tax facts

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GST

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 it can be zero-rated for exports

Certain supplies of goods and services are "exempt supplies". These include:

  • Wages/Salaries and most Directors Fees
  • Sale or lease of residential properties
  • Certain financial services

GST registration is required if the annual turnover of the business for a 12-month period exceeds or is expected to exceed $60,000 (exclusive of GST). If your turnover exceeds $500,000 pa you must file your GST return monthly or bi-monthly.

There are three methods of accounting for GST:

  • Payments Basis
  • Invoice Basis
  • Hybrid Basis

 If your turnover exceeds $24m per annum, you must use the invoice basis.

If you are selling or are thinking of selling your products through your website, please also refer to our section on E-Commerce.

For more information see the GST section of the IRD website.