Tax

Path: Business functionality > Local functionality > New Zealand > Tax · tier official · system localization · narrative reviewed (checked by Opus)

Overview

This section covers the tax features specific to the New Zealand version of Business Central. It has two main areas: Goods and Services Tax (GST) and withholding tax (WHT). GST is applied to most goods and services and reported in the Business Activity Statement (BAS).

For GST, start with the posting setup page, then use the pages on GST for prepayments, printing GST settlement reports, and adjusting settlement exchange rates for VAT entries.

For WHT, start with the conceptual page on withholding tax in the New Zealand version, which explains posting groups, calculation rules and certificates. Then follow the setup pages: general WHT setup, and setup for vendors without an IRD number. Finally, use the page on calculating and posting WHT settlements to close open entries.

Key points

• GST posting is set up for the NZ version, and GST is reported in the Business Activity Statement (BAS).
• GST on prepayments is calculated for prepayment invoicing.
• GST settlement reports can be printed to support GST reporting.
• Settlement exchange rates can be adjusted for VAT entries.
• Withholding tax is withheld from payments to vendors without IRD numbers and remitted to tax authorities in the BAS.
• WHT is configured with business and product posting groups, WHT posting setup, calculation rules, minimum invoice amount, percentage and realized WHT type.
• Vendors without an IRD number are set up so the WHT percentage is withheld automatically per WHT Posting Setup; a WHT certificate is supported.
• The Calculate and Post WHT Settlement page closes open WHT entries, with truncated whole-number reporting and a rounding account.

Learn pages

• Adjust Settlement Exchange Rates for VAT Entries (NZ): Use a batch job to settle VAT entries according to the government exchange rates in the New Zealand version.
• Calculate and post withholding tax settlements (NZ): Learn how to calculate and post the withholding tax (WHT) in the New Zealand version of Business Central.
• Calculate goods and services tax on prepayments (NZ): Learn how to calculate Goods and Services Tax (GST) for prepayments or partial payments based on the total invoice amount rather than just the partial payment.
• Print Goods and Service Tax Settlement Reports (NZ): Learn how to prepare and submit a periodic goods and services tax (GST) settlement in the New Zealand version of Business Central.
• Set Up Goods and Service Tax Posting [NZ]: Learn how to set up posting for goods and services tax (GST) in the New Zealand version of Business Central.
• Set up vendors without IRD for calculating withholding tax (NZ): Learn how to set up vendors without IRD numbers to calculate withholding tax, ensuring compliance with New Zealand tax regulations for local vendors.
• Set up withholding tax [NZ]: Learn how to set up product posting groups and business posting groups for Withholding tax (WHT) in the New Zealand version of Business Central.
• Withholding Tax in the New Zealand version: Learn about withholding tax (WHT) scenarios in New Zealand and how to manage them effectively.

Business Central pages and reports

The pages, reports and queries this hub’s Learn pages name (ms.search.form, API reference), joined to the code by exact object id (data/index/docs-objects.json); a page shows the table it runs on.

• Page 118 “General Ledger Setup” · on Table 98 “General Ledger Setup”

Learn also names 10 objects with no object page: page/11600, page/28040, page/28041, page/28042, page/28043, page/28044, page/28164, page/28165, page/28166, page/28167.

Source: Microsoft Learn (CC BY 4.0). Descriptions are Learn’s own.