27 August 2010
This update provides information on how we will be managing the up-coming rise in GST with regards to payments to providers.
GST will increase from 12.5% to 15% from 1 October 2010. All GST applicable payments that TEC makes will be comprised of the same base amount, however the GST component will increase accordingly.
All payments after 1 October 2010 will include GST at 15% (where GST is applicable).
Monthly instalment payments where reports are not required
On 1 September 2010 we plan to make all instalment based payments which are due in September.
This will give us the rest of the month to make the necessary changes to our systems to deal with the increase in GST.
Note that instalment based payments for the period up to the 30 September 2010 will include GST at 12.5% (where GST is applicable).
Deliverables based payments
Throughout September we will continue to make deliverables based payments as and when requirements have been met.
Please note that there will be no payments made on 30 September 2010 so the final day for deliverables based payments is 29 September 2010.
These deliverables based payments will include GST at 12.5% (where GST is applicable).
All payments after 1 October 2010 will include GST at 15% (where GST is applicable).
If you have any questions please contact the TEC Service Centre on 0800 601 301.