New Zealand has a GST system with five main GST codes in operation that Saasu NetAccounts supports as a Beta trial.
GST Accounting Methods
| Method | Purchases/Expenses | Sales/Income | Threshold |
|---|---|---|---|
| Payment | Payment Date | Payment date | Turnover < NZ$1.3mio |
| Invoice | Eailier of: Payment Date Purchase date |
Earlier of: Receipt Date Sale date |
|
| Hybrid | Payment date | issue an invoice or receive a payment |
Filing GST returns - your taxable period
| Frequency | Boundary |
|---|---|
| Monthly | Turnover greater than NZ$24 million in any 12 months. |
| Two-monthly | Turnover less than NZ$24 million in any 12 months. The standard option for filing GST returns. |
| Six-monthly | Turnover less than NZ$250,000 |
Supported Tax Codes
| Saasu NetAccounts Code | Name | Rate% | Examples | More Info |
|---|---|---|---|---|
| I | GST income | 12.5% | General Goods and Services | |
| E | GST expenditure | 12.5% | General Goods and Services | |
| X | Exempt | 0% | Interest received, private home rent. | |
| IM | GST on imports | 0% | ||
| Z | Zero rated | 0% |
