Document ID: chunk:federal_register_of_legislation:F2017L01274:body:0:p2
Version: federal_register_of_legislation:F2017L01274
Segment Type: other
Provision Reference: 
Character Range: 3146–6026

(2)  Under the business norms method, if you are a retailer that is a rural convenience store:

 (a) work out your GST-free trading sales for each tax period as follows:
     (i) deduct any trading sales for fuel or your Australia Post agency business for a tax period from your total trading sales for that tax period; and
     (ii) multiply the result from subparagraph (i) by the following relevant business norms percentages, depending on whether you are a converter or a reseller:

          1. if you are converter - 22.5%; or
          2. if you are a reseller - 30%; and

(b)   work out your GST- free trading acquisitions for each tax period as follows:
     (i) deduct any trading stock acquisitions for fuel or your Australia Post agency business for a tax period from your total trading stock acquisitions for that tax period; and
     (ii) multiply the result from subparagraph (i) by the following relevant business norms percentages, depending on whether you are a converter or a reseller:

         1. if you are converter – 30%; or
         2. if you are a reseller – 30%.

  (3)   Under the business norms method, if you are a retailer that is a pharmacy:

  (a) work out your GST- free trading sales for each tax period as follows:
     (i) identify the component of PBS prescription sales from your total trading  sales for the tax period (PBS prescription trading sales); and
     (ii) identify the components of non PBS prescription sales and over-the-counter sales from your total trading sales for the tax period; and
     (iii) multiply each component identified in subparagraph (ii) by the following relevant business norms percentages respectively:

          1. non PBS prescription sales - 98%; and
          2. over-the-counter sales  - 47.5%; and

  (iv) to work out your total GST-free trading sales - add together:

          1. PBS prescription trading sales from subparagraph (i), and
          2. the results from subparagraph (iii).

  (b) work out your GST- free trading acquisitions for each tax period as follows:
      (i) multiply your total trading stock acquisitions for a tax period by the following relevant business norm percentages respectively:

          1. non PBS prescription - 0%; and
          2. over-the-counter sales- 2%.

  6.     Method 2:  Stock purchases methods

  (1)   You can use the stock purchases methods if you are a reseller. You cannot use the stock purchases methods if you are a converter.

  (2)   Under the stock purchases methods, you choose one of the following methods to help work out your net amount for a tax period:
       (a)   the "every tax period" method;
       (b)   the "two sample periods" method; or
    (c)    if eligible, the "5% GST-free stock estimation basis".

Every tax period
  (3)   Under the "every tax period" method,

(a)   work out your actual GST-free trading acquisitions