InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Minimum Wage Increase

April 23, 2018

The adult minimum wage is going up from $15.75 an hour to $16.50, with the starting-out and training rates rising too. Here’s what you’ll need to know for your business. When: 1 April 2018 What: The new minimum wage rates are: Adult — $16.50 an hour Starting-out — $13.20 an hour (up from $12.60) Training — $13.20 an hour (up from $12.60) Starting-out and training minimum …

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Current Income Tax Rates

January 31, 2018

We often get asked what the actual tax rates are for individuals and business. These rates apply: Company Tax Rate 28{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} Trust Tax Rate 33{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} Individual Tax Rates $0-$14,000 10.5{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} $14,001-$48,000 17.5{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} $48,001-$70,000 30{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} $70,001 + 33{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} For basic income tax estimations try the Income Tax Calculator or contact us if you have any questions.

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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{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} onto their sale price – this 15{2d462ac3e8ea48677487b2fb388b4f9e8d0e1c4acbf8d3cf238d9a6a6388f96f} is then returned to Inland Revenue on a …

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Is Paying Wages “Under the Table” Worth It?

It can be easy to fall into the trap of paying your staff cash “under the table” instead of putting them on the payroll, less paperwork, no holiday pay, KiwiSaver and so on. However this will surely backfire for you when it comes to preparing your business and/or personal income tax return. These cash withdrawals from your business will be treated as personal drawings …

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What is Better – Drawings or Wages?

Clients often ask which is the best way to pay themselves from their company – drawings or wages? Here is an explanation of the differences. Drawings Taking drawings from your business is not a tax deductible cost – you should be aware that you will need to put aside a bit of money for income tax as well. For example say you take $800 …

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