News
Minimum family tax credit
The annual rate minimum family tax credit (MFTC) threshold will increase from $27,768 to $29,432 for the 2020-2021 tax year and subsequent years which is a maximum of $32 per week extra. To get this payment customers must work for salary or wages and not be self-employed. IRD began paying the higher rate in weekly or fortnightly payments from late December ...
The new top tax rate
A new top tax rate of 39% will apply on personal income in excess of $180,000 for the 2021-2022 and later tax years. For most taxpayers this begins on 1 April 2021. Those who are provisional tax payers may need to adjust their provisional tax payments throughout 2021 to account for the larger year-end tax bill. Source: www.ird.govt.nz ...
Discounted tax for your first year in business
If you’re new to business, you may be eligible for a discount for paying your income tax early. This applies to sole traders, contractors and partnerships. Start by checking if the early payment discount makes sense for your situation and your cash flow. Then set yourself up with good systems and get your tax ducks in a row. How it works In ...
Wishing you all a Safe and Happy Holiday
As 2020 comes to a close we wish you all a Safe and Happy Holiday. What a year 2020 has been!! Thankfully in NZ we have been spared from the terrors of Covid-19 that many other parts of the world have had to endure. So let’s be thankful and happy and take this Holiday season to recharge our batteries and get ready to ...
Tax Talk Newsletter Summer 2021
Be realistic with social media expectations You’re starting out in business, or maybe you’ve been in business a while but everyone is saying you need to have a social media presence. If you agree, and if you’re a small business, you have to be realistic in what you can do with social media. The first rule is not to overdo the number of ...