{"id":281503,"date":"2024-08-22T12:34:27","date_gmt":"2024-08-22T00:34:27","guid":{"rendered":"https:\/\/www.reckon.com\/nz\/?post_type=sbh&p=281503"},"modified":"2024-10-08T11:35:03","modified_gmt":"2024-10-07T23:35:03","slug":"gst-returns","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/nz\/small-business-resources\/gst\/gst-returns\/","title":{"rendered":"GST returns for small business"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f4f4f4″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” locked=”off” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.27.0″ header_2_font_size=”32px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” locked=”off” global_colors_info=”{}”]<\/p>\n

In New Zealand, if you\u2019re a business that has registered for the goods and services tax and has either charged GST to customers or paid GST to your suppliers, you\u2019re obliged to submit a GST return.<\/span><\/p>\n

This will apply to all small businesses turning over more than $60,00 per year or those registered for, and charging, GST.<\/span><\/p>\n

GST returns for small business involve submitting sales and purchasing information to the Inland Revenue Department (IRD) as per your nominated GST return schedule.<\/span><\/p>\n

GST returns for small businesses<\/strong><\/h2>\n

So, what is a GST return for small business?<\/span><\/p>\n

In a nutshell, it\u2019s your declaration of GST paid and GST collected while running your small business.\u00a0\u00a0<\/span><\/p>\n

The IRD will manage this process and all GST returns must be directly submitted to them.<\/span><\/p>\n

The GST return process is aimed at discovering whether you paid more GST or earned more GST in your taxable activity, meaning you either get a refund or a tax bill, depending on the result.<\/span><\/p>\n

When your small business charges a customer GST, this transaction must be recorded in anticipation of submitting your GST return.\u00a0<\/span><\/p>\n

Similarly, when you pay GST to your suppliers (this must be business related and integral to your taxable activity) this must also be recorded and declared to the IRD. Any tax invoice must be recorded.<\/span><\/p>\n

The difference between the GST collected and paid will determine whether you receive a debt notice or a GST refund from the IRD.<\/span><\/p>\n

How to file a GST return<\/strong><\/h2>\n

Simply visit your myIR account before your due date and input your taxable sales and purchases for the period. myIR will automatically calculate whether you owe the IRD or whether the IRD owes you a refund.<\/span><\/p>\n

You can also file a paper return, which comes replete with instructions, although this method is laborious and outmoded.<\/span><\/p>\n

What you need to know to file your GST return:<\/span><\/p>\n