Provisional Tax – how does it work?

Provisional Tax – how does it work?

If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like paying progress payments on next year’s income tax. The amount you have to pay relates to your expected profit...
The 39% tax rate – Your questions answered

The 39% tax rate – Your questions answered

New Zealanders earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how your tax obligations change when it comes to shares, property, FBT, superannuation tax, or trusts? The 39% tax...
Tax shake-up targets property investors

Tax shake-up targets property investors

A surprise move to change tax deductibility on rental properties has come as a shock to property investors. Owners of investment properties can no longer offset loan interest payments against rental income when calculating how much tax they have to pay. This will...
The minimum wage increases on April 1st 2021

The minimum wage increases on April 1st 2021

From April 1 2021, the adult mimimum wage will increase from the current rate of $18.90 per hour to $20 per hour. There are 3 types of minimum wage — adult, starting-out and training. The adult minimum wage – applies to employees aged 16 years or older. The...
Should you buy or lease your business assets?

Should you buy or lease your business assets?

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer you use to run your print business. But...