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

What are Schedular Payments?

If you are carrying out services in certain industries and are a soletrader or partnership, the person or business paying you is required to deduct a pre-determined percentage of your income and pass this onto Inland Revenue on your behalf. Schedular Payments are kind of a self employment PAYE where your employer is your customer. Schedular Payments used to be known as Withholding Tax. Your custo... More

Topics: Withholding Tax Schedular Payments

Posted 17/04/2015

Changes to Resident Withholding Tax Rates on Interest Income

Coming soon are some changes to the tax rates on interest earned. Your bank may have already contacted you regarding this but here's a brief heads-up on what's happening. The Resident Withholding Tax (RWT) rates on interest income are becoming aligned with the 2009 changes to the company and individual income tax rates. Previously RWT rates were 19.5%, 33% and 38% or 39% which aligned with the fo... More

Topics: Interest Withholding Tax Schedular Payments

Posted 11/03/2010