News

New tax factsheets for entertainment industry

IRD have identified widespread misunderstanding among business owners about entertainer's tax obligations. In particular, schedular payments and the requirement to deduct and account for tax are not well understood. Up to 95% of venue owners didn't know they had tax obligations when making payment to bands and entertainers.

If you make payments for services provided that should be taxed under the schedular payments regime, please make them aware of their responsibilities. A check list of these activities can be found on page 4 of the Tax code declaration (IR330) form.

Two new factsheets help make these tax obligations clear:

• Tax information for bands and entertainers (IR1035)

• Payments made to entertainers - your tax responsibilities (IR1036)