What is GST?
GST's a tax you collect for the government. You charge GST in your sales and income and claim it back for your purchases and expenses. Slaters then calculates these differences in your GST return to work out if you have a GST payment to IRD or if your receive a GST refund from them.
Slater GST Products and payment periods:
You can choose to may GST by 1 month, 2 month, 6 month GST intervals. The size you choose depends on the size of your business, the number of transactions and the complexity of work we need to do for you:
- Extra Small - almost dormant business or organisation
- Small - one man band with low number of transactions
- Standard - a normal small business
- Complex - complex transactions, multiple tracking and additional time taken
Slater GST Return
Our GST return is a quality bound and printed A4 booklet that includes:
- GST Return
- A complete audit trail. (If the IRD queries you, the detailed audit trails give you a full proof of transaction that takes you to the exact transaction that gives you safety against any audit.
- 12 month cashflow analysis (where all your money came from and went to month by month for a year.) Complete 12 month profit and loss breakdown on a month by month basis.
This allows you to see exactly what is happening with your business and with patterns of expenditure and saving. This information can help you make more relevant business decisions. Brett will explain this information to you in more detail in your free client meetings. He will analyse and talk you through your patterns of financial behaviour and show you how to improve, maximise and leverage your expenditures and gains for longterm, consolidated growth and wins. It's a holistic and entirely modern approach to chartered accounting.
How is GST calculated?
Here's how we calculate your GST:
- You charge GST at 15% for sales and income.
- Calculate GST by multiplying the sales and the income figure by 3 then dividing by 23.
- You claim GST at 15% for purchases and expenses.
- Calculate GST by multiplying the purchases and expenses figure by 3 then dividing by 23.