• Certain financial services,
  • Sale or lease of residential properties,
  • Wages/Salaries and most Directors’ Fees,
  • GST registration is required if the annual turnover of the business for 12 months exceeds or is expected to exceed $60,000.

GST returns can be filed monthly, bimonthly, or six monthly. There are certain requirements for who must file monthly returns and who can file six-monthly returns. There are three methods of accounting for GST:

  • Invoice Basis,
  • Payments Basis,
  • Hybrid Basis,
  • If your turnover exceeds $2,000,000 pa, you cannot use the payments basis option.
  • If you are selling or are thinking of selling your products through your website, please also refer to the section on GST and E-Commerce.

Tax facts supplied by CCH