FAQ

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Does Bank Fee have GST?

No, it doesn’t. Bank fees are exempt from GST because these fees defined as financial services, financial services are GST exempt.

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How do I record the cost on business meal with my customer?

Regarding the business meal expense, you can only Record 50% of the expense as a deduction because it has a significant private element. Even if you think the private element was more or less than 50% of the expense, you can only claim 50%

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of the expense.

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What is GST in New Zealand?

GST is a tax added to the price of most goods and services, including imports.

 

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What’s the GST rate in New Zealand?

The normal GST rate is 15%. This rate is being increased from 12.5% to 15% since 1 October 2010.

 

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What’s income tax rate for company?

From 1 October 2010, the company income tax rate was reduced to 28% till now.

 

 

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What’s income tax rate for trust?

The trust income tax rate is 33%

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I am a New Zealand tax resident, what’s the tax deducted in my bank when I received bank deposit interest income?

This is a tax called resident withholding tax that the bank has an obligation to withhold from certain payments of investment income such as interest or dividends. You can choose the RWT rate from the following rates 10.5%, 17.5%, 28%, 30%, 33%

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which is determined by your annual income.

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What is annual return? Do I have to do it?

Annual return is different thing from a financial report. The Companies Register has general information record that the public can have access to view. If you are running a company, you must update the company’s information each year through an annual return.

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How can I choose tax code for employee?

The employer cannot choose the tax code on behalf of employee. Before the employee’s first wage payment, you need to ask the employee to fill and sign the IR330 Tax code declaration form. According to the form’s instruction, the employee will choose the right

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tax by him/herself.

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When does employee entitle to have sick leave?

Based on the current employment law, the employee is entitled to 5 days’ sick leave if having six months’ current continuous employment with the same employer.

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I have a residential rental property, does the loan repayment can be offset the rent income?

You can only deduct the loan interest from the rental income, the principal repayment can not be deductible.

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Do I have to calculate and pay for GST when I selling my main family home?

No, you don’t. As you are not GST Registered, so you don’t need to pay for GST part. But you may need to be aware of capital gain tax which will depend on your situation.

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