Applying for an IRD Number (Pub: 3 Dec 2007)
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Balance Dates (Pub: 3 Dec 2007)
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Filing Requirements for Individual (Pub: 3 Dec 2007)
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Gift Duty (Pub: 3 Dec 2007)
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Income Tax Rate (Pub: 3 Dec 2007)
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Income Tax Return Types (Pub: 3 Dec 2007)
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PRACTICAL HINTS (Pub: 3 Dec 2007)
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Rebates (Pub: 3 Dec 2007)
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Rebates (Pub: 3 Dec 2007)
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Retention of Records (Pub: 3 Dec 2007)
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Shortfall Penalties - Warning (Pub: 3 Dec 2007)
Under the Tax Administration Act 1994, all taxpayers are required to:
• Correctly determine the amount of tax payable
• Deduct or withhold the correct amount of tax from payments or receipts
• Pay tax on time
• Keep all necessary information and maintain all necessary accounts or balances
• Co-operate with the Commissioner
• Comply with other specific tax obligations Compliance obligations imposed on business and commercial activities are considerable.
To list just a few, these compliance obligations include requirements to:
• obtain an IRD number
• register for GST if total turnover exceeds or is expected to exceed $40,000 in any 12-month period
• file a regular GST return
• file an annual income tax return
• pay provisional tax
• deduct resident withholding tax on interest paid to other parties (excluding banks)
• deduct PAYE and withholding tax from payments made to employees and contractors
• deduct ACC payments
• keep business records (including log books, expense invoices, and wage records)
• calculate and pay fringe benefit taxes
• maintain imputation credit accounts for companies
Unless these matters are handled by a bookkeeper or dealt with efficiently, a considerable amount of your otherwise productive business time will be expended in complying with your basic tax obligations.
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Transfers of Overpaid Tax (Pub: 3 Dec 2007)
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