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

[Alex Leith]

Hey Ed

Yep, that's my understanding about the GST threshold in NZ too.

We don't keep money in NZD, only AUD. We can keep money in Transferwise,
but it's been agreed that it's not a good idea to treat it as a long or
even medium term storage place.

So all our cash is in ANZ.

Cheers,

On Thu, 8 Apr 2021 at 14:06, Edoardo Neerhut <eneerhut at gmail.com> wrote:

> 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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>>> Oceania-Board at lists.osgeo.org
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>

-- 
Alex Leith
m: 0419189050
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