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Key Dates - July 2021

5 July PAYE Payment due for large employers for the period 16 June to 30 JuneFile employment information within 2 working days after payday 7July INCOME TAX 2021 year income tax return due for people and organisations without a tax agent or extension of time 20 July PAYE Payment due for small employers for the period 1 June to 30 JunePayment due for large employers for the period 1 July to 15 JulyFile employment information within 2 working days after payday 20 July FBT FBT return (IR420) and pa...

July 19, 2021

Net Worth Calculator

The Net Worth Calculator works out how well off you are (your net worth) by taking into account everything you own (your assets) and everything that you owe (your liabilities). Ideally, your net worth will increase over the years as you own more and owe less.View Net Worth Calculator...

May 3, 2021

Kiwisaver Savings Calculator

The KiwiSaver savings calculator shows you how much you may have saved at retirement age based on your continued membership in KiwiSaver and the contribution level you have chosen. It also provides an estimate of the regular income that you could get from the total lump sum in your account.View Kiwisaver Savings Calculator...

May 3, 2021

How much can I borrow?

With changes in interest rates and criteria, it is important to shop around when looking to borrow money. Below are a number of links to bank websites to help you gain an understanding of what you may be able to borrow. Please note that this is only an indication. ANZASBBNZKIWIBANKWESTPAC...

May 3, 2021

Income Tax Calculator

Use this calculator to work out your basic yearly tax for any year from 2011 to 2021. View IRD Income Tax Calculator...

May 1, 2021

Key Dates - May 2021

5 May PAYEPayment due for large employers for the period 16 April to 30 AprilFile employment information within 2 working days after payday 7 May GSTReturn and payment due for period ended 31 March 7 MayProvisional Tax - Ratio Option1st instalment (January balance date)2nd instalment (November balance date)3rd instalment (September balance date)4th instalment (July balance date)5th instalment (May balance date)6th instalment&n...

May 1, 2021

GST Calculator

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April 28, 2021

Mortgage Calculator

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April 28, 2021

Car Lease Calculator

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April 28, 2021

April 2021 Key Dates

5 April PAYE Payment due for large employers for the period 16 March to 31 March File employment information within 2 working days after payday 7 April Terminal Tax For taxpayers (with a tax agent) with balance dates between 1 March and 30 September 7 AprilTerminal Student Loan RepaymentFor those (with a tax agent) with balance dates between 1 March and 30 September 7 AprilQualifying Company Election TaxIR 4P return and payment due for companies ...

April 5, 2021

ACC Premiums

Whether you're self-employed, a contractor, or you have staff, you'll likely receive an invoice from ACC between mid-July and mid-August. If you're an employer with staff, your business will pay the:Work Levy - your classification unit rate x each $100 of liable earnings.Working Safer Levy - 8c x each $100 of liable earnings.If you're self-employed, a shareholder-employee or a contractor you'll pay three different levies:Earners' levy - everyone who earns a salary in New Zealand p...

March 28, 2021

Depreciation Allowances

Depreciation allows for the wear and tear on a fixed asset and must be deducted from your income.Generally, you must claim depreciation on fixed assets used in your business that have a lifespan of more than 12 months. However, in special circumstances you can elect not to depreciate an asset by applying to Inland Revenue.Not all fixed assets can be depreciated. Land is a common example of a fixed asset that cannot be depreciated.  From 1 April 2011, depreciation allowances on mos...

March 27, 2021

Entertainment

Entertainment expenditure is limited to a 50% deduction if it falls within the following:Corporate BoxesHoliday AccommodationPleasure CraftFood & Beverages consumed at any of the above or in other specific circumstances, for example:incidentally at any of the three types of entertainment above, eg, alcohol and food provided in a corporate boxaway from the taxpayer's business premises, such as a business lunch at a restauranton the taxpayer's business premises at a party, reception, celebrat...

March 26, 2021

Fringe Benefit Tax

Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer.The four main groups of fringe benefits are:Motor vehicles (refer to the IRD website for more information on how to calculate)Low-interest loans other than low-interest loans provided by life insurance companiesFree, subsidised or discounted goods and services, including subsidised transport for employers in ...

March 25, 2021

Gifting

A gift is something given when:Nothing is received in return; orSomething is received in return, but its value is less than the value of the property given.If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values.In the context of trusts, these items can all be gifts:Transfers of any items (for example, company shares or land).Any form of payment.Creation of a trust.A forgiveness or reduction of debt.Allowing a debt...

March 24, 2021

Goods and Services Tax

GST is a tax on the supply of goods and services in New Zealand by a registered person on any taxable activity they carry out. The rate for GST is 15% although zero-rating will most likely apply for exports and land transactions. Certain supplies of goods and services are 'exempt supplies' and exempt from GST. These include:Certain financial servicesSale or lease of residential propertiesWages/Salaries and most Directors' FeesGST registration is required if the annual turnover of the business fo...

March 23, 2021

GST and E-Commerce

Sale of Physical Goods via the InternetIf a GST-registered person sells goods via the internet and the goods are physically supplied to a customer in New Zealand, GST is chargeable at 15%.If goods are sold via the internet and physically supplied to customers overseas the sales can be zero-rated for GST purposes. It is important to prove the goods have been exported (entered for export by the supplier) and sufficient evidence should be held to prove the export.Sale of Digital Goods via the Inter...

March 22, 2021

KiwiSaver

KiwiSaver is a voluntary savings scheme set up by the government to help New Zealanders to save for their retirement. All New Zealand residents and people entitled to live here permanently are eligible to join.  All new eligible employees must be automatically enrolled in KiwiSaver.  However, there are some employees who are exempt from automatic enrolment.  These include:Those under 18 years of ageCasual agricultural workers (who are employed on a day-to-day basis for no more tha...

March 21, 2021

PAYE on Salaries and Wages

Pay As You Earn (PAYE) is the basic tax taken out of your employees' salary or wages. The amount of PAYE you deduct depends on each employee's tax code.PAYE employees must complete a Tax code declaration (IR 330) as soon as they start working for you. If an employee fails to complete the tax code declaration, you must deduct PAYE at the no-declaration rate.Payday filing was introduced for the way businesses report payroll information and became compulsory in 2019.Employers must:Fi...

March 20, 2021

Provisional Tax

Provisional Tax is not a separate tax but a way of paying your income tax as income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year.From the 2020 income tax year, if your residual income tax (RIT) is $5,000 or more, you will have to pay provisional tax for the following income year. RIT is the tax you need to pay afte...

March 19, 2021

Resident Withholding Tax (RWT)

Resident Withholding Tax (RWT) is a tax deducted on interest earned from investments and bank accounts.  The investment organisation or bank deducts this tax when they credit interest to you.Companies may also deduct withholding tax from dividends paid to shareholders.If you receive interest as income you need to:Provide the interest payer with your IRD number, andAdvise the tax rate they should use when they deduct this taxThe RWT tax rate used will vary for individuals and different types...

March 18, 2021

Tax Credits for Donations

Tax credits for donations can be claimed by individuals (not companies, trusts or partnerships) who:Earned taxable income during the period being claimed for; andWere in New Zealand at any time during the tax year (including non-residents)You may qualify for a tax credit for:Donations made of $5 or more to an approved charityDonations made of $5 or more to state and state integrated schools (note donations do not include tuition fees, payment for voluntary school activities, payments for classes...

March 17, 2021

Taxpayer Penalties

Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date.The main kinds of charges for failing to meet tax obligations are:Interest on the amount of tax you owe if you have underpaid your tax. The interest rates charged are based with reference to market rates.A late filing penalty if you do not file a return by the due date.A late payment penalty if a paymen...

March 16, 2021

Working for Families Tax Credits

Working for Families tax credits are payments for families with dependent children aged 18 or under.There are four different Working for Families Tax Credits:Family tax credit – a payment for each child in the familyIn-work tax credit – a payment to eligible families who are not receiving an income-tested benefit or student allowance and have some income from paid work each weekMinimum family tax credit – a payment to make sure families are getting a basic income where the p...

March 15, 2021 Posts 1-24 of 24 | Page