Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GST > Registration > Flashcards

Registration Flashcards

1
Q

Most of you will be aware that there are two types of GST registration, essentially __________ or involuntary.

A

voluntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Most of you will be aware that there are two types of GST registration, essentially voluntary or __________.

A

involuntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

the latter requiring you to register for GST if:
• for the __________ and the preceding 11 months your supplies have exceed the $60k registration threshold (unless they are not expected to for the coming 12 month period); or,
• for the ______________ and the following 11 month period, you expect your supplies will exceed the $60k registration threshold.

A

current month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

the latter requiring you to register for GST if:
• for the current month and the ______________ your supplies have exceed the $60k registration threshold (unless they are not expected to for the coming 12 month period); or,
• for the current month and the following 11 month period, you expect your supplies will exceed the $60k registration threshold.

A

preceding 11 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

the latter requiring you to register for GST if:
• for the current month and the preceding 11 months your supplies have exceed the $60k registration threshold (unless they are not expected to for the coming 12 month period); or,
• for the current month and the ______________ period, you expect your supplies will exceed the $60k registration threshold.

A

following 11 month period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

the latter requiring you to register for GST if:
• for the current month and the preceding 11 months your supplies have exceed the $60k registration threshold (unless they are not expected to for the coming 12 month period); or,
• for the current month and the following 11 month period, you expect your supplies will exceed the _________________.

A

$60k registration threshold

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Naturally the Commissioner always has the benefit of __________, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner can permit a later registration date where she considers it is equitable to do so, however this discretion is rarely applied.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

hindsight

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Naturally the Commissioner always has the benefit of hindsight, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner can permit a later registration date where she considers it is equitable to do so, however this discretion is rarely applied.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

backdated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Naturally the Commissioner always has the benefit of hindsight, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner ______ permit a later registration date where she considers it is equitable to do so, however this discretion is rarely applied.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

can

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Naturally the Commissioner always has the benefit of hindsight, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner can ______________ where she considers it is equitable to do so, however this discretion is rarely applied.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

permit a later registration date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Naturally the Commissioner always has the benefit of hindsight, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner can permit a later registration date where she considers it is _____________, however this discretion is rarely applied.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

equitable to do so

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Naturally the Commissioner always has the benefit of hindsight, and where you have failed to register at a time required under either of the aforementioned tests, then your registration can be backdated to the appropriate date. It should be noted that under the legislation, the Commissioner can permit a later registration date where she considers it is equitable to do so, however this discretion is _____________.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

rarely applied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When it comes to a situation of a person registering for GST on a ____________, usually the effective date is a prospective one to the date the registration application was filed. While SPS 18/03 suggests that “in very limited circumstances” a retrospective effective registration date will be permitted, our practical experience would suggest that IR is in fact quite generous with this discretion, provided that no more than 6 months backdating has been requested.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

voluntary basis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

When it comes to a situation of a person registering for GST on a voluntary basis, usually the effective date is a prospective one to the date the registration application was filed. While __________ suggests that “in very limited circumstances” a retrospective effective registration date will be permitted, our practical experience would suggest that IR is in fact quite generous with this discretion, provided that no more than 6 months backdating has been requested.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

SPS 18/03

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When it comes to a situation of a person registering for GST on a voluntary basis, usually the effective date is a prospective one to the date the registration application was filed. While SPS 18/03 suggests that “_____________” a retrospective effective registration date will be permitted, our practical experience would suggest that IR is in fact quite generous with this discretion, provided that no more than 6 months backdating has been requested.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

in very limited circumstances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

When it comes to a situation of a person registering for GST on a voluntary basis, usually the effective date is a prospective one to the date the registration application was filed. While SPS 18/03 suggests that “in very limited circumstances” a retrospective effective registration date will be permitted, our practical experience would suggest that IR is in fact quite generous with this discretion, provided that no more than 6 months backdating has been requested.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

quite generous

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When it comes to a situation of a person registering for GST on a voluntary basis, usually the effective date is a prospective one to the date the registration application was filed. While SPS 18/03 suggests that “in very limited circumstances” a retrospective effective registration date will be permitted, our practical experience would suggest that IR is in fact quite generous with this discretion, provided that no more than _______________ has been requested.

https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

6 months backdating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is ______, an input tax deduction can simply be claimed in any later GST return period (within the automatic statutory time limit of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

very rigid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an ____________ can simply be claimed in any later GST return period (within the automatic statutory time limit of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

input tax deduction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in ______________ (within the automatic statutory time limit of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

any later GST return period

21
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the ____________ of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

automatic statutory time limit

22
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the automatic statutory time limit of ___________, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

of 2 years

23
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the ________________________, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

the automatic statutory time limit of 2 years

24
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the automatic statutory time limit of 2 years, potentially extended to __________), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

8 years

25
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the automatic statutory time limit of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not _________ a potential input tax claim.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

miss out on

26
Q

The reason behind the comment “in very limited circumstances”, is because unlike income tax deductions where the timing of the claim in the correct income year is very rigid, an input tax deduction can simply be claimed in any later GST return period (within the automatic statutory time limit of 2 years, potentially extended to 8 years), with the main proviso being that the amount has not been claimed already in an earlier return period. Due to the flexibility of the claiming rules therefore, the Commissioner is more likely to set a prospective registration effective date, where the person is applying for a retrospective date simply to ensure they do not miss out on a ______________.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

potential input tax claim

27
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with _____________, and attempts by the purchasing party to ensure the transaction is subject to the compulsory zero-rating legislative provisions, a core requirement of which is that both parties to the transaction are GST registered at settlement date.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

land transactions

28
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the ________________ legislative provisions, a core requirement of which is that both parties to the transaction are GST registered at settlement date.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

compulsory zero-rating

29
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the compulsory zero-rating _____________, a core requirement of which is that both parties to the transaction are GST registered at settlement date.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

legislative provisions

30
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the __________________, a core requirement of which is that both parties to the transaction are GST registered at settlement date.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

compulsory zero-rating legislative provisions

31
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the compulsory zero-rating legislative provisions, a core requirement of which is that both parties to the transaction are ____________ at settlement date.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

GST registered

32
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the compulsory zero-rating legislative provisions, a core requirement of which is that both parties to the transaction are GST registered at _______________.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

settlement date

33
Q

The most common scenarios we encounter with respect to retrospective effective GST registration dates, is when dealing with land transactions, and attempts by the purchasing party to ensure the transaction is subject to the compulsory zero-rating legislative provisions, a core requirement of which is that both parties to the transaction are ___________________.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

GST registered at settlement date

34
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that __________ will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

both parties

35
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be _______________ consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

treating the transaction

36
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction ________________. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

consistently for GST purposes

37
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be ___________________________________. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

treating the transaction consistently for GST purposes

38
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s___________ of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

s.78F

39
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the ________________________ – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

agreement for sale and purchase

40
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – ______________________ that they expect to be a GST registered person, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

usually a statement by the purchasing party

41
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party ______________________________, at or before settlement date. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

that they expect to be a GST registered person

42
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, ________________. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

at or before settlement date

43
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party _______________________________________. SPS 18/03 also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

that they expect to be a GST registered person, at or before settlement date

44
Q

When considering applications of this nature, SPS 18/03 states that the Commissioner must be satisfied that both parties will be treating the transaction consistently for GST purposes. Consequently, she will expect to see that the requirements of s.78F of the GST Act have been dealt with adequately in the agreement for sale and purchase – usually a statement by the purchasing party that they expect to be a GST registered person, at or before settlement date. ______ also provides further narrative on other potential issues with respect to land transactions that may arise if a request for retrospective registration is granted.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

SPS 18/03

45
Q

Finally, when it comes to voluntary registration, IR will not grant a request for registration (although from practical experience we know they usually do ________________ and its only as a result of a subsequent review that the hot tap is turned on) unless they are satisfied the person is actually carrying on a taxable activity. Interestingly in this regard, it is often about you proving your intention. I say “interestingly” because when I was a young fellow in my early years of my working life (admittedly some time ago now!), both at the Revenue and then having changed sides to greener pastures, everything was about a persons stated verbal intentions, and the exposure to being “hung” just by a slip of the tongue as to your real plans.
Times have certainly changed however, and frequently what you say is often never enough on its own, without some hard objective evidence to back you up.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

automatically

46
Q

Finally, when it comes to voluntary registration, IR will not grant a request for registration (although from practical experience we know they usually do automatically and its only as a result of a subsequent review that the hot tap is turned on) unless they are satisfied the person is actually _________________. Interestingly in this regard, it is often about you proving your intention. I say “interestingly” because when I was a young fellow in my early years of my working life (admittedly some time ago now!), both at the Revenue and then having changed sides to greener pastures, everything was about a persons stated verbal intentions, and the exposure to being “hung” just by a slip of the tongue as to your real plans.
Times have certainly changed however, and frequently what you say is often never enough on its own, without some hard objective evidence to back you up.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

carrying on a taxable activity

47
Q

Finally, when it comes to voluntary registration, IR will not grant a request for registration (although from practical experience we know they usually do automatically and its only as a result of a subsequent review that the hot tap is turned on) unless they are satisfied the person is actually carrying on a taxable activity. Interestingly in this regard, it is often about you _________________. I say “interestingly” because when I was a young fellow in my early years of my working life (admittedly some time ago now!), both at the Revenue and then having changed sides to greener pastures, everything was about a persons stated verbal intentions, and the exposure to being “hung” just by a slip of the tongue as to your real plans.
Times have certainly changed however, and frequently what you say is often never enough on its own, without some hard objective evidence to back you up.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

proving your intention

48
Q

Finally, when it comes to voluntary registration, IR will not grant a request for registration (although from practical experience we know they usually do automatically and its only as a result of a subsequent review that the hot tap is turned on) unless they are satisfied the person is actually carrying on a taxable activity. Interestingly in this regard, it is often about you proving your intention. I say “interestingly” because when I was a young fellow in my early years of my working life (admittedly some time ago now!), both at the Revenue and then having changed sides to greener pastures, everything was about a persons stated verbal intentions, and the exposure to being “hung” just by a slip of the tongue as to your real plans.
Times have certainly changed however, and frequently what you say is often never enough on its own, without some _______________ to back you up.
https://gilligansheppard.co.nz/richards-tax-updates-august-2/

A

hard objective evidence

GST (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions