Posted 24/03/2011 Updated 24/03/2011 Tags: Business Employing FBT Income Tax PAYE Provisional Tax Salary & Wages Tax Compliance Terminology  

Here is a brief description of the types of tax that you are likely to come across in business: GST - Goods and Services Tax - this is chargeable by businesses whose annual sales turnover is over $60,000 per year. It... more

Posted 3/03/2011 Updated 3/03/2011 Tags: Accounting Business Drawings Employing Income Tax PAYE Salary & Wages Tax Compliance  

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings - drawings are withdrawals from the business for personal use. The... more

Posted 9/11/2009 Updated 11/03/2010 Tags: Claimable Expenses Employing Income Tax PAYE Salary & Wages Vehicles  

If you are paying your employees a motor vehicle allowance as a part of their salary package this is taxed as a part of their wages. A better way would be for the employee to submit their actual expenses for... more

Posted 17/12/2008 Updated 13/01/2010 Tags: Employing FBT Gifts  

General exemption - There is a $300 exemption per employee per quarter from paying FBT if you provide free (gifts and prizes), subsidised or discounted goods and services. However, if the value of the benefits for an... more

Posted 21/10/2008 Updated 13/01/2010 Tags: Business Employing Income Tax PAYE Shareholders  

Yes your company can become an employer and employ you via the payroll. This means that each pay day PAYE is deducted from your wages and on the 20th of each month the PAYE get's paid to IRD. Your wages become a cost to... more

Posted 17/10/2008 Tags: Employing PAYE Tax Returns  

First you'll need to register as an employer with Inland Revenue then each payday run a payroll system to account for each employee's wages and deduct PAYE. On the 20 of each following month you'll need to prepare a... more