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  Reply # 2059958 21-Jul-2018 13:36
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Delphinus:

tchart: 
2) Sometimes I wish I wasn't GST registered as you have to do a GST return every few months which is a pain if you have lots of expenses etc.
3) I'd say unless you are contracting outside of your contract I'd probably avoid registering for GST if you can - I was told it was optional.


I'd completely disagree with this. Being GST registered is brilliant, being able to get a 15% instant discount on all goods like buying yourself a new PC/Laptop, phone, your internet connection, phone plan etc etc. Since Xero does all the calculations for you, it's a 2 min process to quickly skim the GST report in Xero, hit the Send to IRD button, then pay what is owing. 2mins work for 15% discount works for me 



Also not being registered for GST is only a benefit to your client, if the client is also not registered for GST. (pretty much only domestic clients). For GST registered clients, the GST that they pay you, is money that they would instead be paying to the IRD if you were not GST registered.

About the only kinds of business that would benefit from not registering for GST, are things like self employed house cleaning, in home childcare etc. Where the main input cost is your own Labour, and the clients are unlikely to be registered for GST.







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  Reply # 2059968 21-Jul-2018 14:26
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@timmmay I believe the rule changed a couple of years back - and didn't automatically apply to those working as contractors prior.  I think that all new contractors must register for a tax rate or get an exemption.  Good point about offsetting my mortgage.  I actually re-did my bathroom recently and still have my revolving credit open.  May as well put the tax in there to ease the interest.

 

 

 

 


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