Don’t Get Fined! A Guide to Timely GST Return in Auckland

For Auckland businesses running the Goods and Services Tax (GST), filing your GST Return on time is necessary. Not only does it ensure you meet your tax obligations, but it also avoids those pesky penalties from the Inland Revenue (IRD).

We, Accountrix, the best Accountant in New Zealand, understand that navigating the world of GST can be tricky. That’s why we’ve put together this simple guide to help you file your GST Return in Auckland on time, every time.

What is a GST Return?

A GST return is a document you file with the IRD that details your GST activity for a particular period (usually a quarter). It shows the GST you’ve collected from customers (output tax) and the GST you’ve paid to suppliers (input tax). The difference between these two amounts is what you either owe the IRD or can claim as a credit.

Why is Timely Filing Important?

There are a couple of reasons why filing your GST return on time is important:

• Avoid Penalties: The IRD imposes hefty penalties for late filing of GST returns. These penalties can quickly add up, impacting your business’s bottom line.
• Maintain Compliance: Timely filing demonstrates to the IRD that you’re a responsible business owner who meets your tax obligations. This can be helpful if you ever get audited.
• Get Your Refunds Faster: If your GST return shows a credit, filing on time means you get your refund from the IRD quicker.

How Often Do I Need to File?

The frequency of GST Return Filing depends on your business’s GST turnover. Here’s a quick breakdown:

• If your GST turnover is $60,000 or less per year: You can file annually.
• If your GST turnover is between $60,000 and $75,00 per year: You can choose to file quarterly or annually.
• If your GST turnover is more than $75,000 per year: You must file quarterly.
  

What Do I Need to File My GST Return?

To file your GST return, you’ll need to gather some information:

• Your GST registration number
• Your GST sales for the period (including GST-exempt sales)
• Your GST purchases for the period
• Details of any GST refunds you’re claiming
  

How to File Your GST Return:

There are a few ways to file your GST return in Auckland:

• IRD website: You can file directly through the IRD’s online portal myIR login [invalid URL removed]. This is the most convenient option, but you’ll need a myIR account.
• IRD software: The IRD offers approved GST return filing software that can simplify the process.
• Registered tax agent: An Auckland-based Tax Agent like us can handle your GST return filing for you, ensuring accuracy and timely submission.

Tips for Timely Filing:

Here are some helpful tips to ensure you file your GST return on time, every time:

• Set reminders: Use your calendar or accounting software to set reminders for upcoming filing deadlines.
• Keep good records: Maintain accurate records of your GST sales and purchases throughout the quarter. This will make filing your return much easier.
• File early: Don’t wait until the last minute to file your return. Unexpected delays can occur, so give yourself some buffer time.
• Get help if needed: If you’re unsure about anything or find the process overwhelming, consider seeking assistance from us- the registered Tax Agent in New Zealand.

Your GST Filing Partner- Call Us Now!
We understand the importance of accurate and timely GST filing for Auckland businesses. Our experienced tax agents can take the stress out of GST returns, ensuring you meet your deadlines and avoid penalties.

Contact us- for Payroll Services in New Zealand, today for a free consultation and let us help you navigate the world of GST in Auckland. Remember, timely filing is key to staying compliant and keeping your business finances healthy.