1st October 2010 GST will change from 12.5% to 15% Are you ready?

Don't Panic! Really, the key things are

Start using 15% GST from 1st October 2010
Do the GST Debtors / Creditors adjustment in your September 2010 GST return. You can download the form from our website
Have a close look at the first GST return after the rate change (probably the November 2010 return) to make sure it is correct

We can help you through this process.

We recommend that we review your September 2010 GST return before you file it to make sure the changes have been dealt with.
We can also help with the next GST return to be done using the new 15% rate (probably November 2010 return due 15 January 2011).

If you would like to arrange a time for us to help you out, please drop us a line

Xero

Xero released an upgrade a while ago to handle the change in the GST rates.
For more information please look at Xero

MYOB

An upgrade has just been released which has a patch on it to deal with the GST rate changes. We are in the process of reviewing the patch now, although there have been a number of comments from people who are having a number of issues with the patch. If you are going to upgrade, or if you have already attempted the upgrade please give me a call so we can talk it through.

Older Versions

Process as many transactions as you can up to the end of September.
Change the GST rate for the “S” GST from 12.5% to 15%
Add a new GST rate “12” and make the rate 12.5%

Version 19

Process as many transactions as you can up to the end of September.
Download and Install the GST upgrade

QuickBooks

A patch was released on Friday for the latest version of QuickBooks, and we are reviewing it now. I am seeing a few clients later this week to run through the process with them. If you would like any help with upgrading or installing the patch, please let me know.

2008 and earlier Versions

Process as many transactions as you can up to the end of September

Change the GST rate for the “S” GST from 12.5% to 15%

2009 and 2010 Versions

Process as many transactions as you can up to the end of September

Change the GST rate for the “S-P” and “S-S” Tax Items from 12.5% to 15

Add new “12-P” and “12-S” tax items with a 12.5% GST rate

2011 Version

Process as many transactions as you can up to the end of September

Download the GST patch from their website

MANUAL SPREADSHEETS

If you are using manual cashbook spreadsheets for your GST, make sure you change the rate. It could be a good idea to have two spreadsheets for the year (one up to 30 September and one after).
We have updated our standard GST cashbook to the new rate and it is available for download from our website

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