Xero, MYOB and GST

Posted byLance Wiggs 5 Comments on Xero, MYOB and GST

My latest Businessday column is up over at Stuff.

The cost to New Zealand businesses of complying with the changeover to 15 per cent GST and the other tax changes will be at least $275 million, according to my rough back-of-the- envelope calculations.

The upcoming changes should have us all concerned, and small businesses in particular should seek advice on what they need to do before and after the October 1 changeover date.

There are 476,000 active enterprises in New Zealand. The wide scope of tax changes – covering GST, PAYE, ACC payments and the company tax rate – means all will be impacted.

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Published by Lance Wiggs

@lancewiggs

5 replies on “Xero, MYOB and GST”

    1. Heh, I didn’t expect to see requests related to Planet NZTech in the comments here. :)

      A long time ago I think the correct link got extracted but somewhere along the line (I think) all the wordpress (hosted?) blog feeds seem to change and the links were no longer extracted.

      I don’t know if the issue is with WordPress or with the Planet software I use and if that’s been updated. (Well, the software’s had a major update since I installed it but I follow a “if it’s not entirely broken don’t fix it” approach for NZTech. :) )

      Which is to say, it may not be Lance’s fault for the broken link. But if someone can recommend a fix–I’d be happy to hear it. :)

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  3. Hi Lance

    Firstly, thanks for your articel on “Tax chagnes a potential goldmine for software providers”.

    I thought readers/businesses should be aware of the following and know that we are wanting to help businesses avoid that one off cost. Already many accountants are capitalising on the GST changeover by charging for seminars. At the last Bizzone expo where Accounts Online had a stand in CHCH – we asked attendees were they ready for the GST change and all of them said it is just a rate change in the software! We said it is more than just that.

    I am a BankLink and Xero certified trainer and a systems accountant.

    We took BankLink to market in 1999 and their software already had the upgrade facility to change rates back then. BankLink is widely used by over 4000 accounting firms.

    To assist clients and their clients we designed a GST calculator http://www.accountsonline.co.nz/includes/download.aspx?ID=110892 and also a “GST rate change adjustment calculation sheet” http://www.accountsonline.co.nz/includes/download.aspx?ID=111643.

    There is no cost for the BankLink upgrade.
    Also, businesses in need of software assistance can contact us for our GST newsletters and look at our services as we would be able to assist and it would not cost for the BankLink, Xero or MYOB LiveAccounts software. We know one size does not fit all.

    When Xero introduced in September on their website that they had it sorted, I contacted support and asked how they would handle clients that use the Xero cashbook or use the Medium version (full Xero) without entering their creditor invoices because they just code when the payment hits their bank. The person did not have an answer. This means if that sort of client read the website and was told that it is sorted they would not have the adjustment included on the return. At Accounts Online we have it sorted and can assist them.

    Check out http://www.accountsonline.co.nz or call 0800 22 22 68

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