TAX & COMPLIANCE
NEW ZEALAND LAW CAN BE DAUNTING. WE CAN TAKE CARE OF YOUR GST, FRINGE BENEFIT TAX, PAYROLL, (INCLUDING ALL DEDUCTIONS FROM EMPLOYEE EARNINGS) AND INCOME TAX.
Including business income,investment income (FIF's & PIE's), trust income and dividends. Financial Statements and Tax Returns can be prepared for all industries.
Tax Changes Effective from 1 April 2020
Minimum wage - this has increased to $18.90
Contractors - If you are a contractor or you employ contractors please ensure that an IR330C has been completed. Contractors are now able to elect for different withholding tax rates with the lowest being 10%. Please be aware though that if you elect the low rate you may well have a tax liability at year end that you have not allowed for. Please follow our link under News
Depreciation on Commercial buildings - Due to Covid-19 the government has re-instated deprciation on commercial buildings at a rate of 2%DV or 1.5%SL from 1 April 2020.
Low Value threshold has been increased from $500 to $5000. Items purchased between 17 March 2020 and 16 March 2021 will be subject to the new rules of $5000. Items that would previously been subject to the depreciation regime can now be expensed in the year incurred.
Provisional Tax Thresholds. For the 20/21 financial year the propviosnal tax threshold has been raised form $2500 to $5000. If your residual income tax is lower than $5000 you will not be a provisional taxpayer.