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Coin in the Slot Industry to be Ruined by GST

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Tuesday, 25 August iyyts

Media Release

National Tax & Accountants’ Association Level 14, 499 St Kilda Road, Melbourne

COIN IN THE SLOT INDUSTRY TO BE RUINED BY GST Just think of the enormous difficulties to be encountered with a GST for all those industries, which rely on coins being fed into machines as a source of income for small businesses according to Ray Regan, President of the National Tax & Accountants’ Association.

Ray Regan asks "what will the vending machine proprietor do, for example the small business operator with soft drink and confectionery machines? How does he/she round up their existing prices with a 10% increase? What about parking meters, coin operated

laundry mats etc?”

Not only do these machines need reprogramming but, due to the increase in coins being needed, the machines will have to be serviced more often.

That is, if a parking fee goes from $2 to $2.20, then the additional 20c coin will cause the machine to fill up more quickly with coins, resulting in it needing to be emptied more frequently.

Ray Regan states “this is an extra cost of maintenance and servicing which will far exceed any savings through the abolition of other ‘hidden taxes’".

Vending machine proprietors will be obliged to pass on all these extra costs to school children and underprivileged families etc, causing the public to suffer even more GST price increases.

Ray Regan, President M obile: 0418 320 751 Tel: 03 9866 3733 Fax 03 9866 3072