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Question :
HiI would like to start a small business selling secondhand vintage goods. I really need to know what to do legal/tax wise I buy things from all over the country and can sell them with a decent profit how do I know how much tax I need to pay on each? How do I factor on travel cost and if alot of these things are brought from garage sales or op shops how do I keep records of what I paid etc.. Any advise appreciated I would eventualy like to get a name & business cards etc
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Hi @886hd.
Here’s an excellent article that answers your GST on second hand goods question:
https://www.business.govt.nz/news/how-to-handle-gst-on-second-hand-goods/Here’s an article on when you need to register for GST:
https://www.ird.govt.nz/gst/registering-for-gstI’d recommend having a chat to an accountant. Work out what your operating Profit/Loss model looks like and then go from there to set-up appropriate systems for tracking it all. Xero is excellent.
I hope this helps. Good luck!
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