New Zealand has a GST system with five main GST codes in operation that Saasu supports as a Beta feature. Payroll is not currently supported but is being considered for upcoming release.
GST Accounting Methods:
|Payment||Payment Date||Payment date||Turnover < NZ$1.3mio|
|Hybrid||Payment date||issue an invoice or receive a
Filing GST returns – your taxable period:
|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||15%||General Goods and Services|
|E||GST expenditure||15%||General Goods and Services|
|X||Exempt||0%||Interest received, private home rent.|
|IM||GST on imports||0%|
How does Saasu support New Zealand tax?
Saasu has a Tax Code report which is used by many Zones Saasu supports. This report can provide both detailed and summary information on VAT, GST and other types of Sales and Consumption Tax. You can use this report for New Zealand to see GST related information.
Using the Tax Report
For this report to work in your Zone make sure you setup your file with the correct zone. You do this when you subscribe. If you can’t remember goto Settings and choose File Identity to learn what zone your FIle is. If you didn’t do this correctly for your Zone you can go to My Saasu and then click Manage Subscription to see your list of Files and then deactivate the file to free up the ability to add a new one with the correct Zone selected when asked.
Do you have a nice GST return form like Inland Revenue?
Not quite yet. We haven’t built the formatted version for NZ but have it in the pipeline. Use the Tax Code report instead and set the Date field to Custom to set the two-month period you are after if you are a 2-monthly reporter to to Inland Revenue.