GST Increase in New Zealand (1st Oct 2010)
The GST rate is set to increase in New Zealand from 12.5% to 15% on 1st October 2010.
Setting this up in MoneyWorks is easy, and can in fact be done at any time before October 1st.
- Choose Show>Tax Rates to display the tax table;
- Double Click your normal GST code (usually “G”)
- Set the Rate 1 rate to 12.5%
- Set the Changeover Date to 01/10/10
- Set the Rate 2 rate to 15.0%
- Click OK.
It would pay to check the other tax rates that you use.
The effect of this is that transactions dated before 1 Oct 2010 will attract the Rate1 rate 12.5% tax rate; transactions dated on or after the 1 Oct 2010 will attract the Rate2 rate of 15% (MYOB users, eat your heart out!)