GST (NZ) Tax Report Issue

dathudathu Member Posts: 1

Hi there,

I have been trying to calculate my bi-monthly GST return via Wave and it seems that the report calculates the tax incorrectly.

In New Zealand, GST is 15%
To calculate what the GST is on an inclusive amount, the formula is (N x 3) / 23
eg.
($115 x 3) / 23 = $15

It seems the reports in Wave calculate the tax by multiplying the TOTAL inclusive figure by 15% eg. $115 x 0.15 = $17.25

Does anyone have any suggestions to navigate this issue.. or am I missing something completely?

Many thanks

Comments

  • ConnorMConnorM Member, Administrator Posts: 193 admin

    Hey @dathu! This one's tricky, as it has to do with your local tax calculations, but I'd love to dig further into this with you. Can you let me know how you'd come to the conclusion that that's how the GST would be on an inclusive amount? Any documentation around these calculation rules would be fantastic for me to provide context to my accounting teams as we start looping in some escalated teams on this.

Sign In or Register to comment.