GST is a tax on the goods and services your business sells. Filing accurate GST returns depends on your financial records being in order. We can manage your GST returns, bookkeeping or both, depending on your needs.
Accurate GST returns rely on accurate financial records. Transactions that are incorrectly recorded or coded in Xero or other financial software can affect the information included in your GST return. We work with you to prepare and file your GST returns accurately and can also assist with bookkeeping and account reconciliation where needed.
How we can help
Depending on your needs, we can assist with the following:
01
Each period we prepare your GST return, check the figures, and send it to you for approval before anything goes to IRD. We manage the deadlines, whether you’re on a bi-monthly, monthly or six-monthly cycle.
02
Accurate and up to date records are important when preparing GST returns. If we manage your bookkeeping, we reconcile your Xero accounts to your bank statements and ensure transactions are accounted for and accurately coded.
03
If your turnover is approaching the $60,000 threshold, we can manage your GST registration with IRD and help you set up your financial software correctly. If your circumstances change and you need to deregister, we can manage that process too, including preparing and filing your final GST return.
04
If you manage your own bookkeeping, we can review your accounts to identify coding errors or other issues that may need to be corrected.
05
If IRD has questions about your GST return or requests further information, we can respond and liaise with IRD on your behalf. We work with you to provide any information or supporting documentation required.
Questions
More questions? Please reach out to our team.
GST returns can be filed monthly, two-monthly or six-monthly, depending on your turnover and the filing frequency you choose. Most businesses file every two months, while businesses with annual turnover under $500,000 may be eligible to file six-monthly. We can help you determine the most appropriate filing frequency for your business, and apply to change it if needed.
Invoice basis means you account for GST when you raise or receive an invoice, regardless of whether payment has been made. Payments basis means you account for GST when money actually changes hands. Payments basis can help with cash flow if your customers take a long time to pay, because you’re not paying GST on invoices that haven’t been settled yet. It’s generally available to businesses with a turnover of $2 million or less. Getting this right at registration matters, as changing it later requires an application to IRD.
It depends on the services your bookkeeper provides and the level of support you need. Bookkeepers are generally well placed to manage day to day data entry and bank reconciliations, while an accountant can provide advice on more complex GST matters. We can work alongside your existing bookkeeper to prepare and file your GST returns, or manage both your bookkeeping and GST requirements.
If you think a GST return has been filed incorrectly, please get in touch as soon as possible. We can review the issue and determine whether an amended return or voluntary disclosure is the most appropriate way forward. Acting quickly can help minimise any potential penalties or interest and allows the issue to be addressed with IRD as early as possible.
Let’s talk
Book a no obligation discovery call with Jeremy to discuss your business and how we can help with your GST returns and bookkeeping.
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