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We are on a GST Payments basis.
I have printed my GST101 form and it shows an amount of $111 in Box 6 (Zero rated supplies). However there are no Zero rated supplies in my GST report. I do have the same amount ($111) being GST paid to Customs which is in Box 13 (after creating a new GST code GOI - as per your online recommendations).
The actual GST amount to pay (Box 8) is correct because the GST101 form has added $111 to my Sales figure (Box 5) then deducted it to make Box 7 reconcile with my GST report.
Can you please advise why this is happening?
THanks very much.
First and foremost I'd like to extend to you a warm welcome to the Community Forum. I hope you find it a valuable resource.
When importing goods from overseas, GST is levied at 15% of the landed cost of the goods and is payable to the customs agent, not your overseas supplier. GST-registered persons may claim a full input tax deduction for GST paid on goods and services acquired for the principal purpose of making taxable supplies. The GST paid to customs in Box 13 of the GST return which is GST Input Tax Adjustments account The customs agent usually handles the costs associated with the import. Generally, the customs agent will arrange payment for, and collection of, the goods on arrival in New Zealand, and may pay your customs duty, freight, insurance and GST liability. You will need to reimburse the customs agent for these costs.
I have provided you with a help page that will guide you with Overseas purchases and imports costs to see the implications of how GOI gets treated in GST101. I would also recommend you to seek professional advice from your accountant for specific advice relating to your circumstances as well should there be any doubts.
Please do let us know how you go, and feel free to post again should you have any other queries.
hi there @jasmin
Did you use a Z code on your GST amount paid to customs. This should have been E for Exempt, as the Z code is only used for Export sales - and then they appear in Box 8.
The GST on imports should be in Box 13 via the link on the Prepare GST return.
Hope this helps.
Thanks for your reply. I understand and confirm the correct GST amount shows in Box 13.
However, this same amount also appears in Box 6 but I do not have any Zero rated supplies.
My GST (Detail-Payments) Report has no Zero rated supplies for the period, so why does the GST101 return include a Zero rated amount?
I used a newly created GOI code on the GST paid to Customs.
I haven't used Z at all for the 2 month period which is why I am confused that Box 6 shows the same figure as the GST paid to Customs. It is weird!
Welcome back to the forum and thanks for your feedback.
My take on this would be that when you create a GOI GST Code you have stated that it's GST Type is GST which is the same when Zero-Rated tax code is set up . The definition for Zero-rates supplies is that some supplies are zero-rated for GST and taxed at 0% because the supplies are normally provided to people living overseas and when setting up GOI tax code you are differentiating that it is GST charged in NZ for the imports in your accounting system which can be claimed back in Box 13 of your GST 101. So whether you have used Z code or GOI it is treating the GST as same.
According to IRD you need to claim the GST content shown on the Customs document in Box 13 of the GST return for the period you make the GST payment.
Can you please confirm if you have gone through this help page to set up Overseas purchases and import costs?
Hope this helps! Please let us know if have any follow up questions regarding this process.
Hi there team, and thanks for all the help with this complex software.
I'm doing my GST return, and am wondering why there is so little in my Zero rated supplies field.
I have a good chunk of income that I classify as NT, being non-GST-able category, so why don't I see this represented here?
One thing I suspect is that the title:"Total sales and income for the period (including GST and any zero-rated supplies)" really means "Total GST-able Sales and income...", ignoring all the income that doesn't qualify for GST.
Would this be correct?
Any transactions coded to NT GST Code do not show on the GST return. Only 15%, Exempt and Zero Rated GST are shown in the GST return.