by admin | Oct 9, 2016 | Taxfacts
Working for Families tax credits are available to families with dependent children aged 18 years or younger. These are refundable, meaning that if the credits exceed the person’s income tax liability they are able to be refunded to the taxpayer. The Working for...
by admin | Oct 9, 2016 | Taxfacts
Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date. The main kinds of charges for failing to meet tax obligations are: Interest on the amount of tax...
by admin | Oct 9, 2016 | Taxfacts
Tax credits can be claimed by individuals (not companies, trusts or partnerships) who: Earned taxable income during the period being claimed for; and Were in New Zealand at any time during the tax year (including non-residents) You may qualify for a tax credit for:...
by admin | Oct 9, 2016 | Taxfacts
Resident Withholding Tax (RWT) is a tax deducted on interest earned from investments and bank accounts. The investment organisation or bank deducts this tax when they credit interest to you. Companies may also deduct withholding tax from dividends paid to...
by admin | Oct 9, 2016 | Taxfacts
Provisional Tax is not a separate tax but a way of paying your income tax as the income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then...
by admin | Oct 9, 2016 | Taxfacts
Pay As You Earn (PAYE) is the basic tax taken out of your employees’ salary or wages. The amount of PAYE you deduct depends on each employee’s tax code. PAYE employees must complete a Tax code declaration (IR 330) as soon as they start working for you. If...
