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3 posts

Wannabe Geek


Topic # 70227 20-Oct-2010 09:25
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Hi,

I'm a little stuck and was hoping someone could help me please :)

Our business quoted a job a few months ago, this is an insurance claim. The insurance company accepted the quote, this is at 12.5% GST. The job took a little longer to complete than we had hoped and we have only just finished it. Now to invoice the job out that we are in the new GST 15%...the insurance company accepted the quote at 12.5%, how do I get around this? Do I have to charge out at 15%?

I look forward to any replys :)

Thank you

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  Reply # 393878 20-Oct-2010 09:36
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The GST exclusive price has not changed...

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  Reply # 393881 20-Oct-2010 09:45
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IF it was between businesses you should assume you are doing it at excl GST rates unless noted "incl GST". If this is the case then it's 15%.





 
 
 
 




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Wannabe Geek


  Reply # 393886 20-Oct-2010 09:59
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Thanks guys, the GST exclusive price has not changed but on the paperwork from the insurance company states the amount including GST (at 12.5%)

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  Reply # 393900 20-Oct-2010 10:39
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Did your quote/proposal say that all prices ex GST?

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  Reply # 393959 20-Oct-2010 13:08
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they won't care since they claim back the GST anyway.

take your original quote, take off GST at 12.5% to get your original Ex-GST price, then add 15% to get your new GST incl price and invoice for that.

e.g. if the original quote was $500 inc GST, then the ex-GSt amount would be $444.44

so you should invoice them for $444.44+GST @ 15% for a total of $511.11



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Wannabe Geek


Reply # 394053 20-Oct-2010 16:41
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Thanks all, I get it now :)

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  Reply # 394056 20-Oct-2010 16:46

You had up until the 11th october to invoice out at 12.5% , for any work that you did prior to the 1st october. The invoice however had to be post dated to the 30th septmber. What you really should have done is invoice them for the work done at the end of September. I think the legislation does cover you if the gst inclusive invoice is more that the accepted quotation, as long as it is no more than the rate of the gst rise.

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