As announced in the May 2010 Budget
, the rate of Goods and Services Tax (“GST”) has increased from 12.5% to 15%. The new rate came into effect from 1 October 2010.
The change of rates will require filing a one-off GST transitional return, this is going to affect up to 80,000 businesses that are registered for GST. If you file GST returns every two or six months and your return period spans 1 October, you'll get sent a GST transitional return (GST 104a). See this sample
and GST rate change adjustment calculation sheet (GST 105),
unless we do your return for you. IRD will also send you a Completing your GST transitional return (GST 107)
flyer to help you fill it out.
If you wish to enquire about HFK Limited preparing your GST returns so you can get on with what you are good at and leave the accounting to us please feel free to contact your HFK advisor (contact us
& to read further on the GST changes, please follow this link http://www.gstadvisory.govt.nz/