GST News - 2007

GST News March 2007

• GST return due date changes
• Processing your GST return
• Subsidies and grants
• Income tax returns for the 2007 yax year

Welcome to GST News

We send you this newsletter twice a year, in March and September, to tell you about Inland Revenue services, tax law changes and topical issues relating to GST.

If you have a GST topic you'd like to see covered in this newsletter, please write to the Editor, GST News, PO Box 2198, Wellington or email us at gst.news@ird.govt.nz and we'll aim to cover the topic in a future edition.

Please pass this newsletter on to the person who deals with GST in your business.

GST return due date changes

Your GST return and payment due dates will be changing for taxable periods ending on or after 31 March 2007. This means the next GST return you file will have a new due date.

For most months, your GST return and payment due dates will fall on the 28th (or the next business day) of the month following the end of the return period, except for the periods ending:

• 30 November - your due date remains 15 January
• March - your due date will be 7 May.

The due date changes are part of the work we're doing for the government to improve the frequency and timing of provisional tax and GST payments. You'll find more information about this in newspapers and on our website at News and updates.

GST returns and payment due dates

Processing your GST return

We now use imaging machines that "read" and record all the figures on your GST return, which enables us to process your returns faster.

GST returns filed online will be updated to your account immediately, so your refund or statement will be actioned promptly.

Follow these tips to ensure that your return is processed quickly and correctly:

• The imaging machines will always add a decimal point two digits from the right, so it's important to fully complete the cents column, even if it's a nil amount. For example, if you write $1,263 for "Total purchases and expenses" it will be read as $12.63. Show a nil amount by writing 0.00.
• Clearly write all numbers, so the imaging machines will record the correct return figures. For instance, the numbers 1, 2 and 7 can look very similar. The number 13 can also look like a B if the 1 and 3 are too close together.
• Only attach correspondence relevant to the return you're working on. For example, if you've previously given us a new bank account number, you don’t need to give it to us again.
• If you're filing more than one return at a time and want to transfer a credit against a debit, attach instructions to the credit return. This way we're not likely to release the refund before we process the debit return.
• If you've made a mistake on a return you've already filed and the amount of GST is $200* or less you can make the adjustment in your next return. If the amount is more than this you'll need to write to us giving details of the return period, what the amended figures should be, and why the change is necessary.
  * Or $500 for registered persons whose annual turnover is $250,000 or more.
• If you file your GST returns online, don't send the preprinted paper GST returns back to us.

Subsidies and grants

We've been asked to explain GST requirements on grants and subsidies. Your business or organisation may receive a grant or subsidy from the government, or by any public authority. These all include GST and must be included as income for GST purposes. The only exceptions are grants intended for overseas use for international development.

Wage subsidies

Although there is no GST on wages you pay to employees, any subsidy you receive to help pay an employee's wages will be GST-inclusive. You need to include it as income in the GST return for the period you received the subsidy.

Income tax returns for the 2007 tax year

The table below shows when we'll issue annual income tax returns for 2007.

Will I receive an income tax return?

All non-individuals and any individual who receives income from self-employment, a rental property, a partnership or withholding payments should receive an income tax return.

If you haven't received a taxpack by the date shown above, you can get one through our website or request one through INFOexpress on 0800 257 772, or by calling us on 0800 377 774.

Will I receive a summary of earnings?

A summary of earnings shows your income information for the tax year. If you file any of the income tax returns listed above and also receive income through salary, wages or withholding payments you'll automatically receive a summary of earnings. We'll send these out in the last two weeks of May 2007.

When is my tax return due?

Customers who have a standard balance date but don't have a tax agent or an extension of time must file their returns by 7 July 2007. If you can't file your return by the due date, you'll need to call us on 0800 377 774.

File your tax return online

If you file IR3, IR4 or IR7 returns you can file them online. All you need is the DLN (document lodgement number), which is at the bottom of the first page of your return. If you've previously filed your IR3 or IR4 return online we'll send you a DLN letter instead of a return so you can file online again this year.

Alison Parks
Manager
Customer Operations

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Other issues this year

GST News September 2007

Date published: 29 Apr 2008

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