Confused about what you can do to slash your tax? All residents are liable for income tax on income they earn both within the country and from all overseas sources. You are taxed on your world income ...


Ten Great Tax Tips

Ten Great Tax Tips

No customers mean no business. Your customers are critical to your success, so look after them. Satisfied customers will keep coming back to buy. Unhappy ones will never be seen again. When they stop coming back, sales will be lost and your business will suffer. more..




Tax & You

All about Tax in New Zealand and how it affects you. What is residency all about and how are non residents treated for tax in this country. There are double tax agreements that are important for you to know about if you have overseas income.


Calculating Tax

What is a Tax Return? How is tax deducted and at what rates. What are tax rebates and how are they applied to your situation. Why are tax credits important and how do they affect your final taxable income. Calculate provisional and terminal tax.



Paying Tax

Tax once levied need to be paid. What are the due dates for paying tax? What happens if you can’t pay? Can you do a deal with the IRD? What happens if you are entitled to a refund and how can you get your refund sent back to you fast.


Tax Rights & Warnings

You must be fully aware of your tax rights otherwise you will be unable to counter any mistakes by IRD when calculating tax to pay. There are many tax warnings also – know them. Ignorance is no excuse. Check out the legal side of tax.



IRD Powers & Offences

The Commissioner of Inland Revenue is a powerful person. Be familiar with these powers as you may come across them one day. Here are the many tax offences that taxpayers may be charged with. Check the penalties and voluntary disclosure.


Family Tax

Tax and the family is an area that is fraught with problems. Family Support, Child Support, Student Loans and Alimony issues are important when they affect you. How are payments to a Spouse treated by the IRD and what you can do?



Employment

If you employ staff you need to be familiar with tax in employment. If you are a new employer there are steps you must follow to register and you have to be aware of your responsibilities as far as tax and your employees are concerned.


Salary & Wage Earners

The salary and wages earners are the largest class of taxpayer there is. Without the tax collected from wages paid to this class the government tax take would be low. What are personal tax summaries all about? What are tax codes?



Income

What is income? Why is calculating the correct income is so important? What is the difference between capital income and revenue income? Why is the difference so important? What are profit making schemes and are they subject to tax?


Deductions

Deductions are what you are allowed to deduct from your gross income before arriving at he amount that tax will be levied on. Most business owners are concerned with knowing what you can get off tax to reduce tax payable.



Business Tax

Tax and your business is something you need to be filly conversant with. If your business makes a profit then it must pay tax on it. But what is “Profit for Tax Purposes? Sole Traders, Partnerships , Companies and Trusts and Tax.


Tax Avoidance & Evasion

“Avoid, evade, what’s the difference, just don’t pay tax”. This is the philosophy of many. There is nothing illegal about tax avoidance which is taking advantage of all the favourable tax laws.Tax Evasion is wilfully evading the liability for tax



Tax Planning

Tax Planning is about arranging your business and personal income affairs so that you pay the least amount required by law – and no more. That is, tax planning’s main objective is to minimise your business and personal tax payable.


Other Matters

There are many other matters that need to be address for tax. How does bankruptcy affect tax due? What is gift duty and how is it levied and paid. What about Insurance. What is Superannuation all about? How is trading stock treated?



GST

What is GST? Who needs to register and what are the thresholds before you must register. Find out how to deal with GST on your sales and GST on your purchases. What are tax invoices? What are the rules for documentary evidence?