Document ID: chunk:federal_register_of_legislation:F2017L01274:body:0:p5
Version: federal_register_of_legislation:F2017L01274
Segment Type: other
Provision Reference: 
Character Range: 10868–13769

this determination.

5% GST-free stock estimation basis
  (5)   You can use the "5% GST-free stock estimation basis" if it is reasonable to conclude that the projected percentage of your GST-free trading sales does not exceed 5% of your total trading sales.

  (6)   You can choose to work out your GST-free trading acquisitions for each tax period by:

    (a)   working out your actual GST-free trading acquisitions for a tax period; or

    (b) working out your GST-free trading acquisitions for a tax period in the same way they are worked out under the stock purchases method- "two sample periods" in subsection 6(4) of this determination.

  (7)   You work out your GST-free trading sales for a tax period in the same way they are worked out under the stock purchases methods- "5% GST-free stock estimation basis" as set out in paragraph 6(6)(b) of this determination.

  8.     Definitions

The following expressions are defined for the purpose of this determination:

Adequate point-of-sale equipment means point-of-sale equipment that can:
   (a)     identify and record a sale as being GST-free or subject to GST; and
  (b)   identify and record the total amount of GST-free sales and the total amount of sales for a specified period.

Adequate point-of-sale equipment includes:
  (a)   electronic scanning systems
  (b)   touch screen registers, and
  (c)    product-specific cash registers.

Cake shop means a retailer who mainly sells cakes, pastries or similar products as opposed to bakeries or breads shops that mainly sell bread or similar bread products. The retailer must not operate as a café.

Continental delicatessen means a retailer that mainly sells processed meats, smallgoods, salamis, cheeses and similar items. However, it does not include a retailer that:
  (a)   mainly sells grocery items, even if the retailer is called a deli, delicatessen or continental delicatessen; and
  (b)  makes any café or restaurant sales.

Convenience store means a retailer that sells a mixture of goods including bread, milk, dairy products, cigarettes, confectionery, grocery lines and takeaway food (for example, freshly prepared sandwiches). It does not include a retailer that sells fuel or alcoholic beverages.

However, a retailer is not a convenience store if it mainly sells takeaway or dine-in food (for example, a fish and chip shop).

Converter means a retailer that makes GST-free trading acquisitions and converts those goods into taxable supplies. For example, it includes a retailer that buys bread and sandwich ingredients and converts them into sandwiches.

Fresh fish shop means a retailer that mainly sells fresh fish and other seafood, with some sales of cooked fish and chips. It does not include a retailer that mainly sells cooked fish and chips with only a small amount of fresh seafood sales.

GST-free trading sales means trading sales that you make that are