GST Flashcards
Goods and Services Act ______
1985
In what year as the GST Act passed?
1985
Under section ___ of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
8
Under section 8 of the GST Act, GST is charged on ____________:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt ___________.
supplies
Under section 8 of the GST Act, GST is charged on supplies:-
• __________________;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
In New Zealand
Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• _______________________;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
On goods and services
Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• _____________________;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
On or after 1 October 1986;
Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• _____________________________;
• In the course or furtherance of a taxable activity, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
By a registered person
Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• ______________________________________________, and
• By reference to the value of the supply. GST is not charged on exempt supplies.
In the course or furtherance of a taxable activity
Under section 8 of the GST Act, GST is charged on supplies:-
• In New Zealand;
• On goods and services;
• On or after 1 October 1986;
• By a registered person;
• In the course or furtherance of a taxable activity, and
• ____________________________. GST is not charged on exempt supplies.
By reference to the value of the supply
Under the GST Act, the term “______________” means:
Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
Taxable activity
Under the GST Act, the term “taxable ____________” means:
Any _________________ which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
activity
Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
continuously
Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or _____________ by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
regularly
Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, ________________pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
whether or not for
Under the GST Act, the term “taxable activity” means:
Any activity which is carried on continuously or regularly by any person, whether or not for ____________, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a consideration, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
pecuniary profit
Any activity which is carried on continuously or regularly by any person, whether or not for pecuniary profit, and involves or is intended to involve, in whole or in part, the supply of goods and services to any other person for a _________________, and includes any such activity carried on in the form of a business, trade, manufacture, profession, or club.
consideration
Eligibility to adopt the payment basis is limited to:-
• _________________;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.
Non profit bodies
Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• _____________________;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.
Non residents
Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have _____________ in the preceding 12 months or is __________________ in the following 12 months; and
• Persons who satisfy the Commissioner that it would be appropriate for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.
not exceeded $2m not likely to exceed $2m
Eligibility to adopt the payment basis is limited to:-
• Non profit bodies;
• Non residents;
• Persons whose total value of taxable supplies (excluding GST) have not exceeded $2m in the preceding 12 months or is not likely to exceed $2m in the following 12 months; and
• Persons who ____________________________________ for them to use the payments basis because of the nature, volume and value of the taxable supplies and the nature of their accounting system.
satisfy the Commissioner that it would be appropriate
It is ________________ for a non-resident person registered under section 54B to use the payment basis.
mandatory
It is mandatory for a __________________ registered under section 54B to use the payment basis.
non-resident person
It is mandatory for a non-resident person ______________ under section 54B to use the payment basis.
registered
It is mandatory for a non-resident person registered under ______________ to use the payment basis.
section 54B
It is mandatory for a non-resident person registered under section 54B to use the __________________.
payment basis
A person who accounts for tax on a _______________must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
payments basis
A person who accounts for tax on a payments basis must give the Commissioner written notice within _____________of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
21 days
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ______________ the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
ceasing to satisfy
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
the relevant conditions
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section _____(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
53
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). ________________constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
Failure to so notify
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an _______________ under section 143 of the Tax Administration Act 1994.
absolute liability
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
section 143
A person who accounts for tax on a payments basis must give the Commissioner written notice within 21 days of ceasing to satisfy the relevant conditions. See section 53(1). Failure to so notify constitutes an absolute liability under section 143 of the Tax Administration Act 1994.
Tax Administration Act 1994
A person may _______________________________to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the payments basis requirements.
make an application to the Commissioner
A person may make an application to the Commissioner __________________ (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the payments basis requirements.
to account for GST on the hybrid basis
A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax ________________ and account for input tax on an invoice basis) if that person meets the payments basis requirements.
on a payment basis
A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for _____________________) if that person meets the payments basis requirements.
input tax on an invoice basis
A person may make an application to the Commissioner to account for GST on the hybrid basis (ie a person would deduct input tax on a payment basis and account for input tax on an invoice basis) if that person meets the ________________________.
payments basis requirements
What was issued on 15 May 2018 concerning GST on assets sold by non-profit bodies?
An issues paper
What is the main proposal in the issues paper on 15 May 2018 concerning GST on assets sold by non-profit bodies?
To ensure that GST is paid on the sale of assets by non-profit bodies where input deductions have been claimed.
When will the changes in the issues paper concerning GST on assets sold by non-profit bodies, apply from?
15 May 2018
An accountant relied on a list supplied by IRD that stated his clients were GST registered. The information was incorrect, GST was owed, and _____________ was claimed. Cost to insurers $84,000.
AON – Affinity Magazine
penalty interest
An accountant relied on a list supplied by IRD that stated his clients were GST registered. The information was incorrect, ____________, and penalty interest was claimed. Cost to insurers $84,000.
AON – Affinity Magazine
GST was owed
An accountant relied on a list supplied by IRD that stated his clients were _____________. The information was incorrect, GST was owed, and penalty interest was claimed. Cost to insurers $84,000.
AON – Affinity Magazine
GST registered
An accountant made a mistake in claiming GST on a property sale when the transaction should have been ______________. The client’s claim was for GST paid in error, which cost insurers $100,000.
AON – Affinity Magazine
zero rated
An accountant made a mistake in claiming ________________ when the transaction should have been zero rated. The client’s claim was for GST paid in error, which cost insurers $100,000.
AON – Affinity Magazine
GST on a property sale
An accountant made a mistake in claiming GST on a property sale when the transaction should have been zero rated. The client’s claim was for _______________, which cost insurers $100,000.
AON – Affinity Magazine
GST paid in error
