Tax Facts
Goods and Services Tax
GST is a tax on the supply of goods
and services in New Zealand by a registered person on
any taxable activity they carry out. The rate for GST
is 12.5% although it can be zero-rated for exports.
Certain supplies of goods and
services are 'exempt supplies'. These include:
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Certain financial services |
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Sale or lease of residential properties |
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Wages/Salaries and most Directors' Fees |
GST registration is required if the annual turnover
of the business for a 12-month period exceeds or is
expected to exceed $60,000.
GST returns can be filed monthly, bi-monthly or six
monthly. There are certain requirements for who must
file monthly returns and who can file six monthly returns.
There are three methods of accounting for GST:
If your turnover exceeds $2,000,000
pa you cannot use the Payments basis option.
If you are selling or are thinking
of selling your products through your website please
also refer to the section on GST
and E-Commerce.
For more information on GST and how
to register give us a call or visit the GST section
of the IRD
website.
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