjusted clearly visible signs should warn consumers of this.
Key questions asked by small and medium businesses on the ACCC GST Price Line have included:
- "how do I adjust my prices",
- "what are my likely cost savings",
- "how should I display my prices" and
- "do I have to change all my prices on 1 July?"
The range of information and software which answer these and other questions include:
- News for Business. These cover general topics (eg. how to adjust prices) and industry specific information (eg. information for jewellery retailers, trucking businesses, adjusting prices charged by coin operated machines)
- Small business checklists. These are designed specifically for small business. They include topics such as Working out retail prices, Avoiding and handling complaints, Compliance costs, and Pricing claims.
- Pricing kit for small business. The pricing kit allows small businesses (turnover less then $10,000,000) to estimate cost savings under the New Tax System and then to adjust their retail prices. The kit also includes a compliance guide for small business. There is also a printed copy of likely savings (News for Business 13).
- Everyday Shopping Guide with the GST. The Shopping Guide shows the price changes likely to occur as a result of the New Tax System for 185 commonly purchased items. The estimates in the Guide may inform businesses as well as consumers. This Guide was delivered to all Australian households and is available from Post Offices and newsagents.