EAST is about facilitating trade, and will therefore strengthen the economy and the tax base. EAST should have a positive impact on the central Government's revenue. More trades mean more taxes collected, and more people that are able to earn an income lead to a lower welfare burden. The New Zealand tax laws are the same whether you are bartering, using east, or using NZ dollars. You are required to keep records and pay end of year taxes for the trades your business conducts. If you are GST registered you need to pay GST. Your EAST account records your trades the same way a bank account does (see picture below). A hobby need not pay tax, but once the hobby reaches the $200 (e200) threshold, they are classed as a business, and income needs to be declared. Keep clear records of the trades you do through your business, whether in east, NZ dollars, or any form of barter. Inland Revenue should have further information on this. It is important that we all keep up with our tax obligations.
We are a non profit community organisation. We gratefully accept koha to help cover our running costs. This can include money, east money, time, or goods or services for fundraising. Thank you for your support!
Here is our Kiwibank Account if you require it: Account Name:EAST Number: 38-9012-0834054-00 Kiwibank