Is there GST on …?

13544486_s (2)Have the GST changes ‘snuck’ past you?  The first time you’ll probably notice them is when you download music and are charged roughly an extra thirty-five cents per song. It’s not only iTunes and Spotify but also Kindle and Netflix.  How’s it work? Basically, you now have to pay GST on the online services you previously bought GST-free like movies, music streaming, e-books, overseas images and email through the likes of Microsoft.  Thankfully, fashion junkies don’t need to fret (just yet) because you can generally still buy low-value clothing, from overseas websites, without having to pay GST in New Zealand.  But (there’s always a but) it’s more complicated for the poor old business owner as you’ll see below:

Continue reading Is there GST on …?

IRD audits on the rise

18917885_sYou’d be hard pressed finding someone who enjoys an IRD audit but with the risks some people take you’ve got to wonder! One of the riskiest things we see, is business people thinking they (or someone they love) has the knowledge, skill and experience needed to calculate their GST Returns correctly. Very rarely do we find someone getting it right and some accountants are even taking early retirement because the tax laws are now too complex, even for them.  Continue reading IRD audits on the rise

New way to file GST Returns with the IRD

BoConcept NZ Sticks wall clockOnce upon a time it was easy to file your GST return online but things are a-changin.  The IRD is set to add a little more aggravation to business owners lives by hiding the online GST return form that we’ve all come to love.  Instead there’s a new (and I’d like to say improved) system.  This kicks off on 10 September 2013 so it’s worth getting ready now … unless you actually want to endure several painful hours on IRD’s phonelines the night your return is due.  Continue reading New way to file GST Returns with the IRD

Correcting GST errors

15642416_sWorrying, fretting and ignoring won’t undo that heart thudding moment when you find a mistake in your GST Return.  So how do you go about fixing those nasty errors?  Start by getting rid of any delusional ideas, you might have, about fixing up the botched return by resending it to the IRD.  Next, work out the magnitude of your error and then follow one of these steps for putting things right: Continue reading Correcting GST errors