The Goods and Services Tax Act is an Act of
Parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing ...
passed in
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...
in 1985.
The Act established a
consumption tax in New Zealand, originally set at 10%, but subsequently raised to 15%.
GST GST may refer to:
Taxes
* General sales tax
* Goods and Services Tax, the name for the value-added tax in several jurisdictions:
** Goods and services tax (Australia)
** Goods and Services Tax (Canada)
** Goods and Services Tax (Hong Kong)
**G ...
is a tax of 15% on all goods, services and other items sold or consumed in New Zealand. Individuals become liable to pay GST when their annual
turnover
Turnover or turn over may refer to:
Arts, entertainment, and media
*''Turn Over'', a 1988 live album by Japanese band Show-Ya
* Turnover (band), an American rock band
*"Turnover", a song on Fugazi's 1990 album '' Repeater''
*''Turnover'', a Japane ...
exceeds NZ$60,000 in any 12-month period.
References
{{Reflist
External links
Text of the Act
Statutes of New Zealand
Taxation in New Zealand