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Tax Talk

ACC Premiums

ACC provides personal injury cover for everyone in New Zealand. A number of changes have taken place that you and your business need to be aware of.

Donations

Individuals and companies are entitled to claim rebates/deductions for donations made in an income year. Complete your IR526 form available on the IRD Website.

Depreciation

You must claim depreciation on fixed assets. Depreciation allows for the wear and tear on a fixed asset and must be deducted from your income.

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.

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.

KiwiSaver

KiwiSaver is a voluntary, work-based savings initiative to help New Zealanders with their long-term saving for retirement.

Online Sales

Understand the taxes associated with online sales of physical and digital goods via the internet.

PAYE

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 your employee's tax code

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.

Provisional Tax

Provisional tax is not a separate tax but a way of paying your income tax as the income is received through the year.