Stay up to date with the latest compliance changes and legislation with Reckon One.
What is compliance?
Compliance refers to regulations established by the New Zealand government, which every business owner needs to abide by to avoid penalties. It includes GST returns, record keeping and more. You will need to lodge your submissions with the IRD throughout the year to meet the regulatory requirements and remain compliant.
Did you know your business has to register for GST if the turnover (sales and income) is $5000 or more per month?
Once registered, you will need to lodge a monthly, bi-monthly or 6-monthly GST return with the Inland Revenue throughout the year to determine the amount of GST you have to pay or claim.
It’s due on the 28th of every month except for the periods ending 30 November (due 15 January) and 31 March (due 7 May).
Record keeping & reporting
As a business owner, you are required to keep records for 7 years including income and expense records, end of financial year records and more.
The records need to be held even if your business is no longer trading.
Making your tax records digital can help ensure you have correct records.
Plus, you can use this data to create accurate GST101 reports with the required info for lodgements with the IRD.
How can Reckon One help you be compliant with the IRD?
Try Reckon One free
See how Reckon One can help your business be compliant with the IRD.