GST - Goods & Services Tax
GST got your head spinning? Baigent Consulting can help. We can calculate your returns for you at competitive rates using systems that are very user friendly. We believe your time is best spent working on the business, instead of doing your head in with all the numbers.
GST is a tax on retail spending that is applied to all businesses with an annual turnover in excess of $60,000. GST returns must be filed with the Inland Revenue Department at either one, two or six monthly periods.
GST tax rate - 15.0%
Calculating GST
To get the GST inclusive amount, multiply the GST exclusive amount by 1.15. (ie $1,000 x 1.15 = $1,150)To get the GST exclusive amount, divide the GST inclusive amount by 1.15. (ie $1,150 / 1.15 = $1,000)
To get the GST amount
Multiply the GST inclusive amount by 3 and divide by 23. (ie $1,150 x 3 / 23 = $150), ORMuliply the net GST exclusive amount by 0.15 (15%) (ie $1,000 x 0.15 = $150)
Back...