How have the Global Financial Crisis, petrol price hikes, GST rise, and different parties leading New Zealand’s Government affected income taxes over the last 20 years? The tax-paying generation of the early 1990s included the Baby Boomers and ‘Generation X’. Twenty years on, their children, ‘Generation Y’, are now paying tax. A lot has happened in the world since then, including a global recession. How does our personal income and tax situation compare to 20 years ago? New Zealand’s tax

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 to or spent on the beneficiaries during

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 tax is a compulsory payment that can be made directly or

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 pension). Did you know that a whopping 43% of the New Zealand Government’s core revenue ($22.9

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 our own thing whether it be skiing, relaxing in the garden, visiting the

An insight to trading and selling on online auction sites in New Zealand – what you need to know about the personal income you earn over the internet. Should you be paying tax on your online income? These days, the majority of us buy goods online traders and often sell stuff as well. With auction sites like Trade Me being the main online shopping choice for New Zealanders, it has become a large part of ‘Kiwiana’ culture to sell those