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

[Edoardo Neerhut]

Ok great.
Thanks for reminding me.

On Wed, 7 Apr 2021 at 21:20, Alex Leith <alexgleith at gmail.com> wrote:

> 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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>>>>
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>>
>
> --
> Alex Leith
> m: 0419189050
>
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