The IRD are very good at wasting not only paper but postage as well. Ezypay as your payroll provider electronically file your IR 345 and IR 348 on your behalf either bi monthly or monthly ( unless you have specifically requested as not to ) If you have been receiving paper copies of these forms […]
This will be of interst to those of you who pay a mileage allowance – I have copied this straight from the IRD newsletter. The motor vehicle mileage rate has been reviewed to reflect the average cost of running a motor vehicle, including the average fuel prices. The mileage rate for the 2012 income […]
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 […]
The IRD mileage allowance used by employers to compensate employees for using their private car on company business has increased from 70 cents per kilometre to 74 cents per kilometre for the 2011 tax year.
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 […]
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) […]
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 […]
Are you entitled to a tax refund? You can work it out yourself for free by using the calculators provided by the IRD.
We have been fielding a large number of calls lately and one common question seems to be how we handle PAYE payments as a number of bureaus are taking the Gross pay from their clients, hanging onto the money, and then paying the IRD when due. Our preference is that you, the client, handles the […]
The PAYE for primary employment is – 14.2 % on income up to $14,000, plus – 22.7% on income over $14,000 up to $48,000, plus – 34.7% on income over $48,000 up to $70,000, plus – 39.7% on income over $70,000 up to $106,473. Income over $106,473 is taxed at 38% as this is the […]