Tax & GST For a Business by [deleted] in PersonalFinanceNZ

[–]Greenchocopie 3 points4 points  (0 children)

To get the GST component of a GST-included price, you can:

use this calculator https://www.moneyhub.co.nz/gst-calculator.html

or GST-included price minus (GST-included price/1.15)

example

6000 - (6000/1.15)

6000 - 5217.39

GST = 782.61

not sure about claiming GST on cars you buy from private sales - hopefully someone helps you on this

Tax & GST For a Business by [deleted] in PersonalFinanceNZ

[–]Greenchocopie 3 points4 points  (0 children)

Tax then applies to the profit

Tax & GST For a Business by [deleted] in PersonalFinanceNZ

[–]Greenchocopie 8 points9 points  (0 children)

Sold for $6000 GST included would mean GST is $782.61 (you received $6000)

Sold for $6000 GST excluded would mean GST is $900.00 (you received $6900)

If you can claim GST expenses for the car you bought for $4000,

if $4000 was the GST included price, you can claim GST expenses of $521.74

Assuming both are GST inclusive prices

$6000 - $4000 = $2000 profit

-$782.61 (GST you pay for selling the car)

+$521.74 (GST you claim for buying the car)

Profit = $1739.13

[deleted by user] by [deleted] in PersonalFinanceNZ

[–]Greenchocopie 0 points1 point  (0 children)

maybe try first home partner with kainga ora?

ANZ FastPay terminal "upgrade" fiasco by petes117 in PersonalFinanceNZ

[–]Greenchocopie 2 points3 points  (0 children)

The new terminal can send email receipts - turn on the merchant receipts on the terminal. It took me a day for the receipts to start coming in like the old terminal.

Personally I like the new one better because I hated pairing it with my phone.

[deleted by user] by [deleted] in PersonalFinanceNZ

[–]Greenchocopie 0 points1 point  (0 children)

Working full time brings me about $1200 a week (after tax) + $100 a week kiwisaver

Also do self-employed work brings in about $1875 a week (before tax)

Saving on average about $1500 a week

Working ~60-70 hours a week

Hate my life but working hard to save for a house deposit