It may not be everyone’s favourite topic, but understanding tax is an important part of being in business. Knowing what taxes you need to pay, and when, will make running a business or agribusiness much easier, and help you avoid any unexpected tax bills.
Tax can be complex, and obligations can vary depending on how your business is structured. Seeking professional advice from Chartered Accountants and tax experts will help streamline your tax processes and ensure you are meeting your requirements.
Paying Income Tax
Everyone who earns money in New Zealand pays income tax – including businesses, contractors and self-employed people. A business pays income tax on its net taxable income each year. Net taxable income is the amount a business earns from selling goods and services, minus expenses.
At MBS Advisors, our business and agribusiness accounting experts can help you maintain good financial records, keep track of your expenses, and file your income tax return.
Accident Compensation Corporation (ACC) Levies
Businesses must pay an annual ACC levy to cover workplace injuries. The amount you pay will depend on your industry, how much you pay for staff, and how much you earn. MBS Advisors can guide you through your ACC obligations and help you choose the best cover for your farm or business.
Goods and Services Tax
Your business will need to be registered for GST if your turnover is expected to be more than $60,000 a year. You can choose to be registered for GST even if you expect to make less than the threshold. If you are GST registered, you can claim back GST on goods and services you buy for your business. GST returns can be filed monthly, every two months, or every six months.
Accounting software Xero makes managing GST easy. You can use Xero to run and file your GST return with Inland Revenue. As Xero Certified advisors, MBS Advisors will make managing GST for your business easy and hassle-free.
Stay informed about New Zealand Tax Rules and Processes
Tax rules and regulations change often in New Zealand, and Inland Revenue is digitalising many of its services. This is great news for business owners, as online tools save time and improve accuracy.
At MBS Advisors New Zealand we’re always looking at what’s next and how it will impact our clients. We’ll help you prepare for any changes, and ensure you have the best processes in place for your business.
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