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Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

How to Correctly Calculate GST Figures

February 1, 2018

It seems quite a few people are incorrectly subtracting 15% from a GST inclusive amount to find the GST content and exclusive figures. We’ve posted a super clear tutorial on how to work out GST figures & as always please ask if you have any questions! First some basic calculations. Let’s calculate 15% GST for a GST exclusive figure of $100… $100 x 15% …

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Claiming GST On Second Hand Goods

January 31, 2018

If you purchase secondhand goods for use in your business from someone not associated to you (eg not a family member or relative) – these can be claimed for GST purposes. Examples are things such as vehicles and trading stock. However there is a restriction on secondhand goods claims if your purchase goods from an unregistered associated person. No GST input tax may be …

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Closing Your Business and GST Claimed on Assets Kept

A reminder that if you decide to end your business (or sell it) but want to keep some of its assets (and you have claimed GST on these assets) you will have to pay some GST back to IRD based on the current market value of the assets kept. Also IRD have a helpful video about closing down a business… http://www.ird.govt.nz/help/demo/closing-bus-vid/

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Which Costs Are GST Exempt?

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 …

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Should You Register Your Business For GST?

If your expected annual turnover (sales) will be $60 000 or more you’ll need to be GST registered. This basically means you’ll need to charge your customers 15% more on your pricing for GST – then account for and pass this on to Inland Revenue with your GST return each 1,2 or 6 months. If your turnover is expected or is less than the …

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