Interestingly accounting Australia has largely decided to make GST vanish from the financials of all corporations.
This accounting sleight is not too dissimilar to that, that the US banks adopted to get poor loans set off their balance sheets to circumvent the BASEL III (I think at that time) proscriptions and prescriptions for sound assets and strong bank balance sheets.
Point 1 on most financials points out that they are stated net of GST. "revenues, expenses, assets and liabilities are recognised net of the amount of GST", but of course for the balance sheet's VAT liability and the operating debtor's & creditors where the balances are stated gross of the GST
So the tax revenue sucked out of gross trading or operating margins goes unnoticed, as do the these costs when compared to wages, and the social taxes levied on wages.
So it becomes awkward comparing Australian Companies with competitor nations too, as GST is like a ghostly specter or ephemera that never happened?
