All individuals and businesses are required to pay taxes on their income by Law. You are legally obliged to ensure that you are appropriately registered and paying the taxes that you need to and on time.
At NZ Business Experts, with the expertise and knowledge, we provide all sorts of tax remedies for your company while offering the widest and most comprehensive range of tax services that caters to each stage of a business’ growth and development, so that you can better focus on day to day running of your business without having to meddle with the tax authorities.
GST (Goods and Services Tax)
Goods and services tax (GST) is a 15% tax added to the price of most goods and services in New Zealand, including most imported goods and some imported services.
You must register for GST If you carry out a taxable activity and your turnover (gross income) for the last 12 months was $60,000 or more, or if GST is included in your prices, you must register for GST.
You may register for GST voluntarily If you carry out a taxable activity and your annual turnover is under $60,000, you may register for GST voluntarily, but bear in mind you'll be subject to the same requirements as everyone else who’s GST registered.
We will help and guide you in deciding the best accounting basis and taxable periods suitable for your business.
Business Tax Returns
As stated on IRD site, business income can cover anything from selling goods online to investing overseas to running a large company. How your income is taxed depends on what kind of income it is.
There are specific rules about withholding taxes on business income.
To make sure, this is all done correctly to avoid hassles with IRD in future, we at NZ Business Experts can help your business or organisation filing Business Tax Returns.
We'll provide you with the guidance specific to your business and it operations to ensure you pay correct amount of tax while being compliant to the rules and regulations of IRD.
PAYE (Personal Income Tax)
PAYE or Pay As You Earn is paying tax on the income you earn.
If you are self employed then you have to pay tax on your income. If you have employed staff to work for you, then as an employer you are required to make deductions from your employees earning a wage, salary or schedular payments.
PAYE is pretty straightforward once you're set up. But different rules can apply to some payments, eg lump sum payments like bonuses or retirement payouts, or in any other special circumstances.
If you are confused in any way regarding what you need to do, it is better to seek clarification. You can either speak to Inland Revenue or your tax advisor. If you don't have a tax advisor then feel free to call us at NZ Business Experts.
Fringe Benefit Tax
Fringe benefit tax (FBT) is a tax payable when the following benefits are supplied to the employees or shareholder-employees:
- motor vehicles available for private use
- low interest/interest free loans
- free, subsidised or discounted goods and services
- employer contributions to sick, accident or death
- benefit funds, superannuation schemes and specified insurance policies (excluding employer contributions to superannuation schemes liable for ESCT (formerly SSCWT)
- unclassified fringe benefits.
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