New Zealand Goods and Services Tax GST Portal Home

You must file a GST return for every taxable period, even if it is nil. He said charging GST on offshore retailers was an issue of fairness – and online retailers should follow the same rules as the retailers on the island’s high street. Shoppers will be charged tax on purchases coming into Jersey from “large overseas retailers” from 1 July, the government has confirmed. free accounting services contract template Payments for contract work amounting to less than NZD 15,000 in a 12-month period are also exempt from NRCT. In such cases, contractors themselves are responsible for paying any New Zealand tax owed at the end of the year (provided there is no relief from tax under a DTA). Premiums paid by employers (including the self-employed) fund insurance for work-related accidents.

To make a claim for GST under this category you must be paying GST as a result of receiving goods or services in New Zealand. They cannot be your own goods and services that you are receiving. The ability to claim a GST refund from New Zealand under this category only relates to companies who are not doing business in New Zealand. If you are moving product through New Zealand you are automatically excluded from this category. Whether you’re buying or selling residential or commercial property, it’s important to be sure where you stand regarding GST before signing any agreement, which can mean consulting a tax advisor.

Download the GST Guide for Business

If you’re running your own business, chances are you’ll need this calculator a lot – feel free to add this page to your favourites. – The Zero-rated supplies applicability on the goods and services. Many of the international organizations have also appreciated the income tax system of New Zealand. If you paid more GST than you collected, you can get a GST refund from us.

Employers’ contributions to an approved superannuation fund (excluding foreign schemes) are subject to ESCT. This includes employer contributions to KiwiSaver (or other qualifying registered superannuation schemes). There is also a ‘reverse charge’ mechanism that requires the self-assessment of GST on the value of certain services imported by GST-registered persons.

What has to be included in a GST invoice?

If things have been done correctly, we can often expedite the payment of a GST refund. If you are selling product to a New Zealand customer, that product will usually be subject to New Zealand GST. In other words, if you do not do business in New Zealand but decide to have a conference in Queenstown, you will generally be entitled to a refund on GST paid in New Zealand for that conference. In short, that GST refund category will not be available to you and registering and making a claim may leave you exposed to penalties down the track.

If you are already registered for New Zealand GST and need to prepare and lodge a GST return, we can certainly help. For GST purposes, you have an option of filing your GST returns monthly, 2-monthly or 6-monthly. These businesses approach us on the view that they are entitled to a GST refund as a non-resident under the special Non-Resident category. Often, choosing what seems the right method to claim the GST back can often result in being double-taxed for income tax purposes. Therefore we suggest you give us a quick call so we can point you in the right direction with the cheapest, fastest means of getting the right result. Zero-rated supplies are goods or services that would normally have to include GST, but in certain circumstances the rate is 0% rather than the usual 15%.

Special supplies

Zero-rated goods and services include products or services from New Zealand that are sold overseas, eg exports or some land transactions. Zero-rated supplies still have to be recorded on your GST returns. For many Australian-controlled businesses, having a New Zealand-registered tax agent to prepare and lodge the GST returns will ensure that you don’t fall for the many differences that apply to the different regimes. If you’re registered for GST and sell your goods or services for a koha or donation, you still have to collect and pay GST to Inland Revenue.

Under-pricing may bring in plenty of work, but it may not be enough to support your expenses and lifestyle. Afirmo makes it easier for you to balance the time you spend managing your business admin versus working in your business. GST.guide provides GST calculators for India, Canada, New Zeland, Australia, Singalore. You do not have to register GST just because you start a business or organisation. Persons or entities with annual revenue less than $60,000 do not have to register for GST.[6] This threshold has increased three times since the introduction of GST in 1986. Whichever business task you’re tackling, we’ve got something to help — online tools, templates, quizzes and more.

Your filing frequency and accounting basis

Once registered, you can manage and pay GST online using myGST, a new section of Inland Revenue’s myIR service. Two-monthly means more paperwork but can be easier to keep track of. Six-monthly filing is only available if your turnover is less than $500,000 (although some exceptions apply), and it might be good if you don’t have a lot of expenses or invoices. When you are registered you add GST to your prices and pass the GST on to us. If you regularly sell goods or services you might need to charge GST to your customers.

Here at GST Portal we want to simplify your needs when it comes to Goods and Service Tax. Since the change in the New Zealand GST tax rate we have been providing advice on GST to people around New Zealand and businesses around the world. One of our other services can be viewed at GSTCalculator.co.nz which is the number one website in New… If you are buying or selling land our land sales and GST – IR730 will help you avoid costly mistakes with your GST.

Digital services supplied by offshore companies

The formula for calculating GST in New Zealand has changed since the rise in GST, however it is still relatively straight forward. Before we start, we should understand that all GST calculation is relative to the “base” which is the original figure that you have. If you are wanting to add GST, then the base would be the price without GST… Whether you’re growing fast or new to business, expert advice can kick-start your planning. Prices shown in shops and online include GST unless they say otherwise — the GST part of what you’ve paid is printed on your receipts. If you use the ratio option to calculate your provisional tax, you can only file in myIR or by paper.

• In short, that GST refund category will not be available to you and registering and making a claim may leave you exposed to penalties down the track.
• Whichever business task you’re tackling, we’ve got something to help — online tools, templates, quizzes and more.
• Islanders already pay 5% tax on items bought from domestic retails but will now have to pay Goods and Service Tax (GST) on all overseas orders.
• Whether you’re a sole trader, contractor, in partnership or a company, as soon as you think you’ll earn more than $60,000 in 12 months, you must register for GST.

If you’re claiming GST on business-related expenses you should always check the receipt or invoice to make sure GST was included before filing your return. While most goods and services sold in New Zealand have to include GST in their price, some can have a rate of 0% in certain circumstances and others are always exempt. Meru Accounting can provide GST filing for businesses in New Zealand. Meru Accounting is a popular accounting service providing agency across different countries like US, UK, Australia and many more. – The taxes are paid even for the zero-rated supplies for different goods and services.

Categorised in: Bookkeeping

This post was written by chakraa