When starting out, one of the big decisions you’ll have to make is how to price your product or service. You’ll look at costings and competitors pricing coupled with other branding and marketing considerations to make this decision. One mistake we often see though is businesses not factoring GST into their pricing which leads to the question, ‘Do I need to charge GST?’.
Once your business is registered for GST (and the product or service you are selling attracts GST), you need to add 10% to your selling price. As your pricing must include 10% GST, it’s another price point which you need to be aware of. And when it comes to raising money on Pozible and Kickstarter, remember the same rules apply. Continue reading “Tax Tip Tuesday – Do I need to charge GST with that?”