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Any company registered with a New Zealand GST number must submit periodic returns to the Inland Revenue.
GST-registered businesses may offset in their returns any GST incurred (input GST) on supplier invoices against the GST they charge their own customers (output GST). This includes import GST as well as GST on capital goods used in the business.
Input GST must be recovered within 2 years of the supplier invoice. The invoice must comply with New Zealand invoice disclosure rules if above NZD 50.
There are restrictions on the recovery of input GST, including assets used wholly or partially for private use or in relation to non-taxable services. Business entertainment expenses are limited to 50% of any GST.
GST returns must be submitted by the 28th of the month following the reporting period end. The payment date of any GST due is the same.
There are a range of penalties and interest for transgressions of the New Zealand GST rules. These include:
For GST reporting periods, where the input GST has exceeded the output GST, the credit may be refunded. An application should be made within 15 days after the submission of the relevant GST return.
+44 (0)1273 022400