Accounting4Me - 5 THINGS TO AVOID WHEN FILING GST
5 THINGS TO AVOID WHEN FILING GST
Here is a list of 5 things you should check or avoid prior to filing or claiming your GST:
⇒ Registering for GST before you reach the earning threshold of $60,000 for the last 12 months. The best workaround to this is to talk to an accountant, or us, and you will get sound advice on what the next step should be.
⇒ Choosing the wrong accounting basis when registering — that is, the way you claim GST. Your accounting basis is either a payments basis (most common one), invoice basis, or a hybrid basis.
⇒ Not keeping accurate records - receipts and invoices — or not keeping them for seven years. NZ and IRD law is adamant that all records and documents should be with you and for a complete 7 years.
⇒ Not charging GST because your turnover is low and yet you're GST-registered. This simply means that you will not be able to claim GST returns on your sales
⇒ Failing to let us know if you plan to close your business.