Posted 18/05/2012 Updated 18/05/2012 Tags: GST  

We receive many questions asking why the result from our GST calculators is different than simply subtracting 15% off the total GST inclusive figure. Here's a step by step tutorial which hopefully helps explain how to ca... more

Posted 8/10/2010 Tags: GST  

If you have a GST exclusive price and you need to add GST to it here's how... For 15% GST just multiply the GST exclusive price by 1.15 For 12.5% GST just multiply the GST exclusive price by 1.125 The result with be... more

Posted 13/09/2010 Updated 20/09/2010 Tags: FBT GST Income Tax Inland Revenue PAYE Rental Property Weblinks  

Here's a list of helpful links to articles and resources for the upcoming 1 October 2010 tax changes. This was originally a news item and have copied it to the InfoBase for easier access. In General Kiwitax - 1... more

Posted 16/08/2010 Updated 8/09/2010 Tags: 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:... more

Posted 27/05/2010 Updated 4/07/2011 Tags: GST  

Here's the formula used to work out the GST content of a GST inclusive price when the GST content is 15% Multiply the full GST inclusive price by 3 then divide that result by 23. The end result will be the GST... more

Posted 16/01/2009 Tags: Business Claimable Expenses Depreciation FBT GST Vehicles  

The benefits of leasing a vehicle are: Get to claim the lease as a monthly expense. May have an upgrade option after a certain period with keeping the lease payments roughly the same. Still get to claim running... more

Posted 17/10/2008 Updated 3/03/2011 Tags: Business GST Tax Returns  

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 th... more

Posted 17/10/2008 Updated 24/03/2011 Tags: GST Rental Property  

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... more

Posted 17/10/2008 Updated 17/10/2008 Tags: GST Tax Returns  

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... more

Posted 16/10/2008 Tags: GST Tax Returns  

GST returns are prepared and submitted to Inland Revenue every 1, 2 or 6 months. This frequency is an option which you'll decide upon when you register for GST. more

Posted 8/10/2008 Updated 8/10/2008 Tags: GST Shareholders  

There is a restriction on secondhand goods claims where a taxpayer purchases goods from an unregistered associated person. No GST input tax may be claimed if the associated person did not pay GST when buying the goods,... more

Posted 8/10/2008 Updated 16/10/2008 Tags: GST Record Keeping Tax Returns  

If you buy an asset (such as a business vehicle or tools) from a person who is not GST registered (and you are), you can claim GST in your GST return as a second hand goods claim. However you do need to keep a note of... more