I am sure New Zealand customers are aware that the GST rate is changing from 12.5% to 15% on 1 October. This only affects people who are professional property managers or people who have commercial properties.
This is what New Zealand customers need to do in order to handle this change.
1. It would be advisable to do a disbursement last thing on 30 September prior to the GST rate and management fee changes.
2. On 1 October, go to the maintenance menu and choose Options/Regional and change the tax rate from 12.5 to 15.
3. From 1 October, you will need to modify your management fee rate. The management fee percentage is GST inclusive, so you will need to calculate your new GST inclusive rate. For example, if you charge 8% + GST, your rate would change from 9% to 9.2%