When did the Kiwis start paying income tax
It is common knowledge that individuals in New Zealand pay tax on all the various types of income that they earn. Direct taxation is compulsory for all Kiwis who earn a salary, wages, commissions or any other form of income. We also know that the New Zealand law requires almost all individuals to pay income […]
How to choose the right tax code
Income tax in New Zealand is collected by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, as well as on the supply of goods and services. The types of taxable income are salary and wages, business and self-employed income, income from […]
Changes to retirement income over the years
Retirement planning is where you consider your financial situation for when your golden years, among other things. Are you planning to live with your kids when you retire? Because that’s what people were expected to do once upon a time, and while many cultures still embrace that idea it’s not so common amongst New Zealanders. […]
Should I pay tax on my Trade Me sales?
An insight to trading and selling on online auction sites in New Zealand – what you need to know about the personal income you earn over the internet. Should you be paying tax on your online income? These days, the majority of us buy goods online traders and often sell stuff as well. With auction […]
Income tax changes over the years
Benjamin Franklin once said there are two certainties in life – death and taxes! What isn’t so certain is what type or how much those taxes will be. The Inland Revenue Department (IRD) collects over 80% of the government revenue, with just under half of that coming from individual income taxes. The current income tax […]
Tax returns and tax refunds – what’s the difference?
Whether you are in paid employment, running a business or on a benefit, you will need to pay taxes and the more you know it, the better equipped you will be to get the best out of your tax return. First of all, it helps to know why we have to pay taxes. Every person […]
What do People Use Their Tax Refund For?
Once you know how much you will be getting back from your income tax refund, the biggest question becomes: what am I going to use it for? And it’s a fair enough question, because it isn’t every day that you get an unexpected lump sum of cash deposited directly into your bank account. So to […]
Income tax – don’t pay more than you need to
Most people work for wages in New Zealand, and their income tax is paid directly by their employer to the Inland Revenue Department (IRD) under the Pay As You Earn (PAYE) scheme. In most cases, the correct amount of tax is paid and you will not need to do anything at the end of the […]
What Happens to Overpaid Income Tax if it isn’t Claimed?
The fact that New Zealander’s consistently overpay their income tax was a little known only half a decade ago. Until recently only a very small percentage of the population actually applied for their tax refunds because the process was difficult, lengthy and required a large amount of paperwork. Luckily these days, services like MyRefund.co.nz have […]
Do You Qualify for a Parental Tax Credit?
When your baby is born, he/she will bring you more love and devotion than you ever thought possible — but did you know that your little bundle of joy may also bring you a tax credit? Thanks to the Working for Families program, you can get a parental tax credit that covers the first eight […]
