GST Flashcards
When is supply made in NZ?
If supplied by NZ resident
OR
Physically performed in NZ
Supplied to a registered person for taxable activity
What are excluded goods?
Intangible assets
money
electronically transmitted products
What is a service?
Anything, not goods or money
When is someone NZ resident for GST?
Resident for income purposes
OR
Carrying on a taxable activity through a permanent place in NZ
When is someone required to register for GST?
When supplied taxable activities exceed $60,000
When will someone be treated as registered?
If they are required to register and have not registered yet.
OR
Charge GST on supplies
What is a taxable activity?
An activity carried on constantly or regularly involving G & S
What is continuous?
The activity has not ceased or been significantly interrupted
What is regularity?
Reoccurs or is repeated at fairly fixed times or at generally uniform intervals.
What are exempt supplies?
- Financial services
- Non-profit selling donated goods
- Accommodation in dwelling
- Lease for a private purpose of dwelling
- Sale of dwelling used for more than 5 years
- Supply Fine metals
When is the time of supply for GST?
Earlier of:
- Invoice issued
- Payment issued
