Get Advice on GST Return

Failing to remit GST owed can incur a range of penalties and interest charges, such as:

• A 1% charge on unpaid GST from the first day the GST return was due, escalating to 4% if unpaid after 7 days. Additionally, a 1% charge accrues for each month without settling the GST.
• A fine of NZD 250 for delayed filing of GST returns.
• Penalties range from 20% to 150% for under-declarations of GST.
• Interest fines of 8.27% for instances of under-declared GST.
• GST offences may be treated as criminal offences, potentially leading to imprisonment and additional fines.

Prepare and Pay GST Effortlessly with Cloud Accounting Software

When undertaking business forecasting, whether for profit or cash, it's crucial to account for the associated GST implications. This includes considerations of both the tax you'll need to pay and the tax you'll be passing on to customers.

When you hire us as your dedicated tax accountant in Auckland, we make sure you stay compliant with all tax regulations. We are the official partners of cloud accounting software like Xero, which automates GST calculations for each transaction.

This not only streamlines the process but also facilitates direct submission of GST returns to the Inland Revenue(IR) from the software. With Xero, you can accurately track, review, and manage GST transactions, ensure compliance and get real-time insights into your financial obligations.

Partnering with us will give you clarity and peace of mind when dealing with GST issues as we have the expertise and experience to handle these complex matters.

Enjoy Tax Savings Through Strategic Planning

At Allan Chartered Accounting, we help businesses across New Zealand enjoy tax savings through legitimate tax reduction strategies. Unlike other traditional accounting firms that only show up during the tax filing season, our team of accountants and tax experts in Torbay will work with you throughout the year to provide timely tax advice. From planning and structuring your taxes to the actual preparation and filing, we do our best so that you won't pay more than what you have to.

Frequently Asked Questions

Yes absolutely. If you have returns or overdue GST returns for the previous year that you haven’t filed yet, let us know. Share the necessary information with us and we’ll delve into your accounts in detail, and ask questions to ensure we uncover all allowable expenses.

Be prepared for a thorough inquiry by our accountants in Auckland, as we delve into your bank accounts to ensure we uncover all important details. This approach allows us to assist you in claiming the highest possible amount of allowable expenses, minimise your bill, and save money on tax when filing your overdue returns.

If you're facing IRD penalties and interest due to late GST returns, there's no need to panic. We specialise in identifying strategies to minimise your IRD bill, including exploring potential remission of penalties and interest that you may qualify for.

We have successfully assisted numerous clients in having IRD penalties and interest remitted. Rest assured, we're here to navigate these challenges and work towards reducing your financial burden.

Certainly, we excel at negotiating with the IRD on your behalf to secure the most favourable terms for your business. Late tax payment issues, along with associated penalties and interest, can impose significant challenges on small businesses.

However, our success lies in negotiating improved terms for clients with overdue tax returns, which may include:

• Remission of IRD penalties for overdue tax returns.
• Structuring repayment plans for overdue taxes over an extended term.
• Arranging interest-only repayment options for tax debt.

If you find yourself with late tax or GST returns, take a moment to reach out. We're here to help you navigate the process and achieve the best possible outcome for your business.

Navigating the complexities of GST requires diligence and strategic decision-making. By avoiding these common pitfalls, you can ensure GST compliance and maintain financial accuracy throughout your business operations.

• Unnecessary registering for GST before reaching the $60,000 earning threshold.
• Inadequate record-keeping of receipts and invoices. It can lead to GST reporting errors and potential compliance issues. You should have a 7-year record of receipts and invoices.
• Misunderstanding low turnover rules. Even if your turnover is low, if you are GST-registered, you must continue collecting and paying GST until officially deregistering with Inland Revenue.

Overlooking GST on business assets during deregistration. Failure to make necessary adjustments in your final GST return may lead to penalties.