News

13 June 2008
Unclaimed Money

Does Inland Revenue owe you any money?

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12 May 2008
Important changes to the IR345

With the introduction of new KiwiSaver requirements for employers, several changes have been made to the Employer deductions form (IR345)

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24 April 2008
Do you have to pay any income tax when you sell a property?

Income from property sales is like any other type of income. You may need to pay tax on it.

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01 April 2008
Proposed change to employer tax credit calculation for KiwiSaver

The government has announced a proposed change to the employer tax credit calculation to bring it into line with the policy intent. This change is subject to legislation being passed.

You can read the press release here.

Find out more about calculating your employer tax credit.

28 March 2008
Business tax changes take effect
Two important business tax changes take effect from the start of the 2008-2009 income tax year (1 April 2008 for most businesses).
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04 March 2008
Changes to penalties from 1 April 2008

Late filing penalties on GST returns

Employer monthly schedule (EMS) non-payment penalties

Changes to shortfall penalties

Late payment grace period

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04 January 2008
Redundancy rebate

The government has introduced legislation to make the taxation of redundancy payments fairer to people who are pushed into a higher tax bracket when they receive the lump sum payment. A simple tax rebate has been introduced that will apply to redundancy payments made on or after 1 December 2006.

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23 October 2007
Update from Inland Revenue
Parliament today passed the Income Tax Bill, which completes the 15-year rewrite of the New Zealand's income tax law. The bill, which is nearly 3000 pages long, contains the rewritten Income Tax Act from Part F to the end of the Act, including Schedules. It also re-enacts and consolidates Parts A to E of the Act, and renumbers various sections contained in those Parts. Once enacted, the resulting Income Tax Act 2007 will apply to income derived from the 2008-09 income year.