Quick Summary
A GST return is a form you periodically file with the IRD in New Zealand to declare the GST you've collected from sales and the GST you've paid on purchases. To complete it, you'll typically input figures for total sales, total purchases, and GST amounts, which can often be pre-populated if filing via myIR or accounting software.
Details
The GST Return: Your Key Compliance Document
The GST return is the official document used by GST-registered businesses in New Zealand to report their GST transactions to the Inland Revenue Department (IRD). It summarises your GST activity for a specific taxable period.
- Purpose: To calculate your net GST position – whether you owe GST to the IRD or are due a refund.
- Key Information Required:
- Total sales (income) for the period, excluding GST.
- Total purchases (expenses) for the period, excluding GST.
- Total GST collected on sales.
- Total GST paid on purchases.
- Any GST adjustments required.
- Methods of Completion and Filing:
- Online via myIR: This is the preferred method, offering pre-population of some fields, instant confirmation, and faster processing.
- Accounting Software: Many software packages allow direct filing, often pre-populating the return automatically.
- Paper Forms: Specific paper forms (e.g., GST101A, GST103) are available but are generally less efficient.
Completing your return accurately is vital to avoid penalties and ensure correct tax payments or refunds.
Source: GST guide (IR375)