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 2022
Minimum wage - From 1 April 2022 this is now $21.20
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 depreciation on commercial buildings at a rate of 2%DV or 1.5%SL from 1 April 2020.
Low Value threshold has been reduced from $5000 to $1000. New assets purchased after 17 March 2021 will be subject to the new $1000 threshold test to ascertain deductibility. Assets costing in excess of $1000 may need to be capitalised and depreciated.
Provisional Tax Thresholds. For the 20/21 financial year the provisional tax threshold has been raised from $2500 to $5000. If your residual income tax is lower than $5000 you will not be a provisional taxpayer.
