GST & FBT
GST is a 15% Goods and Services Tax added to the price of most goods and services in New Zealand.
So, we all know what GST is, but do you know whether you have to be registered or not? Are you aware which items or services GST is not charged on, or what GST exempt supplies are?
We are often led to believe that running your GST is a simple task, especially if you use accounting software BUT that is certainly not the case. There is a whole process to go through every time your GST return is due and it is very easy to get it wrong. It’s the old adage that you don’t know what you don’t know.
We have on several occasions taken over customers bookkeeping and picked up previous GST return errors sometimes even resulting in GST refunds for you. Let us, the experts, check and run your GST for you to ensure you are filing on time and accurate returns.
FBT (Fringe Benefit Tax) is a tax you pay on some non-cash benefits that you provide to your employees and returns are often due quarterly.