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Minimum wage going up to $17.70

The Government announced the minimum wage will increase to $17.70 an hour on 1 April 2019 – an increase of $1.20 per hour. The starting-out and training minimum wage rates will increase from $13.20 to $14.16 per hour – remaining at 80 per cent of the adult minimum wage. The Government also set indicative rates [...]

March 25th, 2019|

Making the switch to payday filing

From 1 April 2019 employers must: - File employment information every payday instead of an Employer monthly schedule (IR348) - Provide new and departing employees' address information, as well as their date of birth - if they have provided it to you, and - File electronically (from payday compatible software or through myIR) if your [...]

February 25th, 2019|

Pay-as-you-earn tax, with help from your accounting software

From April 2018, small businesses (turnover < $5M) , sole traders and contractors can choose a new pay-as-you-earn option, rather than paying provisional tax in installments several times a year. Inland Revenue is introducing the Accounting Income Method (AIM) so your business can pay tax as you earn profit. Some accounting software such as MYOB, [...]

April 9th, 2018|

Reducing your Tax Bill

No one likes to pay more tax than they need to and we are no exception. Make sure you ask your accountant specifically whether you are using the right structure for your business to minimize tax and are taking advantage of any legitimate options to reduce the tax you pay on your profits. Check out [...]

April 9th, 2018|

Food Sellers – Deadline for registering coming soon

  A law change last year means food safety rules are tailored to individual businesses, rather than taking a one-size-fits-all approach. […]

January 22nd, 2018|

Getting a tax number

Anyone earning income will have tax deducted, through the PAYE (Pay As You Earn) system. If you don’t have a tax number, known here as an IRD number, tax will be deducted at the highest rate. So it’s a good idea to apply for an IRD number as soon as you arrive here. That way, [...]

November 16th, 2017|

Tax rates

New Zealand’s top personal tax rate is 33% for income over NZ$70,000. At the other end of the scale, the tax rate is 10.5% on income up to $14,000. For full details, see ‘New Zealand tax at a glance’ below. Companies and corporates are taxed at a flat rate of 28%. New Zealand also has [...]

November 16th, 2017|

GST on Food & Alcohol Purchases

The Inland Revenue Department now considers that gifts for customers or suppliers (i.e. Hampers) as only 50% deductible.

October 30th, 2017|