GST has increased from 12.5% to 15%
If you are on Payments or Hybrid Basis for GST you need to action the following;
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Issue all 30 September debtor invoices at 12.5% by 11 October
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Compile a Debtors list (money owed to you) as at 30 September 2010Compile a Creditors list (money owed by you) as at 30 September 2010List your unbanked cash sales as at 30 September 2010
All payments made or received after 1 October will be accounted for using a new tax fraction. To compensate, taxpayers on a payments basis will need to make an adjustment based on debtors and creditors as at 30 September. Where a return straddles 1 October, you will need to file a special return which covers the period ending 30 September 2010 and the period commencing 1 October 2010.
You will need to complete a GST form (GST 105) which helps you work through the GST transition and explains where the adjustment goes in the GST return. For a small investment of $75+ GST, we can check over your calculations to give you the peace of mind that your GST return is done correctly!!!
Remember, we are here to help assist you through the transition phase, so please don't hesitate to e-mail us at info@coombesmith.co.nz or call us on 06-357-6006.
Regards,
The Team
Coombe Smith
