Goods and services tax (GST) is added to the price of most products and services. If you’re GST registered, you can claim back the GST you pay on goods or services you buy for your business. You need to also charge GST (15%) on what you sell — this is collecting it on the government’s behalf.
As soon as you think you’ll earn more than $60,000 in 12 months, you have to register for GST. Once you’ve registered, you have to file regular GST returns. How often returns depends on your income.
Your income in any 12-month period How often you complete GST returns Below $500,000 You can file GST returns monthly, every two months, or every six months $500,000 – $24 million You can file GST returns monthly or every two months $24 million and over You must file GST returns monthly
If you don’t think you’ll turn over that much, it’s up to you whether or not to register. One benefit of voluntary registration is you might be able to claim a GST refund. For example, if you pay GST but don’t earn much, you may be able to get your money back.
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Monthly, two monthly and six monthly GST filing leave the small stuff to us, spend more time on business expansion and growth. We can offer accurate, timely assistance in several areas, including:
- Registration queries
- Preparing GST returns
- Filing and adjusting GST returns
- IRD audit assistance