Kiwi SMBS “deserve better” as Govt drags feet on GST
While this a positive step in fixing a loophole, “as usual, National hasn’t done it properly.”
While this a positive step in fixing a loophole, “as usual, National hasn’t done it properly.”
“There will be plenty of non-resident suppliers who won’t bother to comply, or may even choose not to deal with New Zealand customers."
The lowering of the GST threshold on overseas purchases is likely to have a positive impact on small businesses, however...
“This document is an important first step in dealing with the increasing volume of purchases that should, under New Zealand’s tax rules, be subject to GST."
Inland Revenue is beginning work to explore allowing online third-party accounting software to integrate with the GST returns system.
Enprise Group CEO Mark Loveys warns that New Zealand businesses will incur unexpected costs as a result of the GST increase to 15% on October 1 unless they take steps now to prepare for the transition.
A newly established advisory panel to help businesses through the change in GST rate from 12.5 to 15 percent has retained no specific expertise to advise on potential problems with computer systems, says panel chairman Frank Owen.
The business tax-cut proposals being floated by the Minister of Finance, Michael Cullen, probably won’t benefit the local software industry much, says New Zealand Software Association president Chip Dawson. This is because the local industry mostly consists of small- to medium-sized companies.