At Outside Accounting, we will guide and support you to manage the financial department of your property development
Get a Complimentary Consultation
Fill up the form below and our team will contact you shortly!
Wellington’s small- and medium-sized business accountant
Accounting designed just for you We take the effort to fully comprehend you
Not only must competent services be rendered, but they must also be tailored in a manner that is suited for your particular scenario.
We offer a comprehensive array of accounting services.
Whatever your needs, we can almost likely help, from offering guidance to actively taking part in your regular financial operations.
Xero Platinum Certified Partner
Whether you’re new to Xero or a seasoned user, we’ll get you up and running quickly.
From April 1, 2023, new regulations that modernise the GST invoicing and record-keeping requirements will be in effect. The main change is that GST requirements are now satisfied if specific GST information is stored through various business records, such as commercial invoices or agreements, rather than the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required).
Taxable supply information will take the place of tax invoices (TSI). Within 28 days of the date of supply, any GST-registered clients shall get the following set of information. Information that goes beyond the criteria for current tax invoices includes:
Instead of the present tax invoice requirement of the date on which the tax invoice is issued for supplies over $1,000, the TSI must include the recipient’s physical address when the “date of the supply” — when the time of delivery is triggered (if that information is available).
For purchases exceeding $200, it will be required to provide TSI to GST-registered customers within 28 days of the purchase date, and you will have a further 28 days to provide TSI to non-GST registered customers once they request it.
Other beneficial adjustments include the removal of the IRD permission requirement for sending buyer-created tax invoices and the raising of the low-value threshold from $50 to $200 when just a minimal amount of taxable supply information is needed (to be replaced by written agreements between parties to confirm self-billing).
All businesses will need to be aware of the changes to ensure their business processes can handle the new GST requirements, such as accepting invoices that don’t say “tax invoice,” even though the new invoicing rules were designed with the intention that businesses issuing valid tax invoices now wouldn’t have to make any changes to comply with the new rules.
In the upcoming months, we will have additional details regarding the adjustments for you.
Meet the Outside Team!
With over 20 years experience in kitchens, Taz took the leap and set up Food Envy in 2012 – a way to share his love of good food and hospitality.
Addressing the challenges of the industry is the hardest part of a build but Tidy Slabs believe that foundation work can be simple – with a well-defined process, and a high standard that’s maintained every time.