Not all online brokers to pass on the full 10% GST
While it's early days in terms of the GST effect on the cost structure of online brokers, the majority of those that have come out with revised fee schedules have opted for a 10% increase. Others have either fully absorbed the effects of GST, for now taking a wait and see approach, or have raised fees by less than 10%.
Those choosing to pass on the full 10% include Etrade, Sanford Securities, HSBC InvestDirect and YourProsperity. Those increasing brokerage by less than 10% include Westpac Broking and National Online Trading, while others, including Comsec, are leaving their brokerage fees unchanged for the time being. St George Quicktrade actually reduced its rates coming into line with HSBC InvestDirect, who processes trades for Quicktrade.