The table below explains how to calculate your sales and income.
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If you use the invoice or hybrid basis
Add up all the payments received and invoices issued for taxable supplies you made in the taxable period, including total imported services with the addition of GST. Write this figure in Box 5 on your GST return.
If you use the payments basis
Add up all the payments you received during your taxable period for the taxable supplies you made. Write this figure in Box 5 on your GST return.
Subtract the total of any zero-rated supplies (Box 6 on your GST return) from the total sales and income. Write this figure in Box 7 on your GST return.
Multiply Box 7 by 3 then divide by 23. Write this figure in Box 8 on your GST return.
Note: If completing a GST return for a period ending on or before 30 September 2010 divide Box 7 by 9. Write this figure in Box 8 on your GST return.
Enter the sum of any adjustments on sales and income from Box 9 on your GST adjustments calculation sheet (IR372) in Box 9 on your GST return.
Add Box 8 and Box 9. This figure will give you your total amount of GST collected on sales and income. Write it in Box 10 on your GST return.
Find out more
- Keeping your GST records and paperwork
- Calculate your purchases and expenses
- Calculate your GST total
Date published: 29 Sep 2010