Income Tax for Business
In running a business you need to account for income tax on your profits (income less expenses).
Income tax is generally paid provisionally (on behalf of the current tax year) with a final payment of income tax (terminal tax") paid in February or April.
Terminal tax is the result of your tax due on your income less tax paid during the year.
GST- If you are planning to earn more than $40000 from business activities in the year you will need to register for GST.
FBT-fringe benefit tax is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer.
Employer tax obligations- When you begin to bring staff on board you must advise the IRD. Importantly you need to decide whether they are employees or independent contractors. The way each is treated for tax purposes is different.
There are many other points to consider which we will be able to identify for you.
Contact Temperton & Associates today on 04 298 6025 for advice on all your business or company income tax obligations.
