The basics for business
There are some basics that businesses need to get right to make sure they meet their tax responsibilities. Inland Revenue focus on making it easy to understand what you need to do to get these basics right. They do this by providing information, tools, services and reminders for people who need them.
1) Your responsibilities as an employer
Your main responsibilities to Inland Revenue are making the correct deductions from your employees' salaries (eg, PAYE, KiwiSaver), filing your employer monthly schedules (EMS) and making payments when they're due.
2) GST (goods and services tax)
GST is a tax on most goods and services in New Zealand, most imported goods and certain imported services. GST is added to the price of taxable goods and services at a rate of 15%.
3) FBT (fringe benefit tax)
FBT is a tax on benefits that employees (and shareholder-employees) receive as a result of their employment, including benefits provided through another person.
4) Record keeping
It's important to keep accurate and complete records. Inland Revenue accept paper records and electronic records, or a combination of both. Having accurate records: • makes filling in your tax returns easier • makes it quicker for your tax agent or accountant to do your books—which can save you money • gives you the information to manage your business and help it grow • makes it easier to get a loan
5) Contractors
Independent contractors are solely responsible for meeting their tax obligations.
For the full compliance focus booklet, check out this site
1) Your responsibilities as an employer
Your main responsibilities to Inland Revenue are making the correct deductions from your employees' salaries (eg, PAYE, KiwiSaver), filing your employer monthly schedules (EMS) and making payments when they're due.
2) GST (goods and services tax)
GST is a tax on most goods and services in New Zealand, most imported goods and certain imported services. GST is added to the price of taxable goods and services at a rate of 15%.
3) FBT (fringe benefit tax)
FBT is a tax on benefits that employees (and shareholder-employees) receive as a result of their employment, including benefits provided through another person.
4) Record keeping
It's important to keep accurate and complete records. Inland Revenue accept paper records and electronic records, or a combination of both. Having accurate records: • makes filling in your tax returns easier • makes it quicker for your tax agent or accountant to do your books—which can save you money • gives you the information to manage your business and help it grow • makes it easier to get a loan
5) Contractors
Independent contractors are solely responsible for meeting their tax obligations.
For the full compliance focus booklet, check out this site
