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Store still needs to pay the GST on the $70

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obelix6

768 Posts.

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20/09/23

11:06

Post #: 69932330
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Originally posted by dangar: ↑

Good question, lots of ways to look at it. Like the classic accountant's answer to "What is 2+2?" - "What would you like it to be?"
Initially the store has lost $100 in cash.
But then the loss is reduced by the profit margin on the purchased goods.
But If the thief was going to buy the goods regardless of stealing the $100 or not then the loss is still $100.
However, there is tax payable on the profit margin of the goods. Unless of course, the goods had a pending expiry date and would have had to have been disposed of because no-one else was going to buy them. Presumably the unaccounted for $100 from the register is claimed as a loss for taxation purposes as well.
Damn, the store may have even come out in front!

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Store still needs to pay the GST on the $70
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