Starting your own business can be pretty exciting. Being your own boss, working on the projects you want to, and being responsible for your own tax matters. In this series, we cover some of the key topics you need to know before getting into business. Goods and Services Tax, also known as GST, is a tax added to the sales price of most goods and services sold here in New Zealand. You'll need to register for GST if your sales for the last 12 months were more than $60,000 or if you expect your sales for the next 12 months to be more than $60,000. Find out more: [ Ссылка ]
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Businesses, organisations, non-profits and charities have certain tax obligations when setting up. They may also have obligations with other government agencies like the Companies Office or Charities Services. Find out more: [ Ссылка ]
Find out more about if you need to register for GST: [ Ссылка ]
If you're registered for GST, you'll need to charge GST at 15% on most taxable supplies you make. This means you pay 15% of the price you charge for your goods and services to us. Find out more about when and not to charge GST: [ Ссылка ]
You're likely to be charged GST on most supplies you purchase for your taxable activity. The amount of GST you claim (input tax) is subtracted from the amount of GST you charge (output tax) to calculate your tax to pay or GST refund. Find out more about what can be claimed: [ Ссылка ]
If you liked this video, why not watch more of our Business Basics series: [ Ссылка ]
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0:00 Intro
0:15 Registering for GST
2:00 Accounting basis
3:45 Filing GST examples
5:25 Wrapping up
