Tax accounting errors are not the end of the world. Typically, an accounting error when filing for Goods and Services Tax (GST) can simply be corrected with an addendum to the next return, and IRD penalties for minor GST errors are usually modest. Those penalties can add up quickly, however, if the underlying issues aren’t addressed.
Below, the team at BDO Whangarei have outlined some of the most common errors that NZ businesses make when filing GST returns.
Source: BDO NZ
