At the end of the tax year we are frequently asked why an employee has a tax bill ( never a refund !!) to pay. Naturally they find this very frustrating and would rather pay more tax each pay period than be landed with a tax bill. Under New Zealand’s current tax system we operate on [...]
Archive for the ‘Tax Related’ Category
TAX BILLS AND REFUNDS
Posted: July 7, 2011 by paularetallick in Frequently Asked Questions, Tax RelatedTags: ird, tax, tax refunds
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Redundancy Tax Credits
Posted: June 9, 2011 by paularetallick in Payroll, Tax RelatedTags: Christchurch Earth Quake, Christchurch Earthquake, Earthquake, Earthquake Support Subsidy, ird, Redundancy
The entitlement to a redundancy tax credit was due to expire on March 31, 2011 but it has been extended to September 30. 2011. If an employee is made redundant they are entitled to receive the redundancy tax credit of 6% for the first $60,000. ( i.e a maximum of $3,600.) To claim the rebate [...]
Earthquake Tax Changes
Posted: June 9, 2011 by paularetallick in Payroll Stuff, Tax RelatedTags: Christchurch Earthquake, Earthquake, ird, tax, tax refunds
After the September and March earthquakes some companies paid their employees an ex gratia payment to help them over this unsettling period. Originally, the IRD deemed the payments were taxable but tax changes have been introduced to respectively fix this. This applies to any payments made within 8 weeks of either earthquakes ( some conditions do apply) [...]
Kiwis will work 123 days to pay their taxes.
Posted: May 5, 2011 by paularetallick in Tax Related, UncategorizedTags: ird, paye
Did you know the average Kiwi has to work 123 days to pay their taxes. Tuesday the 3rd of May is when we start working for ourselves and not for the Government. We compare poorly against Australia who have a Tax Freedom Day of April 19th but are leaps ahead of Norway with their Tax [...]
Minimum Wage Increases 01 April 2011
Posted: February 15, 2011 by paularetallick in Tax RelatedTags: minimum wage
The Minister of Labour has annouced increases to the minimum wage rates. From 01 April the adult minimum will increase to $13.00 per hour. The new entrants and the training rate increases to $10.40 per hour. For more info go to the Depatment of labour website : http://www.ers.dol.govt.nz/
Tax Changes from October 1st
Posted: August 17, 2010 by SpaceBug in Tax RelatedTags: Inland Revenue, Tax Changes
The IRD have set up a special page on their Website covering all the tax changes that are occurring on October 1st. These include: Personal Tax Changes GST Increase to 15% Working for Families Tax Credits Employers FBT and ECST rates Depreciation changes ACC Earner Levy increase (due to GST) Proposed changes for April 1st [...]
Staff have received a Tax Bill, why?
Posted: July 28, 2010 by justin in Tax RelatedTags: ACC Earner Levy, extra pay, Personal Tax Summary, Tax Bill, Tax Rates, Tax Refund
Why do I get a tax bill each year? The calculation of tax is not a straight forward exercise that most assume. It is based on multiple rates and multiple thresholds. Hopefully this will help to explain why some people end up with a tax bill and some with a tax refund.
Tax Refunds – How to Check
Posted: July 23, 2010 by paularetallick in Tax RelatedTags: Certificate of Earnings, ird, Personal Tax Summary, tax refunds
Are you entitled to a tax refund? You can work it out yourself for free by using the calculators provided by the IRD.
