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.

1. Choose Show>Tax Rates to display the tax table;
2. Double Click your normal GST code (usually “G”)
3. Set the Rate 1 rate to 12.5%
4. Set the Changeover Date to 01/10/10
5. Set the Rate 2 rate to 15.0%
6. 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!)

The Cubby

I have a link for it on the right as well under INFO