Commercial Costing
Margin is on the selling price, markup is on the cost. A 35% markup is only a 25.9% margin.
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Profit as a share of selling price
GST is usually recoverable by a registered buyer, so negotiate on the pre-tax price. Quoting inclusive figures hides the real margin.
Profit Margin, Markup & GST Calculator — free, with the formula and a worked example, at Textile School.