VAT declaration

VAT-registered businesses are required to submit monthly VAT returns. There is often an option to submit quarterly VAT returns if turnover is below a specific limit. In addition to periodic returns, an annual summary VAT return is required.

New Zealand specifics

GST return submission in New Zealand can either be via a myIR Secure Online Service account or through filing a paper-based GST return. The Online GST return can be completed manually on the portal.

Payment can be made through internet banking, by credit/debit card, or by posting a cheque.

Records are kept for 7 years, and in English, unless given prior approval to use another language.

Taxpayer can store Paper-based record or electronic records through SPS (Standard Practice Statement) 13/01 in electronic format.

Companies deploying electronic transfer of tax invoices, credit notes or debit notes must retain electronic records with an adequate level of detail to meet the requirements of the GSTA; this may necessitate the taxpayer also retaining other records, such as the underlying contracts, price lists, price changes, product code descriptions, etc.

How Infor meets this requirement

See the Tax User Guide.

See the Financials Setup and Administration Guide.