Tax rates on Trust Income

What is the tax rate on your earnings from trusts? The income from a trust is separated into two parts for tax purposes: beneficiary income and trustee income. Beneficiary income is all the money given to a beneficiary of the trust during the tax year, or money used for their benefit within six months of the end of the tax year. Trustee income is all income the trust earns that is not paid t...

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When did the Kiwis start paying income tax

It is common knowledge that individuals in New Zealand pay tax on all the various types of income that they earn. Direct taxation is compulsory for all Kiwis who earn a salary, wages, commissions or any other form of income. We also know that the New Zealand law requires almost all individuals to pay income tax to the Inland Revenue Department, on behalf of the government. New Zealand income...

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How to choose the right tax code

Income tax in New Zealand is collected by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, as well as on the supply of goods and services. The types of taxable income are salary and wages, business and self-employed income, income from investments, rental income and overseas income (such as overseas pen...

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Changes to retirement income over the years

Retirement planning is where you consider your financial situation for when your golden years, among other things.

Are you planning to live with your kids when you retire? Because that’s what people were expected to do once upon a time, and while many cultures still embrace that idea it’s not so common amongst New Zealanders. Once our paid working lives are over, we often want to do ...

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