"Businesses need to ensure they have the information needed to successfully complete GST returns over the rate transition period", said GST Advisory Panel Chair, Frank Owen today.

"We're advising all businesses registered on the payments basis, or the hybrid basis, of accounting for GST to compile a list of debtors and creditors as at 30 September," he said.
"This information will be required to complete the GST rate change adjustment sheet."
The rate change adjustment recognises that businesses will have invoices that were issued pre-1 October with 12.5% included for which payment will be made or received after 1 October when the new 15% GST rate will apply.
"A large number of businesses will make the rate change adjustment in their GST returns for the period ended 30 September which are due to be filed by 28 October" Mr Owen said. "However a number of businesses will not be required to make the adjustment until they file GST returns due at a later date". Those businesses should compile the list of debtors and creditors now so that the information is available when the return is due to be filed."
"It will make it much easier if you need to make the GST rate change adjustment in GST returns due in November and subsequent months."
"Businesses who have their GST returns filed by an accountant or a tax adviser should contact them as soon as possible to help speed up the process of filing GST returns over the transition period".
"Good records will help everyone ensure that the correct adjustment is made, and the GST return is filed on time." Mr Owen said
 
Frank Owen
Chair