Retailers are being warned not to leave themselves short when signing people up to layby's without factoring in October's GST increase.In last month's budget the Government announced an increase in GST from 12.5 percent to 15 percent.The Retailers Associa
Retailers are being warned not to leave themselves short when signing people up to layby's without factoring in October's GST increase.
In last month's budget the Government announced an increase in GST from 12.5 percent to 15 percent.
The Retailers Association chief executive John Albertson told the New Zealand Herald retailers would have to decide how to charge for goods where the layby period started before October 1 but did not finish until after the GST rise.
"Either you've got to lift the price at the start or you're going to have to live with the fact that you may well have sold something that's got 12.5 per cent inclusive and you're going to have to pay 15 per cent. It depends on what portion of the layby is over October 1."
