Increased IRD Mileage Rate

The IRD's mileage rate has been increased to 73 cents per km (up from 72 cents) effective for the 2017 financial year. This applies to both petrol & diesel fuel vehicles. The increase is largely due to higher average fuel costs and a slight increase in fixed vehicle costs during the 2017 Financial Year. For the first time, they have also set mileage rates for hybrid & electric cars. These... More

Topics: Claimable Expenses Rental Property Accounting Business Inland Revenue Vehicles Contractors

Posted 19/05/2017

New Tax Codes for Contractors

From 1 April 2017, if you are hiring any contractors that are required to have withholding tax deducted, or are a contractor yourself the IRD have issued a new form to be filled in from April 2017 onwards. Contractors providing labour hire services, such as Recruitment Agency or IT Contractors, are required to have these deductions made no matter the structure their business activity is under. Pr... More

Topics: Income Tax Business Tax Compliance Withholding Tax Inland Revenue Contractors Links Schedular Payments Starting Business

Posted 31/03/2017

How Do I Become Self Employed?

New Zealand is one of the easiest countries in which to start a business. It's really as simple as finding something which will generate profit and going for it - well almost. Here's a quick guide for people who are currently in employment and are curious about becoming self-employed or those who are looking for work and perhaps considering creating their own opportunities. This is more aimed for ... More

Topics: GST Business Record Keeping Contractors Guides Starting Business

Posted 9/11/2012

Just Started As A Contractor - How Much Should I Save For Tax?

Question: I have just started work and my employer has informed me I am responsible for paying my own tax. Does this require me to put away 20% of my wages? What are my tax responsibilities? Answer: In this case you're effectively a self employed contractor - not an employee, so this means you'll need to put aside some of your gross income to pay your tax later. It's a good idea to keep this some... More

Topics: Income Tax Business Contractors Guides Starting Business

Posted 18/12/2008 – Updated 23/09/2014