Archive for the ‘tax’ Category

Secondary tax changes

POSTED BY admin ON THE March 25th, 2019

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill passed its third reading on 13 March and will now come into effect on 1 April. The bill amends incorrect secondary tax codes, relieving workers with more than one job who have previously been paying too much tax annually. The IRD will […]

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Payday filing

POSTED BY admin ON THE March 1st, 2019

Payday filing is a new method of submitting and processing employment information to the IRD, meaning you will have to file more information and more frequently. This process will be implemented on 1 April. This system allows software providers to send employment information and changes to employees’ details to the IRD each pay cycle instead […]

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E-commerce and income tax

POSTED BY admin ON THE January 31st, 2019

In 2015, New Zealanders spent an estimated $3.5 billion in goods and $1.2 billion in services online. With the growth of online shopping, rates having increased considerably year by year. How does tapping into the digital economy affect how you manage your business’ taxes? Double Taxation:As a considerable number of online businesses undertake trade overseas, […]

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Heavy fines for lack of employment records

POSTED BY admin ON THE December 7th, 2018

Employers must keep complete and accurate records of their employees to avoid severe fines. Remain compliant with the Employment Relations Act 2000 and the Holidays Act 2003 and follow the checklist given below. As an employer you must: Be able to show you have paid your employees all minimum employment entitlements like the minimum wage […]

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New Research and Development tax incentive

POSTED BY admin ON THE October 12th, 2018

The Coalition Government will introduce a new tax incentive aiming to unlock further spending on research and development. The research and development (R&D) tax incentive is the government’s response to extensive consultation with businesses. As part of the incentive the government has stated that the rate will be higher, the threshold lower and the definition […]

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Everything you need to know about payday filing

POSTED BY admin ON THE September 24th, 2018

From 1 April 2019 employers must comply with the new payday filing scheme. The due date for employer deductions filing and payment remains the same as the 20th of the month. Employers must: File employment information every payday instead of an Employer monthly schedule Provide new and departing employees’ address information, and their date of […]

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Introduction of Best Start

POSTED BY admin ON THE July 5th, 2018

From 1 July 2018, eligible parents who have a baby born on or after 1 July 2018 will receive a Best Start payment of $60 per child. Eligible individuals will receive $60 a week until the baby turns one regardless of household income. For those with a household income of less than $79,000, you will […]

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Budget 2018: Ensuring fairness across the tax system

POSTED BY admin ON THE June 7th, 2018

This year’s Budget focused on the Government’s commitment to creating a fairer tax system for all New Zealanders. New initiatives aimed at cracking down on tax dodgers are expected to generate an extra $726.3 million in revenue. The additional revenue is set to assist the Government in addressing significant under-resourcing of critical public services. Inland […]

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Registering for GST

POSTED BY admin ON THE May 25th, 2018

Businesses need to register for GST once they earn more than $60,000 in 12 months. Penalties may be enforced if businesses do not register when they are required. This applies to all business structures including sole traders, contractors, those in a partnership and companies. Although business owners need not register if they do not think […]

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Deductibility of legal expenses for rental property investors

POSTED BY admin ON THE May 11th, 2018

Previously, rental property investors could not deduct legal expenses under section DB 62 unless they were in the business of providing residential rental accommodation. Recent changes have been made to allow property investors who are buying a residential property to access these deductions. Under section DB 62 of the Income Tax Act 2007, an individual […]

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