- Exempt supplies
Exempt supplies are goods and services which are not subject to GST and not included in your GST return.
Exempt supplies include:
- donated goods and services sold by non-profit bodies
- financial services
- renting a residential dwelling.
- Zero-rated supplies
Certain taxable supplies are taxed at the rate of 0% rather than at the standard rate of 15%.
Some examples of zero-rated supplies are:
- exported goods
- sale of a "going concern".
You must include all zero-rated supplies in Box 5 on your GST return along with your total taxable supplies.
- Special supplies
Special supplies are supplies that are different from normal business sales or purchases. Some common examples of special supplies are:
- secondhand goods
- hire purchase agreements.
- Time of supply
Generally, 'time of supply' is considered to take place at the earlier of:
- the time an invoice is issued, or
- the time any payment is received by the supplier.