Wellington Accountant for GST

The Policy and Strategy division of Inland Revenue has
produced GST policy issues. On pages 5, 6 and 7
you will find a table summarising the proposed changes.
The proposals include:
• Reducing some of the requirements of what
constitutes a tax invoice including:
o Details of quantity and volume could be removed.
o The requirement to write “copy only” on a copy
becomes nonsense in an electronic environment.
o Eliminate need for Inland Revenue approval to
use buyer created tax invoices.
• Excluding cryptocurrencies from GST and from
financial arrangement rules.
• Making the wash-up rule for non land assets fairer
and allowing for wash up where the change in use
is other than 100%.
• Requiring some output tax if an asset bought as
part of a going concern sale and purchase are
subsequently used privately. Also, some changes
to zero rating for some couriers who subcontract
international transport as part of their business
process and conferences supplied to non-residents,
to allow both of these to claim back GST.
• New rules for fund manager and investment
manager services.
• Tackling problem with GST received by a third party
to a claim.
• Improvements to the law relating to CZR of land