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Personal Income Tax Rates and Independent Earner Tax Credit (IETC) eligibility changes from 31 July 2024
Changes to the Bright-line property rule
New Trustee Tax Rate
Changes to the interest limitation rules
The Brightline tax is a wide-ranging tax which is subject to arbitrary change and strict legal definitions. If you get it wrong it can be a very expensive mistake. If you have any concerns or questions please get in contact.
Individuals are required to return income and any losses to the Inland Revenue Department. The return period for most people runs from 1 April to 31 March. It is possible to apply to IRD to change the balance date of 31 March to another date. This is common for seasonal income earners or those who wish to match the balance dates of their trading entities.
Generally, fringe benefit tax is tax levied on employees’ possible or available use of a business asset for private purposes. This is common with motor vehicles. This is because use of business assets privately by an employee is considered a form of employee remuneration and accordingly should be taxed.
If you are carrying out a “taxable activity” and if your annual sales are $60,000 or you expect your annual sales to more than this amount then you are liable to register for GST.