Which Costs Are GST Exempt?

31 January 2018

When preparing GST returns do note not all expenses have a GST component.

Here’s a quick list of the most common GST exempt outgoings…

Bank Fees
Interest
Loan Fees
Wages
Drawings
Credit Card Commission
Non Deductible Entertainment
Suppliers that are Not GST Registered
Income Tax, GST Payments, PAYE Payments
Inland Revenue Penalties
Resident Withholding Tax on Interest Earned
Income – Interest and Dividends Received

The key here is not to include these in your GST returns as they’re not part of calculating GST. If you’re unsure, do contact us for clarification – it’s much easier to get your returns right at the time than adjust later. Hope this helps!