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, [...]
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 [...]
A law change last year means food safety rules are tailored to individual businesses, rather than taking a one-size-fits-all approach. […]
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, [...]
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 [...]
The Inland Revenue Department now considers that gifts for customers or suppliers (i.e. Hampers) as only 50% deductible.
