GST - all you need to know

Cashmanager | 8 years ago

When it comes to running a successful small business, it helps to have an understanding of some key aspects of accounting. Not only can this knowledge help you with your bookkeeping, it can also give you peace of mind that your finances are under control. One important small business accounting term to wrap your head around is GST - the Goods and Services Tax. Here is some information about GST and how this tax affects your business: GST in a nutshell In New Zealand, GST is a type of tax that is added to most goods and services, currently at a rate of 15 per cent. Consumers pay this tax when they make a purchase, therefore business owners are effectively collecting GST on behalf of the government. Can I claim GST back? If your business is GST-registered with the Inland Revenue Department (IRD), then you can claim some GST back. You are entitled to claim GST when you purchase goods and services, such as supplies, for your business. You can do this by filing a GST-return form with the IRD. How can I manage my GST records? One of the most challenging aspects of GST for small business owners is not understanding the tax, but finding an effective way to manage the paperwork. Filing IRD returns can be a time-consuming and lengthy process if you don't have the right tools at hand. Fortunately, there are business accounting software programs that can help you stay on top of your GST records easily and efficiently. At Accomplish we develop and supply some of the best accounting software systems in New Zealand, with different versions to suit your individual business needs. Whether you are looking for a comprehensive accounting software suite or a simple program to manage your basic accounting needs, we can help. Give us a call today and learn how you can save time and money with accounting software!