Topic: GST - Kiwitax - Small Business & Rental Property Accountants

Beware: IRD's Plans to Access your Bank Accounts

With the new platform IRD have recently rolled out for GST returns and the myIR Logon – there’s a section called ‘manage payment bank accounts’. If you fill this in you’re giving IRD access and authority to take money out of your bank account on their terms, rather than when you want to pay them, on or before the due date. Often in business you need to juggle cashfl... More

Topics: GST Inland Revenue Cashflow

Posted 10/05/2017

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 Incom... More

Topics: GST Claimable Expenses Record Keeping

Posted 22/10/2014

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/ More

Topics: GST Tax Compliance Guides Private Use

Posted 22/09/2014 – Updated 23/09/2014

Kiwitax GST Calc for iPhone Now Available

The new improved, redesigned for iOS 7 Kiwitax GST Calc for iPhone app is now available in the App Store. We hope you find it useful - if so please rate it and add a review! Thanks! More

Topics: GST Mobile Apps Freebies

Posted 9/12/2013

BankLink Data Downloads - New Option

Currently for clients using BankLink Books the transaction data comes to Kiwitax then we forward it to clients monthly / two monthly for coding and to prepare GST returns. The updated data is then returned to us to be added to our main ledgers. It's a good system but is a bit reliant on people at each end sending info back and forth. A new service is available where clients can download bank tran... More

Topics: GST Record Keeping Accounting Software

Posted 15/10/2013

Buying a Vehicle for a GST Registered Business?

If you are purchasing a new vehicle for your GST registered business there may be GST implications surrounding the amount of GST you can claim on the purchase price if there will be private use with the vehicle. GST can only be claimed on the amount of business use the vehicle will conduct in the financial year the purchase falls into. As always you're most welcome to contact us if you need any m... More

Topics: GST Vehicles Private Use

Posted 17/06/2013

How Do I Become Self Employed?

New Zealand is one of the easiest countries in which to start a business. It's really as simple as finding something which will generate profit and going for it - well almost. Here's a quick guide for people who are currently in employment and are curious about becoming self-employed or those who are looking for work and perhaps considering creating their own opportunities. This is more aimed for ... More

Topics: GST Business Record Keeping Contractors Guides Starting Business

Posted 9/11/2012

New Kiwitax GST Spreadsheets - Free to Clients

If you use a spreadsheet (Excel etc) for keeping track of your transactions and for preparing GST returns we've some good news! We've been polishing up our spreadsheet skills and have created some very nice 2 and 6 monthly GST spreadsheets for clients to use. There's also a nice 2 monthly non-GST one too. What makes these new Kiwitax GST Spreadsheets very cool is they work out if GST is applica... More

Topics: GST Business Record Keeping Client Care Accounting Software Freebies

Posted 25/09/2012

How to Correctly Calculate GST Figures

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 on Kiwitax InfoBase. Definitely worth a quick read if calculating GST amounts is a bit of a grey area. As always please ask if you have any questions! How to Correctly Calculate GST Figures More

Topics: GST

Posted 18/05/2012 – Updated 26/09/2014

How to Correctly Work Out the GST Content from a GST Inclusive Figure

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 calculate the amounts correctly and why subtracting 15% from a GST inclusive amount is wrong. First some basic calculations. Let's calculate 15% GST for a GST exclusive figure of $1... More

Topics: GST Guides

Posted 18/05/2012 – Updated 27/11/2014

Kiwitax GST Calculator for Windows - Faster, Better

We've added a small usability update to the Kiwitax GST Calculator for Windows which will hopefully save a little time when doing a few GST calculations in a row. The calculator remembers the last action used, like adding GST, getting GST content etc. and now repeats that action when you press the enter key again. The active last action button glows green so you can easily see what will happen ... More

Topics: GST Mobile Apps Freebies

Posted 24/10/2011

Kiwitax GST Calculator for Windows Now Available

The new Kiwitax GST Calculator for Windows is now available! The calculator gives both unknown amounts from any known amount based on 15% GST. For example if you only have the inclusive price it will calculate both the GST amount and the exclusive price, only have the exclusive price it calculates the GST amount and the inclusive price and so on. Simply enter any known amount into the appropriate ... More

Topics: GST Mobile Apps Freebies

Posted 18/06/2011

Kiwitax GST Calculator for Android Now Available

The new Kiwitax GST Calculator App for Android is now available from the Android Market! This is the latest addition to the Kiwitax GST Calculators family and has an updated user interface when compared to the iPhone and Windows 7 Phone versions. The key difference is it gives both unknown prices from any known amount. For example if you only have the inclusive price the app will calculate both th... More

Topics: GST Mobile Apps Freebies

Posted 14/06/2011

Kiwitax GST Calculator Windows Phone 7 App Now Available

The new Kiwitax GST Calculator App for Windows Phone 7 is now available from the Zune Marketplace! The Kiwitax GST Calculator is a quick and easy tool for working out New Zealand GST amounts at both 12.5% and the new 15% rate. With 3 useful functions it adds GST to exclusive prices, removes GST from inclusive prices and converts prices at 12.5% GST to 15% GST. A helpful, useful app for small bu... More

Topics: GST Mobile Apps Freebies

Posted 26/11/2010

Kiwitax GST Calculator iPhone App Now Available

Fabulous news this afternoon - the new Kiwitax GST Calculator iPhone App is now available from the App Store! The Kiwitax GST Calculator is a quick and easy tool for working out New Zealand GST amounts at both 12.5% and the new 15% rate. With 3 useful functions it adds GST to exclusive prices, removes GST from inclusive prices and converts prices at 12.5% GST to 15% GST. A helpful, useful app f... More

Topics: GST Mobile Apps Freebies

Posted 12/10/2010