New Zealand GST rates and GST compliance
New Zealand GST rates
There are 3 GST rates in New Zealand: the standard, reduced and nil rates.
|Rate||Type||Which goods or services|
|15%||Standard||All other taxable goods and services|
|9%||Reduced||Hotel accommodation on long term basis (longer than 4 weeks)|
|0%||Zero||Exports and related services; financial services; land transactions; international transportation.|
|0%||Exempt||Financial services, real estate, precious metals|
New Zealand GST compliance
In providing taxable supplies, and once GST registered, businesses are obliged to follow various compliance rules, including record keeping.
- Receipts, purchase invoices, copies of sales invoices
- Charts of accounts
- Bank statements and deposit slips
- Cash books and other account books
- Adjustment notes and credit or debit notes issued or received
- Documents or certificates relating to special GST treatment
- Import and export documentation
- Orders and delivery notes
- Purchase and sales books
- Stock take records, and
- Records of daily takings (such as till tapes)
New Zealand tax point
The tax point (time of supply) rules determine when GST is due. It is then declared in the proceeding GST return. The general invoice rule is that the tax point is the earlier of the date of the supply or the invoice date.
Businesses may alternatively opt for the cash paid basis if their turnover is below NZD 2 million per annum.
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