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APE9's avatar
APE9
Member
22 days ago
Solved

How come myob solo, when price includes gst the gst is 9.09% not 10%

Is this right or wrong, I’m not sure if that’s correct or is there a background calculation I’m not aware of 
Solo by MYOB
  • Mike_James's avatar
    Mike_James
    21 days ago

    Hi APE9​ , the published GST rate is always shown as a percentage of the exclusive/net price. So in Australia for a GST rate of 10% (or 1/10th) of the net price, that is the same as 9.09% (or 1/11th) of the inclusive price. 

Sigrid-Solo's avatar
Sigrid-Solo
MYOB Staff
21 days ago

Hey APE9​ !

 

Mike_James​ beat us to it and absolutely nailed it! The GST is always calculated on the GST-exclusive price. So, to calculate the GST on a GST-inclusive price, 9.09% will show the GST accurately. 

 

Moneysmart also has a handy GST calculator if you ever need help calculating your prices and GST: 

🔗 GST Calculator

 

If anything is still fuzzy, just holler! 📢

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