[Oceania-Board] Change in GST handling for NZD Transactions from Stripe

[Edoardo Neerhut]

Thanks Alex.
Did a quick Google. Is the threshold you're talking about $60,000 NZD?

Also, what amount of NZD do we usually keep on hand?

On Wed, 7 Apr 2021 at 16:47, Emma Hain <emmahain at gmail.com> wrote:

> Thanks Alex
>
> On Wed, Apr 7, 2021 at 3:55 PM Alex Leith <alexgleith at gmail.com> wrote:
>
>> Hey Folks
>>
>> I have made a change to some transactions, and wanted to note them down
>> for the record.
>>
>> I used this query:
>> https://go.xero.com/Accounts/Recoding/Recode/?recodeHistoryId=8ceadfba-43da-4de3-9b87-5d5e90ef8888 in
>> Xero to identify a group of transactions that roughly adds up to the amount
>> of money we received from the Auckland Hub ticket sales. Transactions are
>> in the image below.
>>
>> [image: image.png]
>>
>> We received $1543.61 NZD after fees, which is around $1420 AUD.
>>
>> [image: image.png]
>>
>> Since these transactions were for services provided in NZ, we don't need
>> to collect Australian GST, so we didn't. And because we're under the
>> threshold in NZ, we don't need to collect NZ GST, and we didn't. So we just
>> need to correctly account for this, so that we don't send GST $ to the
>> Australian government. So that's what I've changed. So I have changed the
>> transactions to be GST Free.
>>
>> Let me know if you have any questions or concerns.
>>
>> Cheers,
>>
>> --
>> Alex Leith
>> m: 0419189050
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