Small Business Tax Dictionary

You didn't get into business to become a tax expert. So use our helpful guide to understand all the terminology instead

GST (Goods and Services Tax) - NZ

The Goods and Services Tax (GST) in New Zealand is a value-added tax levied at 15% on most goods, services, and other items sold or consumed within the country. GST is collected by businesses and paid by the end consumer. Businesses registered for GST must charge the tax on taxable supplies and can claim credits for GST paid on business purchases. Proper understanding and management of GST are vital for New Zealand businesses, affecting pricing, invoicing, and reporting. Compliance with GST regulations ensures financial accuracy and legal adherence, contributing to business integrity and growth.