There are 3 GST rates in New Zealand: the standard, reduced and nil rates.
In providing taxable supplies, and once GST registered, businesses are obliged to follow various compliance rules, including record keeping.
These include:
The tax point (time of supply) rules determine when GST is due. It is then declared in the proceeding GST return. The general invoice rule is that the tax point is the earlier of the date of the supply or the invoice date.
Businesses may alternatively opt for the cash paid basis if their turnover is below NZD 2 million per annum.