top domain sales list needs to include gst

[DomainNames]

Might be an idea to include gst in the dntrade and netfleet sales list results prices so people understand the real sales prices.

example

electricity sold for $30,933 + 10% gst right?

 

[Drop.com.au]

David or Mark may want to clarify, but I believe the standard Netfleet listing sales (not aftermarket or expired) include GST already.

There was a thread about it here...

http://www.dntrade.com.au/gst-issue-netfleet-aftermarket-auction-t2132.html

But you are right though - I think GST inclusive and GST exclusive sales are getting reported together, which is not ideal...

Cheers

Andrew

 

[DavidL]

Yes Andrew you are right. All figures include gst except the drops which we changed to be in line with the rest of the market.

I think we should probably change to exclude gst from all sales. What does everyone think?

 

[Honan]

Yes Andrew you are right. All figures include gst except the drops which we changed to be in line with the rest of the market.

I think we should probably change to exclude gst from all sales. What does everyone think?

Do you know how many aftermarket sellers are NOT registered with the ATO to charge GST or are not required to collect GST?
A fair number is my guess

 

[Honan]

Why is it that drop auctions are able to add GST after the auction finishes anyway? Is it some legal loophole?
Other auction sites that I use, e.g. ebay, greys, etc always include GST in the bid price
I can't think of anywhere in Australia advertises a price that excludes GST

 

[Shane]

Why is it that drop auctions are able to add GST after the auction finishes anyway? Is it some legal loophole?
Other auction sites that I use, e.g. ebay, greys, etc always include GST in the bid price
I can't think of anywhere in Australia advertises a price that excludes GST

In B2B sales many places list prices excluding GST. In my experience I would say most exclude it.

Ebay and Greys are aimed at the retail market, but given the requirements for registering an AU domain it's safe to say domain sales are aimed at the business market.

I'd vote for listing prices GST exclusive.

 

[coreyg]

GST Requirements for Australian Businesses is at ATO website

 

[Honan]

.....

 

[Honan]

In B2B sales many places list prices excluding GST. In my experience I would say most exclude it.

Ebay and Greys are aimed at the retail market, but given the requirements for registering an AU domain it's safe to say domain sales are aimed at the business market.

I'd vote for listing prices GST exclusive.

Fair enough
I still do not know of any auction sites that exclude GST from bids, apart from drops

Not sure what you mean by listing?
Do you mean listing sold prices on dntrade?
Or do you mean bid prices on netfleet aftermarket?
The issue with bid prices on netfleet aftermarket is that some or even many sellers do not collect GST for various reasons

 

[coreyg]

Guide to GST from ATO

Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

More info @ http://www.ato.gov.au/businesses/content.asp?doc=/content/00221985.htm

Cheers
Corey

 

[coreyg]

It is not a case of like or not like ...if GST is inclusive or exclusive it is Legislation enforced by the Australian Tax Office.

Cheers
Corey

 

[Shane]

It is not a case of like or not like ...if GST is inclusive or exclusive it is Legislation enforced by the Australian Tax Office.

Cheers
Corey

I think you've misunderstood this thread Corey. We're not debating when or where GST should be charged, we're simply talking about whether or not it should be included in the sales lists. Legislation has nothing to do with it.

 

[coreyg]

I think you've misunderstood this thread Corey. We're not debating when or where GST should be charged, we're simply talking about whether or not it should be included in the sales lists. Legislation has nothing to do with it.

I think you've misunderstood GST Legislation. From the ATO website

How does the GST system work?

include GST in the price of sales

Source: Guide to GST http://www.ato.gov.au/businesses/content.asp?doc=/content/00221985.htm&page=2#P39_2864

Cheers
Corey

 

[Shane]

I think you've misunderstood GST Legislation. From the ATO website

How does the GST system work?

include GST in the price of sales

Source: Guide to GST http://www.ato.gov.au/businesses/content.asp?doc=/content/00221985.htm&page=2#P39_2864

Cheers
Corey

Corey, re-read the original post.

We're talking about the list to the right of your screen which shows the domain sales for the year. They can be displayed with or without GST, in dollars or rupees, it doesn't matter.

As for misunderstanding GST legislation (which has nothing to do with this thread anyway) I find that unlikely given that I handle the BAS reporting for my own company. I think the ATO and/or my accountant would have let me know by now...

 

[DavidL]

It seems that most companies who advertise a service/product where their target is a business, exclude GST. I'm thinking this is the case here.

If you search 'prices exclude GST' you get 156,000 results in Australia. You get more if you search 'prices include gst' but the difference appears to be the target audience - business vs individuals.

Anyway I think we all agree on a need for consistency so we'll work on a solution.

Thanks for the feedback!

 

[Honan]

Corey, re-read the original post.

We're talking about the list to the right of your screen which shows the domain sales for the year. They can be displayed with or without GST, in dollars or rupees, it doesn't matter.

As for misunderstanding GST legislation (which has nothing to do with this thread anyway) I find that unlikely given that I handle the BAS reporting for my own company. I think the ATO and/or my accountant would have let me know by now...

One re-read the thread , not just the original post

The discussion has wandered away from the original post to whether Netfleet should list bids on the aftermarket as excluding GST
There are many domain name sellers that do not collect GST
because their business is not registered for GST
The seller may have a full time job and only make a liitle in DN sales
It may not be wise to collect GST if you are not registered to do that

 

[coreyg]

gosh folks knowledge on GST is like the discussion on "Privacy Policy" requirement by Google.

All the best with your GST requirements.

Cheers
Corey

 

[Honan]

It is not a case of like or not like ...if GST is inclusive or exclusive it is Legislation enforced by the Australian Tax Office.

Cheers
Corey

http://www.ato.gov.au/businesses/content.asp?doc=/content/20724.htm&page=5

If you carry on a business, you must register for GST if your GST turnover is at, or above the GST turnover threshold, that is, it is $75,000 or more

 

[cherrytron]

fridges.com.au $22,000

That is correct, Lion Global charged GST on top.

 

[DomainNames]

I think drop.com.au and netfleet.com.au should show gst in their bids, auctions and sales etc.

GST is a legal requirement in Australia. We have to charge it and pass it on to the ATO thats the law.

We pay and charge GST on domain names, transfers, registrations and sales.

Its also better people realise names are getting 10% higher results than whats being reported incorectly in the media etc.

example Electricity.com.au $30,933 should be reported with + 10%. The media wil then pick it up as the correct sale amount of $34026.30. It makes a big difference to whats being reported.

easier option for reporting on the sales list is just to say on top of the list ( SALES PRICES ARE EX G.S.T)