1st of October GST Increase

By Nita - on Mon Aug 16 2010 - 3 comments - share this article facebook twitter email +1

On the 1st of October GST will increase to 15%. Make sure you are ready by following these tips...

Update your accounting software.
Make sure you are ready to issue tax invoices with the new GST rate of 15% from 1 October.
Your accounts payable system can process tax invoices at both the 12.5% and 15% rates (you may review invoices at both the old and new rate of GST for some time after 1 October)
Be aware you can still issue credit and debit notes at both the new and old rates (the GST rate on credit and debit notes needs to reflect the original invoice)
If you de-register for GST before 1 October, you'll pay 12.5% GST on assets you have sold or kept that were used in your business. If you de-register on or after 1 October you'll be required to pay 15% GST.

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3 comments
leave a comment

You forgot the obvious consumer angle:
+ Be prepared to take the resulting price hike up the tailpipe
Barryreply

and the obvious bka angle:
be sure to book in with our excellent dev team to update that world class website in plenty of time!
Barbreply

and the employee angle:
can I have a pay rise?
Leahreply

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