Menu

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 15% although zero-rating will most likely apply for exports and land transactions.

Certain supplies of goods and services are 'exempt supplies' and exempt from GST. These include:

  • Certain financial services
  • Sale or lease of residential properties
  • 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:

  • Invoice Basis
  • Payments Basis
  • Hybrid Basis

If your turnover exceeds $2,000,000 per year 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 Inland Revenue website.

Supplied by CCH Business Fitness NZ

Business Development Offerings

Foster & Co is here to make a real difference to our clients. Delivering a high-quality, efficient compliance service is just part of that.

FIND OUT MORE

Our Services

Foster & Co's aim is to provide you with advice when your business needs it – not just when you ask for it.

 

FIND OUT MORE

Who's who 

Foster & Co's enthusiasm for our work means you are provided with a friendly team of professionals who are eager to use their expertise to help you succeed.


FIND OUT MORE