Goods and Services Tax (GST)

If the gross turnover in a business exceeds $ 60,000 then it must register for GST. The business then has to file GST returns, monthly, two monthly, or six monthly depending on the period nominated when the GST registration was done.

A business can also voluntarily register for GST if their turnover is less than
$ 60,000. It is generally accepted that most business entities will register for GST so they are able to claim the GST back on expenses incurred. However they must also account for GST on income earned. The present GST rate is 15%, so 15% must be added on to the sale price when you issue an invoice.

The team at Accounting Tasman Ltd are able to help prepare your GST returns. If the business is using banklink or other accounting software programs the GST payable figure can be calculated accurately and quickly.

We keep up to date with all the GST changes that arise each year, and are very knowledgeable in this area. GST claims around land sales and purchases can be a minefield, but we can take the stress from you, and prepare the GST returns for your business. Please contact one of the Accounting Tasman team if you would like assistance in this area.

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CHARTERED ACCOUNTANTS
Richmond, Nelson.