InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Thinking of Buying a Holiday Home?

February 1, 2018

The tax rules around holiday homes have changed significantly making many formerly available tax deductions unavailable. If considering buying a property to be available for short term hire e.g. a holiday home which is rented out to the public for short periods and you also want to make use of the property – please contact us first for advice! If buying such a property …

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What’s The Difference Between GST On Payments Or Invoice Basis?

There are two main methods you can prepare your GST returns based on, these are: Payments basis – This is when you prepare your GST return based on all the income you have received and expenses that you have paid for the GST return period. This is the easiest method to use for calculating GST returns. Invoice basis – This is when you prepare …

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Should Your Residential Rental Property Be GST Registered?

No. Residential rental properties are exempt from GST. You cannot charge or claim GST for the supply of residential rental accommodation, therefore there is no GST implications for this type of activity. This means that there is no GST claimable on the purchase of the property and there is no GST payable on the sale of the property.

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New Calculator: Find the GST Content of a GST Inclusive Price

To work out the GST content of a GST inclusive price… With GST at 15% multiply the GST inclusive price by 3 then divide that result by 23 To help make this calculation easy (and in case you forget the formula) we’ve added a new calculator page which does it for you. GST Content of GST Inclusive Price Calculator  

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How to Calculate an Original Price from GST Content at 15% GST

If you have an amount of GST (@15%) from a transaction and need to calculate the original price here’s the formula… For the GST Exclusive Price: Multiply the GST amount by 6.66666666 For the GST Inclusive Price: Multiply the GST amount by 7.66666666 Note: The numbers above should actually be 6.6 recurring and 7.6 recurring respectively, so some minor rounding will be required. There’s …

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