Sweeping GST changes in two weeks

In this issue, we summarise the significant new GST rules that take effect from 1 April 2011.

Also included in this issue:
• a transaction checklist for vendors and purchasers entering into land transactions under the new compulsory zero-rating (CZR) regime, and
• other current GST issues including:
o tax invoices in a foreign currency
o cancelled supplies
o insurance claims, and
o earthquake support payments.

New GST rules take effect from 1 April 2011. It is important to review all current and upcoming transactions, including existing agreements, to determine how the new rules will affect them.

The new rules change the GST treatment of many land transactions. There are
also changes to GST recovery for some businesses, and to the treatment of
accommodation supplies.

Read Full PWC GST Direct March 2011 Issue Here:
http://img.scoop.co.nz/media/pdfs/1103/GST_Direct_March_2011_issue1.pdf

ENDS

© Scoop Media