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Tax Shortfall Penalty Payment Rates

New Zealand’s tax system follows self-assessments concepts. This means that it is the taxpayers responsibility to ensure that they are correctly calculating their tax, and have taken the reasonable care to do so. If a tax return has been lodged…

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The New FBT Rates You Need To Know

A new personal income tax rate is to come into effect on 1 April 2021, which increases the amount of gross income that the government deems subject to tax. This outcome will impact current Fringe Benefit Tax rates for all…

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Income equalisation schemes

An income equalisation scheme is offered to businesses in the farming, fishing, forestry, testing, construction, and mining industry. It operates as a method for businesses to even out income fluctuations by distributing their gross income from year to year.  A…

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Provisional tax options

Provisional tax helps manage income tax payment. Rather than paying a lump sum at the end of the year, you are able to make repayments throughout the year. There are 4 main options available to work out provisional tax: Standard…

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What are tax codes?

Tax codes assist your employer in calculating how much tax should be deducted from your pay, benefit or pension.  It is important to calculate your code and inform your employer as failing to inform them will result in getting tax…

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Paying taxes when self-employed

Self-employed individuals have to carry out all aspects of their business on their own. This includes anyone who owns a small business, works as a sole trader, or provides contracting services. In most cases, individuals are able to start a…

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Types of individual expenses

There are several sorts of expenses that can be claimed during the end of year tax return. These include:  The cost of an accountant or tax agent to file and complete tax returns. Cost of income protection insurance if the…

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Managing losses with the new carry-back scheme

The IRD has introduced a temporary loss carry-back scheme to provide financial support to businesses expecting to make a loss in the 2020 or 2021 income years. Under the temporary loss carry-back scheme, businesses can carry losses made in 2020…

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Understanding the bright-line property rule

New Zealand tax residents selling residential property (including overseas property) that they have owned for less than 5 years may be subject to income tax. To determine whether you will have to pay income tax, you will need to use…

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Deductions on home businesses

Self-employed individuals (contractors, sole traders, partnerships, or company owners) running a business from their home can claim the parts of their home used for business as an expense. Any space in your home that is primarily used for the purpose…

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