TheMarket.com is a lifestyle-focused online shopping experience, featuring a huge curated range of new products from the most desirable international, local, and niche brands.
PROMOTIONS, SHIPPING, VOUCHERS + TAX
Please note each marketplace treats financial calculations differently. Its important to note these calculation differences in the raw data or to let CrescoData know if you need a calculation change. More information can be found at:
- Local GST:https://help.themarket.com/hc/en-us/articles/360021359353-Is-GST-included-in-the-advertised-price-
- Overseas Import:https://help.themarket.com/hc/en-us/articles/360023592954
Item Cost $AUD100
Total Cost = [ Item Cost* ] - [ Discount Cost ] + [ Shipping Fees ]
$120 = [ $100 ] - [ $10 ] + [ $30 ]
*note GST is inclusive in item cost.
GST CHANGE - 1st December 2019
Due to a New Zealand Government GST law change, Goods and Services Tax (GST) will be charged on all items sold on TheMarket including those from overseas, which means international merchants will be impacted.
NEW PROCESS from 1 December 2019
From 1 December 2019, all products and shipping charges on TheMarket.com will include New Zealand GST (15%). TheMarket.com will remit this GST to Inland Revenue on behalf of its international merchants. International merchants do not need to complete GST returns or remit GST to the Inland Revenue themselves for sales via TheMarket.com. TheMarket.com will provide GST receipts to customers. Please see updated Clause 16 of the MSA.
For all merchants
- Shipping charges:
All shipping charges in the shipping table will be deemed to be GST inclusive.
- For example, if you have shipping set at $10 in the shipping table. We will calculate the GST exclusive shipping charge and GST. In this case the shipping charge remitted to you would be $8.70, with $1.30 GST being remitted to Inland Revenue by TheMarket.com.
- We recommend you review shipping charges prior to 1 December and are ready to update them on 1 December 2019 if necessary. We strongly recommend that your shipping and product prices on TheMarket.com are the same as your prices on other NZ websites.
- Settlement: Your settlement will not change, you will continue to receive Net Proceeds excluding GST. We will not report to you on GST charged or remitted to Inland Revenue. The way commission is calculated will not change and will continue to be charged on GMV, which is GST exclusive.
For merchants providing us prices in foreign currency (where TheMarket.com does the fx conversion for you on our platform) – see wiki for examples.
TheMarket.com will add 15% to the price of your products. You do not need to increase your product prices. You should continue to provide us NZ GST exclusive pricing as you do now in your local currency.
For merchants providing us prices in New Zealand dollars (e.g. where your integration partner or you do the fx conversion and we receive prices in NZD) – see wiki for examples:
You provide us prices that are GST inclusive. This may be done by your integration partner during the conversion. We will take the prices you provide to us and calculate the amount of GST included in that price. We will then deduct this amount to calculate the remaining GMV. We will remit to you the net proceeds exclusive of 15% GST. We will not increase your prices on your behalf. For example, if you provide us a product price of NZ $100, the amount displayed to the customer and used in settlement would be GMV/ Item total $86.96 and GST (payable to inland revenue) $13.04. You would receive the $86.96 less commission and other applicable charges.
COMPANY NAME CHANGE
TheMarket.com is changing it’s legal entity name from The Warehouse Group Investments Limited to TheMarket.com Limited. Please note this change will appear on your next remittance statement. If you have any questions please contact email@example.com