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 zero-rating will most likely apply for exports and land transactions.Certain supplies of goods and services are 'exempt supplies' and exempt from GST. These include:
- Certain financial services
- Sale or lease of residential properties
- Wages/Salaries and most Directors' Fees
GST registration is required if the annual turnover of the business for a 12-month period exceeds or is expected to exceed $60,000.
- Invoice Basis
- Payments Basis
- Hybrid Basis
If you are selling or are thinking of selling your products through your website please also refer to the section on GST and E-Commerce.
For more information on GST and how to register give us a call or visit the GST section of the Inland Revenue website.