Richards Woodhouse would like to wish you all a Merry Christmas and a Happy & Prosperous 2012.

Please note our office will be closed from 11.00am Thursday 22^nd December and will re-open at 8.30am Thursday, 12 January 2012.

GST105 – Rate Change Adjust Calculation Sheet

Please find attached a copy of the GST rate change adjustment calculation worksheet which will be sent out with your next GST return.  If you have any queries regarding the worksheet please don’t hesitate to contact the friendly team at Richards Woodhouse on 03-548 2369 or rw@richwoodhouse.co.nz.

The team at Richards Woodhouse have tried to put together a simple to understand summary of the changes.  Please find these changes listed below.

•  Rate change from 1^st October from 12.5% to 15%.  To calculate the GST inclusive amount multiply the GST exclusive amount by 115% (e.g. 100 x 1.15 = 115).  If you have the inclusive amount multiply it by 20 and then divide by 23 to get the exclusive amount (e.g. 115 x 20/23 = 100).  To calculate the GST take the inclusive amount multiply it by 3 then divide by 23 (e.g. 115 x 3/23 = 15).
•  Ensure you keep all documentation well separated for the period up to September 30^th from that received on or after 1^st of October.  This way any requirement to find documentation relating to each GST rate will be easier.   This will mean you will have to make a detailed list of your debtors and creditors as at the 30^th of September 2010.  We believe it is essential for all clients to compile a debtors and creditors list as at 30^th September 2010.  If you do this in the same manner in which you do your financial year end list for us you won’t go wrong.  The adjustment is to reflect the fact that your system will account for GST on transactions at 15% although they there were invoiced at 12.5%.  This will ensure you are not put at any disadvantage.  Please don’t hesitate to contact us if you feel you need help doing this.

 The IRD are continually updating their website with information relating to the GST changes at www.ird.govt.nz/changes.  There are some great easy to follow examples of the impact of the GST changes both under the consumers and businesses tabs which cover many of the items listed above.

We know some people are feeling quite overwhelmed by the GST changes and there is some anxiety around the first GST return.  If you are in this situation we would be quite happy to help you through your GST return or do it for you.   Please do not hesitate to contact the friendly team at Richards Woodhouse if you require any further information or have any concerns. Phone 03-5482369

 The IRD have just updated their website with considerably more information relating to the recent budget GST changes.  To view their latest information go to http://www.ird.govt.nz/changes/

If you have any queries or concerns about these changes please do not hesitate to contact the friendly team at Richards Woodhouse.  We will be posting news very soon about the GST budget changes seminar that we will be running in September.

We have just received some communication from MYOB regarding what actions they are taking to address the recent budget changes in their software packages.  For those clients on MYOB, or for general interest, the link below will take you to MYOB’s latest news release.

http://myob.co.nz/get-ready-for-tax-changes-1-october-2010-1257828616037?site=en_NZ?utm_source=myob&utm_medium=site-tile&utm_content=hp_promo&utm_campaign=2010nztaxchanges

Richards Woodhouse has a new website, launched today.

Replacing our old and outdated site, our new one features:

A new layout

A news blog for the firm

Resources sections

A full description of our services

Useful Links

News letter downloads

Business news feeds

And more! We hope you enjoy using our new site

Orbus business services is proud to offer the new XERO accounting software.

Remember, March 31 sees the end of the financial year.