Provisional tax can be calculated using one of three methods, standard (or uplift), estimation or ratio method. The ratio method can only be used if you are registered for GST.
Business expenses that are incurred prior to commencing trading are not deductible, the IRD views these as personal expenditure, start up costs could include legal fees, feasibility studies and the like.
It is not unusual, after spending many years operating at the “coal face” building and developing a successful business, for the owner to feel as though they have had enough of the day-to-day operating grind and that they have run out of energy and ideas to take the business to the next level. Equally though,…Details
A tax credit for being made redundant has been available from 1 December 2006. Qualifying employees receive a tax credit of 6 cents in the dollar on qualifying payments up to a maximum claim of $3,600 per redundancy (covers a redundancy payment of $60,000, the maximum to which a credit can be applied). Employees can…Details
Investors in a PIE (Portfolio Investment Entity) are required to notify the PIE of their prescribed investor rate (PIR) ie their correct tax rate. PIR’s differ depending on who has made the investment as follows: Individuals – Individuals can currently choose a PIR of either 19.5% or 30%. From 1 April 2010 individuals will have…Details
February has come and gone with most of us are asking what happened to summer. What summer? This year has seen one of the worst summers on record for number of sunshine hours. For the beach goers and sun worshippers it may have been a summer to forget but for farmers, the mainstay of our…Details