Minimize Tax Payments by Maximizing Deductions Tax deductions – expenses you can claim against the amount you owe – are the single best way to lower your overall tax bill. Here are some of the tax write-offs all restaurants should know about
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Starting April 1, 2024, anyone providing accommodation or ridesharing services through online platforms in New Zealand will be affected by new GST (Goods and Services Tax) rules.
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Financial year 2024 will end on 31 March, so what we can do with tax planning to help us save tax in FY2024. Here are some tips
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In the business world, acquiring goods can have two intentions: trading or investing. Most of the business activities related to acquiring will only have the intention of trading, such as fruit importers buy fruit from overseas with the intention of buy low and sell high (Trading and making profit) and will not have the intention of hold the goods and get investment returns. However, there are times like when people buy stocks, they can have two intentions, the intention of get stable dividends income through long-term investment, or the intention of make profits by sell it in a high price when the market goes up.
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In an effort to streamline taxation processes and ensure a fair tax regime, New Zealand introduced the Approved Issuer Levy (AIL) system. The AIL is a tax measure designed specifically for non-resident investors who receive interest income from investments in New Zealand. This was introduced by New Zealand Government in Budget 1991, the AIL seeks to simplify tax obligations for non-resident investors while promoting transparency and compliance within the financial sector.
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If you're living or planning to move to New Zealand, it's important to understand whether or not you are considered a tax resident. Being a tax resident in New Zealand means that you are subject to New Zealand tax on all income earned, both locally and abroad. However, if you are not a tax resident any income sourced in New Zealand will be subject to the relevant New Zealand tax.
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Small business owner often face challenge in cashflow planning and tight budget. Among all the expenses saving tips, knowing how to do tax saving is always a key to your business success.
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One of the challenges that Small business owners will have is tax payment cashflow planning, you don't want an unexpected tax bill pop-up and cause cashflow issue to your business. At The Number Studio, we try to keep our clients informed of all critical tax dates that related to their tax return and tax payment. In this article, we will provide you a general guide of tax return and payment due dates.
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GST is a day-to-day basis topic for small business owners. In general, GST is a tax added to the price of most goods and services, including imports. It is a tax for people who buy and sell goods and services with the rate charge at 15% in New Zealand.
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