GST Change Articles

Impact of Change in Goods and Services Tax Rate (14th September 2010)

The budget on 20 May 2010 announced the introduction of a new goods and services tax (GST) rate. From 1 October 2010, the rate will increase from 12.5% to 15%. This will mean wide-ranging changes across all sectors and creates more than a few issues to think about.

In order to manage the transition between the two rates, and to ensure that your business continues to operate smoothly, some forward planning is required. We have highlighted some of the issues that you need to consider below.

Continue Reading >>

1. What impact will the GST rise have on GST registered persons?
2. What, if any, financial or administration work will be required before 1 October?
3. What system changes will be required?
4. When will you have to implement the changes?
5. How do you calculate the new GST amount?
6. Is there anything you can do to minimise the impact of the rise?
7. What will the impact be on rental properties?
8. If I am scaling back my activity am I best to do it before or after October 1?
9. I am looking at buying a second-hand asset for my business from an unregistered person, when am I best to do this?
10. How will the increase in GST impact customer demand?
11. Are there penalties applicable if I get things wrong?
12. What are the IRD proposed transitional rules to make things easier?

Continue Reading >>

GST is set to rise from 12.5% to 15% on 1 October, 2010. How will it affect accounting software packages that most small to medium business enterprises (SMEs) use to manage their business? It's time to start planning.

Polson Higgs supports many accounting software packages.  We detail below what action (if any) needs to be taken with the main accounting applications we support around the GST change.

Continue Reading >>