Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Withholding Tax Payers – You’re Probably Due a Refund!

January 31, 2018

If you’re a self-employed contractor (for example) who has withholding tax deducted from your income then you are required by Inland Revenue to file an income tax return. We’ve recently come across a few people who believe since their tax is already being deducted similar to PAYE, then the don’t need to file a return – this is incorrect! In fact when all your …

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Reasons To Use A Tax Agent Instead Of Doing Your Own Tax

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also accounting costs are deductible as a cost, where as if you do it yourself and end up paying more tax than necessary – the tax payments aren’t deductible!

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How to Gain a Time Extension for Your Income Tax Return

If you’re in business and / or own rental property and are not a client of a Tax Agent your income tax return must be filed with Inland Revenue by 7 July and any income tax paid by 7 February the following year. Simply by Joining Kiwitax you’ll gain a significant time extension for both filing of your income tax return and payment of …

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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{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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Income Protection Insurance Deductibility

Many people have Income Protection insurance policies – these are claimable in your personal income tax return (whether you are in business or in paid employment) as long as any proceeds upon making a claim are treated as taxable income. Usually your insurance company will send out a letter after the end of each financial year detailing the amount you’ve paid on your premiums …

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