Antique shops are unique businesses, with unique sales management and data tracking challenges.
The Antique store POS software from Tower Systems helps address these challenges while recognising that there is a diverse mix of needs in these businesses.
Take the area of handling the Get on commission earned by the Antique shop when selling an item that is offered on consignment. There is confusion baby some antique shop managers as to how to handle the GST. The advice we follow in our Antique shop POS software is that outlined by the ATO.
The handling of GST in antique shop sales relates to the commission portion.
We come across this in a number of different areas in specially in lotto sales and Jewellery. In these in the agency instances the items are set to be GST free, as the retailer is selling the item on the behalf of another party.
The GST payable on the commission which is incurred when you raise an RCTI to the supplier, not the end customer, as it is them that is paying you for the service, not the customer instore.
The ATO is instructive as to the handling of this:
Agents facilitate sales in return for an agreed amount paid through a commission or similar arrangement.
If you make taxable sales or importations through an agent, you’re responsible for the GST.
You can claim a GST credit for the amount of GST you pay as a commission to the agency. The agent must pay GST on the commission that you pay them, regardless of how the purchaser pays for the goods or services.
Either you or the agent can issue a tax invoice to the purchaser, but you can’t both issue tax invoices for the same sale.
The Antique shop POS software from Tower Systems can handle tracking this GST as well as the sale of the item. There are steps for the retailers to follow to ensure this is done accurately, with an appropriate paper train suitable to the needs of the ATO.
What Tower Systems offers here in its POS software for Antique stores is a specialty retail solution, developed over years of working with retailers.
The more any retail business is able to use its POS software top track business the better as this facilitates accurate record keeping, which sits at the heart of small business success.