Well it's almost here! October means GST changes. Are you ready? Have you prepared your business for this change?

This is the biggest change to our tax system in over 25 years and it will affect every business in New Zealand. There are several issues that business owners need to attend to and action about before the move from 12.5 per cent to 15 per cent.

Many businesses however haven't yet realised that this change affects more than just GST. It will have a direct effect on profit and cashflow and it will influence pricing strategy and competition within the market.

The government has also announced that there will be an additional $119.3 million allocated to the Inland Revenue Department over the next four years to allow it to increase its audit activity. Therefore not having the right systems and processes in place to ensure the GST change is managed correctly could also be costly resulting in unnecessary penalties and interest being charged by the IRD.

So how can you find out what you need to do in order to prepare your business for the change?

WHK, in conjunction with Harris Tate and BNZ, is holding a free seminar on Thursday, September 2 at Mills Reef to help business owners understand the issues around the GST changes that they need to be considering. In particular we will be talking about:

• Contracts Spanning 1 October 2010

• Time of supply: what does this mean?

• Work in Progress around the GST Change

• When can you pass the GST saving onto your customers?

• Is your accounting software ready for the change?

• Difference between invoice and payments basis: what you need to consider

• Checklist of essential GST issues to consider

If you would like to attend this free seminar, contact Larissa Ford by Monday, August 30, email larissa@harristate.co.nz or phone 07 578 0059 to reserve your seat. Places are limited, so please book early.