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Tax for businesses
All New Zealand businesses need to pay income tax on their profits. Find out all about the New Zealand tax system and the different taxes you may need to pay if you're running a business, employing staff or trading online. Business taxes include GST, Provisional income tax, PAYE and Fringe benefit tax.
All New Zealand businesses must pay income tax on their profits and file an annual business income tax return. The type of return you need to file depends on the type of business you are running. During the year most businesses must pay provisional tax - a series of tax installments on your business income tax. This is a general introduction to business income tax.
Fringe benefit tax (FBT) is a tax paid by a business or employer on any benefits or perks an employee receives from their employment. Common fringe benefits include motor vehicles, low-interest loans and payments to superannuation funds and insurance schemes. This is a general introduction to fringe benefit tax.
Currently there are no separate provisions within the income tax laws that deal directly with e-commerce, but New Zealand businesses generating income from selling goods and services online, are liable for New Zealand income tax. This is a general introduction to e-commerce and tax.
When you operate a business you need to ensure you account for your business income and keep accurate and complete records of your business activities. You'll also need to meet all your tax obligations and file any necessary returns. This is a general introduction to tax for businesses and employers.
GST is a tax on the supply of goods and services in New Zealand. The current rate is 12.5%. Generally if your business turnover exceeds $60,000 per annum, you'll need to register for GST. GST registered businesses collect GST on behalf of the government and can claim back any GST they pay on business purchases and expenses. This is a general introduction to GST.
Employers must make certain deductions from an employee's earnings. These include income (PAYE) or withholding tax and may also include deductions for student loan repayments, child support or any benefits, bonuses or other allowances an employer pays. This is a general introduction to payroll and PAYE.