I'm a Veteran with TPI DVA entitlement and would appreciate if someone can advise on the correct GST payable on a motor vehicle that falls above the TPI GST threshold.The vehicle has a sale price of $109,483.66 (excl GST). Is my assumption below correct ?
Cut off limit for 10% GST exemption for TPI Veteran is $64741
$109483.66 - $64741 = $44,742.66
This difference of $44,742.66 on which 10% GST would be paid = 10% x $44,742.66 = $4474.27 GST payable.
Hi @RohanO1,
No, not exactly. The sale price of the car you mentioned is $109,483.66 excluding GST.
Sale price of car + GST = total cost
$109,483.66 + $10,948.37 = $120,432.03
Total cost (inc GST) minus maximum value (inc GST) = car amount exceeded, and GST is payable above this figure.
$120,432.03 minus - $64,741 = $55,691.03 above the GST threshold
Car amount above threshold divided by 11 = GST payable
$55,691.03 divided by 11 = $5,062.82 GST payable
Hi @RohanO1,
No, not exactly. The sale price of the car you mentioned is $109,483.66 excluding GST.
Sale price of car + GST = total cost
$109,483.66 + $10,948.37 = $120,432.03
Total cost (inc GST) minus maximum value (inc GST) = car amount exceeded, and GST is payable above this figure.
$120,432.03 minus - $64,741 = $55,691.03 above the GST threshold
Car amount above threshold divided by 11 = GST payable
$55,691.03 divided by 11 = $5,062.82 GST payable
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