File your GST return

14 septembre 2021 0 Par Master 1

Two-monthly means more paperwork but can be easier to keep track of. Six-monthly filing is only available if your turnover is less than $500,000 (although some exceptions apply), and it might be good if you don’t have a lot of expenses or invoices. Whether you’re a sole trader, contractor, in partnership or a company, as soon as you think you’ll earn more than $60,000 in 12 months, you must register for GST. You may be charged penalties if you don’t register when you need to. On 1 October 2016, the taxation of digital (‘remote’) services supplied by offshore companies (non-New Zealand) to consumers based in New Zealand changed.

  • The GST filing date is due on the 28th of the following month after your taxable period.
  • No matter where you live or where your online business is based — if you have customers in New Zealand, you gotta follow New Zealander GST rules.
  • Because GST is a tax on all goods and services, it will be applied to almost everything you purchase in New Zealand.
  • Goods and services tax (GST) is added to the price of most products and services.

In short, that GST refund category will not be available to you and registering and making a claim may leave you exposed to penalties down the track. These businesses approach us on the view that they are entitled to a GST refund as a non-resident under the special Non-Resident category. And that is exactly why you should be contacting us in the first instance. We can usually protect you from double taxation and register you for all relevant tax types including New Zealand GST. Getting things are set up correctly for New Zealand GST in the first place is always the cheapest way to go.

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You must file a GST return for every taxable period, even if it is nil. The 12-month period is not specified i.e., January to December or the fiscal year of April to March, whenever you meet this condition of $60,000 turnover, then it is judicious to register for GST. Anyone with less than $60,000 per annum income is not required to register but they can do so voluntarily.

When the product arrives, New Zealand Customs will be assessing New Zealand GST at the rate of 15%. However, if it is your intention to register as an Australian company, you should first read an article we wrote about the double taxation that will almost certainly occur. You can rest assured as the software will do the work for your tax calculation. Instead of spending a tremendous amount of time on manual tasks, you can have more time for the things you love with Deskera.

If you’re GST registered, remember to include GST in your prices or you could be out of pocket.

If you are supplying online services to the New Zealand market, there are times when you will need to register for GST. With Deskera, you can easily apply the New Zealand GST tax rates to your transactions and generate a proper sales invoice. You can only file using your myIR account or manual filing if you are using the ratio option to compute your provisional tax. Once you have your account set-up, you can make payment anytime, anywhere. One important thing you must not forget is the payee code, which shows the type of tax the payment is for.

Everything to Run Your Business

Zero-rated products and services are subject to 0% GST, whereas the exempt supplies are GST-free. If you have a business with a turnover of NZD 60,000 or more in a 12-month period, you are required to register for GST in New Zealand. The Goods and Services Tax (GST) is a value-added tax in New Zealand that is applied to most goods and services at a rate of 15%. To calculate the GST amount this specific formula is used which takes into account the GST rate and the total amount. Here is an example of how to calculate GST in NZ or use the GST calculator nz. You will need to charge GST on your supplies of goods and services and pay it to Inland Revenue.

Supplying Remote (Online or Digital) Services Into New Zealand

The second, and equally important, half is filing returns and paying whatever you might owe to the government. Once you’re registered for taxes, you’re expected to charge 15% GST on every sale to a New Zealander chapter 2 recording business transactions flashcards resident. No one wants to hear about the extra fees or taxes they might have to pay anywhere in the world. Unfortunately for tourists, there are quite a few taxes to juggle for visiting New Zealand.

How do you work out the GST amount of a price?

Travellers arriving on airlines or private craft are charged a Customs levy of NZ$16.59 and a biosecurity levy of NZ$16.92. The IVL applies to all visitors with a passport from either a visa-waiver country or a country where you have to apply for a visitor visa to visit New Zealand. The IVL costs NZ$35 and you will pay this either when you request your NZETA or when you apply for your Visitor Visa. You must request and pay for an NZeTA before you travel to New Zealand.

When filing your GST return, you work out the difference between the amount of GST you collected and paid. When you are registered you add GST to your prices and pass the GST on to us. If you regularly sell goods or services you might need to charge GST to your customers. And you may have to pay GST on any payments you collect, even if you haven’t charged it. Once registered, you can manage and pay GST online using myGST, a new section of Inland Revenue’s myIR service.