Tax

Tax facts – KiwiSaver

All New Zealand residents and people entitled to live here permanently up to the age of 65 are eligible for KiwiSaver.  All new eligible employees must be automatically enrolled in KiwiSaver.  However there are some employees who are exempt from automatic enrolment.  These include: Those under 18 years of age Casual agricultural workers or Election …

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Tax facts – GST and E-Commerce

Sale of Physical Goods via the InternetIf a GST-registered person sells goods via the internet and the goods are physically supplied to a customer in New Zealand, GST is chargeable at 15%. If goods are sold via the internet and physically supplied to customers overseas the sales can be zero-rated for GST purposes. It is …

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Tax facts – Gifting

A gift is something given when: Nothing is received in return; or Something is received in return, but its value is less than the value of the property given. If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values. In the context of …

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Tax facts – Fringe Benefit Tax

Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer. The four main groups of fringe benefits are: Motor vehicles (refer to the IRD website for more information on how to calculate) Low-interest loans other than low-interest loans provided …

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Tax facts – Entertainment

Entertainment expenditure is limited to a 50% deduction if it falls within the following: Corporate Boxes Holiday Accommodation Pleasure Craft Food & Beverages consumed at any of the above or in other specific circumstances, for example: incidentally at any of the three types of entertainment above, eg, alcohol and food provided in a corporate box …

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