Date: 27th July 2016
The folks at Findlay and Co – and we’re pretty sure we speak for our clients here too – love it when things get simpler. Especially when those things involve business accounting. So we’re pretty excited that Xero has just released an update that will ensure tax filing is simpler, more accurate and faster!
A couple of months ago we mentioned that Xero was piloting a new GST filing system and now we’re pleased to say that all systems are go! You can now do your GST returns in Xero and send them directly to Inland Revenue electronically. So easy. No more filling out a form online, nothing to print, sign or post. No more transcription errors!
You’re eligible for eGST if you’re authorised to file GST returns for your business and you’re a registered myIR user.
Xero takes care of GST whether you normally file a GST only return, or a combined GST + provisional tax return. You just need to choose your provisional income tax method in Xero. If you’re not sure which kind of return IR is expecting you to file, check with us.
A recent report showed that an average New Zealand business could spend up to four weeks a year on tax compliance! That’s compared to about two and a half weeks in Australia and the UK, and less than two weeks in places like UAE, Switzerland or Hong Kong.
Xero says: “It’s exciting to see the New Zealand Government introduce digital integrations. Think of all the time you and your accountant or bookkeeper spend administering GST, staff taxes and benefits, social welfare payments, ACC, KiwiSaver, company and personal tax.”
Think of what you could do with that extra time… 1) produce more revenue for your business, or 2) more time skiing/biking/fishing/golfing or 3) more coffee with friends!
If you need a helping hand to set up direct GST filing from Xero, please get in touch.