Depreciation of Assets, And You

Depreciation of Assets, And You

Depreciation is calculated annually over the useful life of the asset as part of your end-of-year accounts. To calculate the depreciation, you need to know the asset’s value, your depreciation method and the approved Inland Revenue depreciation rate. Depreciation is a method of spreading the cost over time of significant assets you buy for your…

Tax Shortfall Penalty Payment Rates

Tax Shortfall Penalty Payment Rates

New Zealand’s tax system follows self-assessments concepts. This means that it is the taxpayers responsibility to ensure that they are correctly calculating their tax, and have taken the reasonable care to do so. If a tax return has been lodged incorrectly or there are details missing from it that are needed, the taxpayer may not…

The New FBT Rates You Need To Know

The New FBT Rates You Need To Know

A new personal income tax rate is to come into effect on 1 April 2021, which increases the amount of gross income that the government deems subject to tax. This outcome will impact current Fringe Benefit Tax rates for all employers.  FBT rules have been designed and structured to ensure that any of these fringe…