floatsome 0 Posted April 20, 2010 Share Posted April 20, 2010 Former CB Wal, gone all electrictronic so too hard for old farts like me.. Knot me, you are correct you can't claim GSt as a private individual only as a GST registered entity with the abilty to zero rate your invoice for export. Southern got in the sh*t over an instrument called an MOU: Memorandum of understanding which allows big concerns such as them to import goods gst/duty free for later re-export. i suspect someone wasn't keeping up with the book keeping as i haven't seen too many of their rigs in our tubs recently... Link to post Share on other sites
wheels 543 Posted April 20, 2010 Share Posted April 20, 2010 So if you so called sold a boat for mil to the states and claimed the gst, a couple of years late you brought it back for 1/2 mil and paid the gst you just made 62.5k. Not quite sadly. You pay GST and Claim GST on all the bits you used to build the boat. So tos the manufacturer, it shoudl all balance out. In the end, the only person out of pocket is the end consumer. In regards to Squids wild blue yonder boat, the only way you woudl need to pay GST is if the original owners claimed the GST back when they left NZ. If they didn't, which would be most likely, then no you don't have to pay GST again. The only difficult part would be having some form of documentation to prove it if IRD argued the point. But it is highly unlikely as the documentation is usually the other way around. Records of it being claimed in other words. I have only imported new equipment though. Squids yacht is clearly second hand. So what happens then. Is GST still required to be paid on a second hand item?? I though it was only for new. Link to post Share on other sites
SloopJohnB 322 Posted April 20, 2010 Share Posted April 20, 2010 GST on both new and old equipment from overseas. Link to post Share on other sites
Guest Posted April 20, 2010 Share Posted April 20, 2010 Yeah what Sloop said. You pay GST on everything imported, new or knot. There is some exemptions on certain private personal gear if you are moving home and if it's less than $50 in tax they often don't worry i.e. if you order a book from Amazon or similar. Yes Floatsome, that's the bugger I was thinking about. I thought I heard Southern say the Govt changed something. Being on the end of a decision that has taken ACC 6 years to tell me, I could easily believe that but have no idea what really happened at/with the sparmakers. Link to post Share on other sites
wheels 543 Posted April 20, 2010 Share Posted April 20, 2010 I had someone telling me the other day, the main reson behind the Gvt lowering tax and raising GST. Because so much money the Gvt should be getting in tax is being avoided by under the table payment, poor profits, rightoffs and loopholes. GST picks it all up because in a nut shell, if money is spent, tax is paid. Interesting I thought. It is quite clever if you think about it. Link to post Share on other sites
Guest Posted April 20, 2010 Share Posted April 20, 2010 I'd rather see a flat tax of say 20% and a higher GST. You can't hide from GST no matter where the coin comes from, even drug pushers, thugs, the boss of Blue Chip and politicians pay it. If you spend you pay. If you save, you save more. But as that would mean a simple un-complex tax system it's unlikely to happen. Link to post Share on other sites
PaulR 3 Posted April 20, 2010 Share Posted April 20, 2010 GST picks it all up because in a nut shell, if money is spent, tax is paid. Interesting I thought. It is quite clever if you think about it. It also gives the individual the choice between drinking it all away or saving up for a lager asset. Freudian slip there: lager should of been larger. Link to post Share on other sites
fannymax 0 Posted January 26, 2013 Share Posted January 26, 2013 Hi everybody! I am French, an I want to buy an offshore boat to go sailing around Pacific Islands and then go back to Europe through Magellan Canal. So I will leave NZ and never come back! Could you tell me if I can ask the refund of GST when I leave NZ? Thank you for your help. Fanny Link to post Share on other sites
Steve Pope 243 Posted January 27, 2013 Share Posted January 27, 2013 If you are buying a new boat you would be exempt GST. If you are buying 2nd hand there is no GST charged. Link to post Share on other sites
Deep Purple 512 Posted January 27, 2013 Share Posted January 27, 2013 Or you talk to a gst registered person, get them to buy the boat , claim the gst (even from a non registered person) , then sell it to you zero rated, kick them few bucks ..... Just saying Link to post Share on other sites
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