Most people – whether involved in business or not – will be aware that the rate of GST increases to 15% from 1 October 2010.

 To help you keep up to date we  have  a range of ways to keep yourself informed on the new rate change and consequential matters - such as what to do in ‘transitional’ situations (for example, for GST return periods which span 1 October 2010).

Recent announcements relating to the new 15% rate, and important Inland Revenue announcements, are in the Brookers Tax Service Weekly Tax Bulletin. Here you will find information about Inland Revenue reports and initiatives to assist with the transition to the new rate.

You can also find the source legislation for the GST rate change in the Taxation (Budget Measures) Act 2010, on Brookers Tax Service online.

The Government also recently enacted further legislation to assist taxpayers in the transition to the new 15% rate, which is contained in the Taxation (Annual Rates, Trans-Tasman Portability, KiwiSaver and Remedial Matters) Act 2010. You can also find the Government’s report on these measures, on Brookers Tax Service online.

Thomson Reuters has also published a Staples 2010 Mid-year Supplement which contains important updated commentary on the new GST rate, and associated transitional issues.

There are yet more GST changes afoot as well, relating to zero rating of land transactions, adjustments for changes in use and transactions involving nominated persons. These measures are contained in the Taxation (GST and Remedial Matters) Bill 2010 – which you’ll also find on Brookers Tax Service online, along with explanatory Commentary on this Bill.

Stay tuned, because that legislation is expected to come into force before the end of 2010. When it does, we’ll also have any new legislation and guidance material available online.