InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

New Tax Codes for Contractors

February 1, 2018

From 1 April 2017, if you are hiring any contractors that are required to have withholding tax deducted, or are a contractor yourself the IRD have issued a new form to be filled in from April 2017 onwards.

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What is Provisional Tax?

January 31, 2018

When you first go into business in New Zealand, you don’t actually have to hand over any income tax to IRD for quite some time (unless you are going to be earning over $208K in profit for your first year – then different rules apply). So say your first financial year will end at the 31 March 2020 – then your financial accounts and …

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Current Income Tax Rates

We often get asked what the actual tax rates are for individuals and business. These rates apply: Company Tax Rate 28% Trust Tax Rate 33% Individual Tax Rates $0-$14,000 10.5% $14,001-$48,000 17.5% $48,001-$70,000 30% $70,001 + 33% For basic income tax estimations try the Income Tax Calculator or contact us if you have any questions.

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Have a Family Member Living in Your Rental Property?

If you have a family member or associated party living in your rental property, there are different tax rules that apply to this situation. Based on the arrangement you have with them, the following rules apply. If you’re not charging them any rent – you don’t need to declare this rental property in your income tax return and you can’t claim any costs. If …

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Business Tax Types & What They Mean

Here is a brief description of the types of tax that you are likely to come across in business: GST – Goods and Services Tax – this is chargeable by businesses whose annual sales turnover is over $60,000 per year. It means that the seller needs to add +15% onto their sale price – this 15% is then returned to Inland Revenue on a …

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