How to Register for GST in NZ. How to Start a Business in New Zealand.

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If you are in business in New Zealand you will probably have to register for GST. How to register for GST in NZ, what is GST and how does it work? As a business, you will need to pay the GST you have collected and claim back the GST you have paid. This is through the NZ Government Department responsible for tax collection, the Inland Revenue Department or IRD. To do this you will need to be registered.
0:00 Introduction
0:48 What is GST?
2:13 Register for GST
3:41 How Often to File a Return. Filing Frequency
4:22 Keeping Records. Accounting Basis
4:58 Things to Do After Registration
5:27 What Are Tax Invoices?
6:08 Paying IRD the GST Collected
6:55 Advisors
Resource links:
Inland Revenue Department
www.ird.govt.nz/
NZ Companies Act 1993
legislation.govt.nz/act/public...
Companies Register
companies-register.companieso...
RealMe
www.realme.govt.nz/
The How to Buy a Business Right Guide: • How to Buy a Business:...
The How to Sell a Business Right Guide: • How to Sell a Business...
How to Start a Business in New Zealand: • How to Start a Busines...
This channel has weekly uploads, tutorials and features all focused on how to start a business, how to buy a business, how to sell a business and how to increase the profits in a business to increase the business value.
I am a Business Broker based in Auckland, New Zealand.
Keep in touch:
LinkedIn: / peternola
Instagram: / peternolabusinessbroker
Website: www.businessesforsale.co.nz/b...
#howtostartabusiness #howtosellabusiness #howtobuyabusiness

Опубликовано:

15 июл 2024

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Комментарии : 49

@PeterNola 3 года назад

You might also want to watch: How to register your name: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P6KDee1cr6Q.html Which business entity to use: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-eM2QIxSl7Lw.html

@janieale6444 2 года назад

Exactly what I was looking for and explained so simply!! Thank you!!

@PeterNola 2 года назад

Thanks for watching, and the compliment. Much appreciated.

@vanessacooper9086 3 года назад

Thanks Peter, I've just started my business and feel more confident in knowing my responsibilities and how to keep on top of GST. Much appreciated.

@PeterNola 3 года назад

Love it. I hope it all goes well for you.

@vanessacooper9086 3 года назад

@@PeterNola Thanks again Peter, I've just secured two important contracts that will launch my business and provide much needed capital to reinvest back into the business. I never dreamed that this could be possible, it's awesome. I now consider you one of my mentors, and I'm very grateful. Cheers.

@PeterNola 3 года назад

@@vanessacooper9086 Kind words, thank you.

@taingakawathompson1674 3 года назад

Awesome Peter

@PeterNola 3 года назад

Thanks, I appreciate it.

@jasperandjanehawkins1 3 года назад

Hi Peter, really loving your videos. Helping me gain clarity around starting a business. You said at the end that you have recommendations for really good accountants. Would you mind sharing this with me? Cheers. Jasper

@PeterNola 3 года назад

Sure, happy to help. I received your email and I have replied with some options.

@TheKiwiCoder 3 года назад

Kia ora Pete, your videos are, very clear so thank you. If I provide a service in NZ, to a company overseas (UK), how does GST and VAT work? In NZ, I will be GST registered, and add on the 15% for my service provided. VAT in the UK is 20%, so I'm a little unsure how the two work together. What is your take?

@PeterNola 3 года назад

Thanks for the compliment. Unfortunately, I cant help you with the UK rules. In NZ when you sell a service/product overseas it is a zero rated sale. GST is not charged/collected, provided you meet certain criteria. You will need to be clear with your book-keeping so you can show the zero rated sales and local sales on your GST return. My knowledge of the details of how this works is limited, so please check with your tax advisor as IRD can get upset if they think your are avoiding tax!

@joelsequeira6007 4 года назад

Thank you for your enlightenment video on the other day about how to start a business in New Zealand 🇳🇿 I got a proper idea and planning procedure for my business. ------------------------ Also I have an another question about buying a business in New Zealand 🇳🇿 so can you brief me on that, Please if you can. I saw the details on the website just wanted to know more about it.

@PeterNola 4 года назад

For more information on a business on the website, just follow the links on the advert page to complete a confidentiality agreement. The completed agreement will be sent automatically through to the broker that has their name on the for sale listing. If its one of mine, I'll be in touch pretty quickly.

@joelsequeira6007 4 года назад

Peter Nola fine sure, Thanks for the help again

@kescalera84 3 года назад

Great videos with alot of information Peter. I have some questions though, how does the GST registration works for individual contractors trying to work overseas?

@PeterNola 3 года назад

Thanks for the compliment. Your question is probably getting a little too detailed for me. Im assuming you live in NZ, but work overseas as a contractor? GST is charged on goods and service in New Zealand, so I dont see how it would effect you working overseas? You will have to ensure that you follow the process for income tax etc, but from what you have said, GST shouldnt be an issue as you are not charging for services carried out in NZ. Please dont rely on my advice about this. GST and tax are not to be guessed at, so definitely speak to your accountant or tax advisor.

@kescalera84 3 года назад

Thanks @@PeterNola , I didn't explain myself very well, I live overseas ( in Bolivia) and I have an opportunity to work as a contractor remotely in a company in New Zealand, they ask me to be GST registered.

@PeterNola 3 года назад

@@kescalera84 Sorry, thats I question that I dont have an answer for. I havent come across this in my day to day business, so no experience here. I can understand why they want you to be GST registered for work here as that would fit with their system, but I dont know how that will impact you being an off-shore based contractor. Apologies that I cant help.

@lockedloaded1669 Год назад

Hi Peter, Have a question about issuing invoices to be paid out from a interior paint job I recently did which I paid for all materials plus paints to do the job. I quoted the job with a invoice app I use on my phone and sent that out to them through email. Next they agreed and accepted the quote and then I started the job in which now I've fully completed it. Can you tell me what one would I use to get them to pay me, a invoice or tax invoice??? Please get back to me so I would know. Thanks

@PeterNola Год назад

There is not enough info for me to answer. Are you a sole trader, do you claim expenses, are you GST registered? If it's a matter of being paid, just send them an invoice.. Check with your accountant/tax adviser as to what is right for your situation.

@lockedloaded1669 Год назад

@@PeterNola HI, thanks for getting back. I'm a business owner running my business. Im GST registered

@PeterNola Год назад

@@lockedloaded1669 In that case, its a GST/Tax invoice.

@arctichabon 2 года назад

Hi Peter, I watched all your videos, they helped me a lot to understand a lot more about how a business work in nz. I have one question, I'm currently starting as a freelancer videographer but I also want to keep my full time job for a different company (doing something else not related to my business). Can I be a Sole trader and also employed by a different company? How does that affect my ird number and taxes? is it convenient to do it as sole trader or should I start is as a LLB in my case? Thanks again for the videos!

@PeterNola 2 года назад

Yes, you can be a sole trader and/or a Co Director and have a full time job elsewhere. For the tax implications of each, I suggest you talk to your accountant and/or tax adviser. tax is not my specialist area

@frankydawgk3640 2 года назад

Ive bought the majority of required tools/ machinery including a work vehicle with my personal bank account before i had started my small llc and had a bank account for it. so can i claim gst on those purchases back for my business?? Thanks for the sharing your knowledge really appreciate it 👍

@PeterNola 2 года назад

I am assuming that your LLC is registered for GST and Im assuming the purchases are reasonably recent. If so, then yes you can claim the GST. There is more than one way to do this, so speak to your accountant to be sure you are doing it correctly. You may need to transfer the ownership to the LLC and/or get a valuation on the vehicle etc. I am not a tax/GST expert, so your accountant is best placed to talk you through the details.

@jaffersyed408 Год назад

Is it advisable to open a new bank account for work related transactions?

@PeterNola Год назад

Yes, a separate bank account for your sole trader activity is definitely a good idea

@jaffersyed408 Год назад

@@PeterNola that's good to know thanks. 🤗

@TheRaydang 2 года назад

what accounting all-in-one software do u recommend for a sole trading tradesman?

@PeterNola 2 года назад

The most common ones I see are MYOB and Xero. Both will do invoicing, accounts etc. The best software to use is the version recommended by your accountant as they will do the end of year stuff and the easier you make it for them, they less they'll charge you!

@vitali-opal-and-gem Год назад

If work for someone else and have a side business as a sole trader, is that $60000 a year combined or just for my business? (I Havnt started the business yet)

@PeterNola Год назад

Thats probably a little outside of my area. There is no GST charged on wages when they are paid. Im sorry, you would be better to ask a tax expert or your accountant.

@vitali-opal-and-gem Год назад

@@PeterNola ok thank you

@sriharishr4830 4 года назад

First view

@PeterNola 4 года назад

Well done.

@sheatuffery5583 3 года назад

Kiaora, are there any computer applications that can help with tax invoices and stuff. Thanks

@PeterNola 3 года назад

Sure. There are a number of apps you can use, all depends on how much work you want the application to do. For example, Xero or MYOB, which appear to be the most popular will do your bank reconciliation, GST, manage stock, invoices, statements etc. I am assuming you will be using a tax advisor and they will usually be aligned with a particular software that they use for end of the year accounts etc. Speak with them to find what is compatible with their system.

@sheatuffery5583 3 года назад

@@PeterNola many thanks

@weranahi9566 3 года назад

Kia ora Peter, so if my business revenue is under $60,000 I don’t have to pay the %15 tax on goods sold? Thank you

@PeterNola 3 года назад

Morena. When you buy something in NZ, GST is always included in the price you pay. If you are registered for GST, then you can claim back the GST portion of that purchase later, always assuming its a business expense. However, in order to claim GST back, you will need to ensure that you are also collecting GST from your own sales. A GST return reconciles the difference and then you will either pay some GST or get a refund. GST registration is compulsory over $60k revenue per year, and voluntary under $60k. It will depend on your level of expenses and sales as to whether registration makes sense under $60k, and thats a question best answered by your accountant. Does that all make sense?

@weranahi9566 3 года назад

@@PeterNola Appreciate you taking the time to reply. Yes that makes sense. Thank you Peter

@PeterNola 3 года назад

@@weranahi9566 All good, glad I could help.

@randolphmartinez2736 2 года назад

Hi Peter, so if the business is earning less than 60k per annum, I have the option not to register for GST? Any advantages of not being registered? Thank you.

@PeterNola 2 года назад

Advantages/disadvantages are all around sole trader, LLC, cashflow and tax, so my suggestion is to talk to your tax advisor/accountant. They will know your situation and be able to to advise accordingly.