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. The rate for GST is 15% although it can be zero-rated for:
GST registration is required if the annual turnover of the business for a 12-month period is more than or likely to be more than $60,000.
GST returns may be filed monthly, two-monthly or six monthly. There are certain requirements for who must file monthly returns and who can file six monthly returns.
There are three methods of accounting for GST:
For more information call NUMB1Z Limited.
Pay As You Earn (PAYE) is the tax deducted from employees’ salary or wages. The amount of PAYE deducted depends on each employee’s tax code.
PAYE employees must complete a Tax code declaration (IR 330) as soon as they start working for you. If an employee fails to complete the tax code declaration, you must deduct PAYE at the no-declaration rate.
Employers are required to file an employer monthly schedule with IRD which details each employee’s gross earnings, PAYE, Withholding Tax, Student Loan, Kiwisaver and Child Support deductions.
For further information call us or refer to PAYE on the IRD website.
Independent Contractors employed under a “labour – hire arrangement” are now required to have withholding tax deducted from their earnings. This came into effect from 01 April 2017. Contractors will also need to complete an IR330C and use the tax code WT. Contractors are still be able to deduct any work related expenses and have to pay their own ACC Levies.
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If you are registered for GST you may pay provisional tax at the same time as your GST payments if:
For further information call NUMB1Z Limited.
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