Goods and Services Tax New Zealand
Goods and Services Tax (GST) is a value-added tax system applied to most goods and services sold in New Zealand. The GST rate is 15% and is imposed on the final sale of goods and services to the end consumer. GST is a major source of revenue for the New Zealand government and is used to fund public services and infrastructure.
How do I register for GST in New Zealand?
To register for Goods and Services Tax (GST) in New Zealand, you can follow these steps:
- Determine your GST registration status: If your business has a taxable activity and an annual turnover of $60,000 or more, you are required to register for GST. If your business has a turnover of less than $60,000, you can choose to register for GST voluntarily.
- Visit the Inland Revenue Department (IRD) website: You can register for GST by visiting the IRD website (www.ird.govt.nz) and clicking on “Business registration.”
- Complete the registration process: You will be asked to provide information about your business, such as its name, address, and contact details. You will also need to choose the frequency with which you will report and pay your GST.
- Obtain an NZBN: An New Zealand Business Number (NZBN) is required to register for GST. If you do not already have an NZBN, you can apply for one through the IRD website.
- Wait for confirmation: After submitting your application, the IRD will review it and provide you with a confirmation of your GST registration.
It’s important to note that you must keep accurate records and submit regular Goods and Services Tax returns to the IRD in order to remain compliant with GST requirements. You should also be aware of the different GST rates that apply to different types of goods and services, and ensure that you charge the correct amount of GST to your customers. Get more information about it here.
