The GST rate has changed in New Zealand
In New Zealand, the rate of Goods and Services Tax (GST) increased on 1 October 2010.
This was a universal change - all organisations, no matter what size or sector, could ignore the need to understand how the change impacts their business - particularly the complexities of managing that change from a systems perspective.
Was your organisation prepared? Did your systems adapt to the new rate - and can you cater for situations where both rates may apply? There are a number of factors that need to be considered.
Were you ready for the GST increase?
Use our GST Readiness HealthCheck (PDF) to understand which systems are affected, or view materials from our seminars on the GST changes.
Key Questions
Every organisation is impacted differently by this change, however we have devised a set of key questions:
- Which systems handle GST calculations?
- Can you change the GST rate on your systems or is it hard-coded?
- Can you change the GST rate retrospectively?
- Will open purchase and sales order lines be updated by the GST rate?
- Does your system(s) manage credits for purchase and sales? Will your system(s) be able to credit back at the 12.5% GST rate for credits to orders raised prior to the GST rate change?
- Will your systems require updates to existing, recurring customer orders, laybys and deposits?
With the GST rate change in place, these considerations must be addressed by your systems,
GST System Readiness HealthCheck
If you still need help, our GST Systems Readiness HealthCheck helps organisations identify which systems in their organisation are impacted by the GST change.
As part of this review we will work through several key questions with you, to help identify the affected systems and to gauge what any next steps are to resolve any issues that may arise.
After completing this exercise you will be in a better position to understand the scale and complexity of your GST systems readiness, giving you the core information with which to work with your service providers.
Download the datasheet to find out more.