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| Thread ID: 41575 | 2004-01-15 07:58:00 | [OT] Tax Advice | Lohsing (219) | Press F1 |
| Post ID | Timestamp | Content | User | ||
| 207649 | 2004-01-21 11:05:00 | Relax guys GST is boring to sortout/write down, but simple once you get the hang of it . I have no book-keeping experience, but learned by doing . I do GST returns for a very small farming enterprise . By now we could opt out (being well under the current limit) but hang on because claiming it back on returns is worthwhile . If you register, all it involves is saving the dockets for your expenses & writing an invoice for the services you provide . So buy an invoice book . Your expenses dockets should be Tax Invoices showing GST . (Make sure you ask for a GST invoice if not provided) Your own invoice should show details of the work you have provided and the price . Then you divide that by 8 for GST and add that . Then you write the total price you are charging . (That should be 9 times what you charged for GST This is not rocket science) On your GST return you will be asked (Basically) 2 things: (1) What did you earn (2) What did you spend to get it? (3) Do you owe us money or do are you due a refund? Whether you want to do this or not depends on how big the bikkies are, Speaking as the self-employed, I'd say go for it . No, you don't have to do the GST . Just do the job with your own sums . . And personally, I don't believe a one-off job means you're stuck with Provisionl Tax - but I'd bow to an expert version on that |
Laura (43) | ||
| 207650 | 2004-01-21 11:20:00 | Reading this back on a busy night (when I missed so many of the recent posts) I realise I should make it clear I was responding to Lohsing's post . | Laura (43) | ||
| 207651 | 2004-01-21 11:29:00 | >1. An invoice from a non-registered person means the buyer can deduct one >ninth of the total value as imputed gst. This sort of means the buyer saves a >ninth on the cost, but isn't all plain sailing. My understanding is if they can't quote a GST number they can't claim. I am not GST registered and when I invoice someone I always give my suppliers GST number and the amount they can claim. I have a brother in law and a nephew; both trained as accountants agreeing with me. I am very interested in this one because I do like to comply. |
mikebartnz (21) | ||
| 207652 | 2004-01-21 11:33:00 | I have over the years dealt with a number of large firms and the fact that I have not been GST registered has not even come into it. As I said if you can't quote a GST # you can't claim. | mikebartnz (21) | ||
| 207653 | 2004-01-21 11:44:00 | Just recently I was telling some one that a Z!900(1975 Kawasaki) was not given a tappet clearence with the lobe straight up from the valve; he would not beleive me and yet the little book under the bike seat said just that. I have the impression that some people just prefer to remain ignorant. I would certainly agree that if no pressure is on the IRD is brilliant. |
mikebartnz (21) | ||
| 207654 | 2004-01-21 19:38:00 | It may help to know how much you'll have to spend on your one of venture Lohsing to decide weather or not you should be GST registerd (new comp, soldering iron or whatever) If it's no-where near what you'll earn then you'll end up paying the GST to the IRD, but if you spend as much or more then you'll get to keep the GST+ maybe more. You'll need to think about whether you'll get more one off's after too and how much you're likely to spend. And I think you'll need to say roughly how much you'll end up with, including your day job, on 31 March 2004 from 1 April 2003 to give an idea of how much normal tax you'll pay, as it changes at $9000 and $38000 I also thought adding GST when your not registerd was illegal and called tax fraud... |
Trev O (452) | ||
| 207655 | 2004-01-21 20:28:00 | >>Z!900(1975 Kawasaki) Nice machine. Wish I had an immaculate one sitting in the garage (does that mean you have one... or just the little book under the seat). |
Dolby Digital (160) | ||
| 207656 | 2004-01-22 02:18:00 | I bought it new ($2700) in 75 and sold it in 78. It was a nice bike but I had my first and only experience with a tank slapper at 100mph on it. Don't even have the little book or the big one now. If you want one I know someone who was restoring one and wanted to sell it. | mikebartnz (21) | ||
| 207657 | 2004-01-22 03:08:00 | I have a Yamaha in the garage... although it may not be in the garage much longer. A have an an outstanding amount with a certain government department :_| | Dolby Digital (160) | ||
| 207658 | 2004-01-22 09:33:00 | head race bearings probably would have save the tank slapping or leaning forwards or even dampers..? I sold my Yammy recently...never rode it, mostly straight roads and no traffic down here! |
Trev O (452) | ||
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