Simple Accounting

Donations of cash by individualsInland Revenue Department (IRD) incentivises individuals by allowing a donation tax credit of 33.33 cents in every dollar for cash donations of $5 or more. The tax c...

Interest deductibility From 1 April 2024, mortgage interest deductibility for rental properties will be phased back in:80% deductibility in 2024 / 25100% deductibility in 2025 / 26For more informat...

1. Income TaxEveryone who earns taxable income in New Zealand pays income tax. For employees, the employer deducts PAYE and pays the income tax to the IRD on the employee's behalf, while the employ...

What are dividends, and how are they taxed? Dividends are paid from after-tax profits to the shareholders of a company. A company pays tax at a 28% rate to Inland Revenue Department (IRD). The afte...

If you offer accommodation or ride share services in New Zealand via an electronic marketplace (e.g., Airbnb or Uber), new GST changes will impact you from 1 April 2024.What has changedThe category...

For some landlords, meeting the new standards by the deadline of 1 July 2024 will require an expenditure to cover purchases and installation of necessary items, repair work, or both. Based on new c...

To help stop people from being hit with massive tax bills at the end of every tax year, the Inland Revenue Department (IRD) uses a provisional tax syestem.What is provisional tax?Provisional tax is...

What an annual return is?An annual return is an action the directors of a company need to take every year to review and confirm the company’s details on the Companies Register. You don’t need to pr...

We often think of the company and us as the same person. However, the company is a separate legal entity (with limited liability). It is usual for the shareholder to advance capital to the company ...

What Are Expenses?Expenses are the costs you incur in the day-to-day operation of your business. When it’s time to file your taxes, your taxable income (the amount you need to pay tax on) is calcul...

As a real estate salesperson or agent, managing your tax obligations is essential to stay compliant and optimize your financial position. Here's a comprehensive guide to help you navigate income ta...

Xero – The World’s Leading Cloud Accounting SoftwareXero is a cloud-based accounting software designed specifically for small and medium-sized businesses, helping them efficiently manage finances, ...

Expenses Guide for Rental Property ownersAny income received from a residential rental property is liable for income tax and must be declared in your personal income tax return (IR3).The financial ...

This article is for clients who wish to pay their IRD outstanding balance in installments. Please follow the steps below:Apply for an instalment arrangement in myIRFrom the homepage in myIR, apply ...