Companies 28% Tax Rates
October 16, 2020
A company has a tax rate of 28%. This is a flat tax rate and applies to all company profits.So, why not structure your business, investments, or contracting in a company and only pay tax at 28%? Individuals marginal tax rate is 33%, so would you not be 5% better off and pay ...
39% Top Marginal Tax Rate
October 9, 2020
The Labour Party has announced that if re-elected, they would introduce a new marginal tax rate of 39% for an individual’s income over $180,000. The 39% tax rate would only apply to income over $180,000 and the remainder of an individual’s income will be taxed at current...
Companies with Losses Carried Forward
December 3, 2019
Companies may have losses carried forward from a prior year. Losses may have resulted from losing money in a previous business venture, one-off signature expenditure (e.g., significant repairs and maintenance on a property), or during the start-up phase of a new business.Thi...
A New Way to Pay Tax
October 3, 2017
New Provisional Tax Method - Accounting Income Method (AIM)
From April 2018, there is a new provisional tax calculation method called the Accounting Income Method(AIM). AIM allows for businesses with sales of less than $5m to meet their provisional tax obligat...
Non-Taxable Allowances
September 5, 2017
An employer may pay a non-taxable allowance (NTA) to an employee to reimburse them for expenses such as the costs of tools (when required as part of their employment agreement) or protective clothing and equipment (for example, steel cap boots, a uniform, or wet-weather gear...
Pay Less Tax - Part 1
February 16, 2017
Save $12k in tax on $120k of income by structuring your business effectively.
Table 0.1 – How AgBiz Accountants could save you more than $12k in tax (an extra 10%)
EntityProfitTaxTax Savings
Individual$120,000$30,520$9,080
Company$120,000$33,600$6,000
Trust$120,000$39,600$-
Evans Doyle Way$120,000$27,580$12,050
Everyone pays tax on th...
The MYTH Of Tax Deductions
February 9, 2017
Did you know that a $70 lunch may only give a tax deduction of $6.13?
How often have you heard a business owner say "It's ok, it's a business expense and I can claim it for tax"? Do they really understand that a $70 lunch or dinner may only provide a tax deduction of $6.13? ...
Tax Tips - GST Insights. Part Two
February 2, 2017
So what are the different methods for doing my GST?
Following on our GST theme, this blog will explain the difference between 'GST basis' and outline the advantages and disadvantages of each. In a nutshell, you can pay GST when you receive the cash from your customer, or whe...
Tax Tips - GST Insights. Part One
January 24, 2017
Do I need to register for GST?
One of the most popular questions often asked from people starting a business is, 'do I need to register for GST?' This article will answer that question.
GST is a tax on consumption, on goods and services supplied in New Zealand. This is ...
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