Goods & Services Tax (GST)|
IRD - 20 January 2012
Goods and services tax
(GST) is a tax on most goods and services in New Zealand, most imported goods, and certain imported services. GST
is added to the price of taxable goods and services at a rate of 15%.
Certain supplies of goods and services are "exempt
supplies". These include:
- Letting or renting a dwelling for use as a
- Interest you receive
- Donated goods and services sold by a non-profit
- Certain financial services
- Wages/Salaries and most Directors
GST registration is required if the annual turnover
of your business for a 12 month period exceeds or is expected to exceed $60,000.
You may choose to register for GST even if your business turnover is less than $60,000. This is referred to as
If your business turnover exceeds $500,000 annually,
you must file your GST returns either monthly or two-monthly.
If your turnover exceeds $24 million per year, then you must file one-monthly GST returns.
There are three methods of accounting for
If your business turnover is
greater than $2 million per annum you cannot use the payments basis.
For more information on GST, please contact us or take a look at the
GST section of the IRD website.
All information is correct at the date of article
publication. Please note we provide the information as a service only. Accordingly, the contents are
not intended as a substitute for specific professional advice and should not be relied upon for that
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