Incomes
There are three rates available for income categories
This is for any incomes or receipts that are for taxable supplies that you make. This will be all incomes that do not fall into one of the other categories detailed on this page.
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This is for incomes or receipts for supplies you make which are Zero-rated, such as exports and sale of a business as a going concern.
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This is for incomes or receipts for supplies you make which are Exempt of GST. Some examples of Exempt supplies include
•financial supplies •renting a dwelling for use as a private home •sale of a residential dwelling that was rented for at least 5 years before the sale. •salary and wages and other employment income •loans received •monies transferred between accounts |
Expenses
There are three rates available for income categories
This is for all expenses that do not fit in either rate Z or E on this page.
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This is for acquisitions that you make that are taxed at the zero rate. Please note that Zero Rated expenses are treated the same way as Exempt expenses. Zero Rated Expenses will not be included on the GST return.
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This is for expenses that you have that are Exempt supplies. Examples of exempt supplies are shown above in the Incomes section. Some examples of rate Z expenses would be
•Expenses on residential properties that you have available for rent, sale or lease •Expenses on residential quarters provided for employees •Salary, Wages and other payments to employees •Amounts transferred between accounts •Expenses that are of an entirely private nature |
