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Tax Facts

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ACC Premiums

March 28, 2021
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 ea...
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Depreciation Allowances

March 27, 2021
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 elec...
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Entertainment

March 26, 2021
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 ...
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Fringe Benefit Tax

March 25, 2021
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 i...
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Gifting

March 24, 2021
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 t...
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Goods and Services Tax

March 23, 2021
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 'e...
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GST and E-Commerce

March 22, 2021
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 sa...
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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 em...
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Provisional Tax

March 19, 2021
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...
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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.I...
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