Quick Summary
For imported goods and services, and secondhand goods, buyers in New Zealand must keep specific 'taxable supply information' to support their GST claims. This ensures proper documentation for items where the supply origin or nature may differ from standard local purchases, aligning with IRD's record-keeping requirements.
Details
Specific Record-Keeping for Special Purchases
While the general 'taxable supply information' rules apply to most transactions, there are specific considerations for buyers when dealing with imported goods and services, as well as secondhand goods, to ensure proper GST compliance in New Zealand.
- Purpose: The need for specific records helps the Inland Revenue Department (IRD) verify GST input tax credits claimed on these types of acquisitions.
- For Imported Goods and Services: Buyers should ensure they retain documentation that clearly shows:
- The nature of the goods or services.
- The value of the supply.
- Any GST charged by the overseas supplier or border levies paid.
- Evidence of the transaction from the overseas provider.
- For Secondhand Goods: Specific rules and record-keeping requirements also apply to secondhand goods, particularly concerning the ability to claim GST, which can depend on whether the seller was GST-registered.
- Refer to IRD: For precise details on the minimum information required, refer to page 10 of the official GST guide or ird.govt.nz/gst.
Source: GST guide (IR375)