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Hello,
We have noticed of values being inconsistantly rounded when attempting to calculate gst where the tax will equal a value of xx.x55 (to three decimal places), which should get rounded up by a cent. Calculations were performed on https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/gst-calculator by inserting the Ex GST Value.
Rounding:
Ex GST Value: 4.55
Tax (not rounded): 0.455
Tax (rounded): 0.456
Normal Inc Value: 5.01
Moneysmart Inc Value: 5.00
Not Rounding:
Ex GST Value: 14.55
Tax (not rounded): 1.455
Tax (rounded): 1.46
Normal Inc Value: 16.01
Moneysmart Inc Value: 16.01
There are plenty of other examples (e.g 17.55, 34.55 etc). Can someone explain the logic or rule that triggers the rounding so we can replicate it in our systems?
As long as you are consistent, then I doubt it would make any real difference.
Just follow the same rounding rules for GST paid and GST received.
As long as you are consistent, then I doubt it would make any real difference.
Just follow the same rounding rules for GST paid and GST received.
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