Thursday, 28 January, 2010 | Tagged in Contractors, Running Your Own Business | Written by Kristen Barrett
The IRD states that if you are a contractor, and contract to one party for more than 80% of the time in any 12 month period then you may be deemed an ‘employee’ and required to pay tax at the personal tax rate instead of the company tax rate. By working through a Contractor Management [...]
Monday, 7 December, 2009 | Tagged in Running Your Own Business | Written by Kristen Barrett
The newly launched Telecom Business Hub is recommending NZ businesses to use Crackerjacks for their professional contract recruitment needs. This newly launched site is designed to profile innovative tools that will add value to New Zealand businesses.
Have a look at this site to see the unique solutions that will help your business grow…Click here to [...]
Thursday, 15 October, 2009 | Tagged in Running Your Own Business | Written by NZ Herald
For the full article follow this link
Wednesday, October 14th
By Brian Fallow
With tax reform in the air, the New Zealand Institute of Chartered Accountants has put up a set of proposals to radically simplify the taxation of small businesses.
Tax is their biggest source of compliance costs and NZICA estimates its proposals could reduce them by up [...]
Wednesday, 19 August, 2009 | Tagged in Add new tag, Running Your Own Business | Written by Crackerjacks
Crackerjacks and CXC are now working closely to bring you more choices in how you structure yourself as a contractor.
Some of the great things about contracting are the ability to offset business expenses against your tax rate and the freedom to choose where and when you work. But with that comes the administration burden [...]
Monday, 22 June, 2009 | Tagged in Running Your Own Business | Written by Markhams
Businesses or individuals can often make the mistake of assuming they can operate under an independent contractor relationship by simply crafting the contract to reflect that intention.
Clearly there can be advantages for both parties in setting up this type of relationship. For the employer these include not having to withhold tax, provide sick leave or [...]
Friday, 8 August, 2008 | Tagged in Contractors, Running Your Own Business | Written by Markhams
Depreciation
If you purchase an asset with a cost greater than $500, it must generally be added to the fixed asset schedule of the business and depreciation claimed over the assets useful life at prescribed rates set by the IRD. Any assets costing less than the $500 threshold are classified as ‘low-value assets’ and a [...]
Friday, 8 August, 2008 | Tagged in Contractors, Running Your Own Business | Written by Markhams
One of the most popular questions we’re asked here at Markhams is can I claim my motor vehicle expenses? Motor vehicles are a common business asset and running costs can be significant.
Sole Trader and Partnerships
If you are a sole trader or partnership and you use a motor vehicle for business purposes, you can claim that [...]
Friday, 8 August, 2008 | Tagged in Contractors, Running Your Own Business | Written by Markhams
Provisional tax is a way of paying your income tax in instalments through the year. The amount you pay during the year is credited against your end-of-year tax to pay.
Who has to pay provisional tax?
If your current year’s residual income tax (RIT) is more than $2,500 you’ll need to pay provisional tax for the [...]
Friday, 8 August, 2008 | Tagged in Contractors, Running Your Own Business | Written by Markhams
GST (Goods and Services Tax) is a tax that is imposed on the supply of goods in services in New Zealand. GST registered businesses charge GST on their income and claim back GST on purchases and expenses incurred in deriving that income.
GST Registration
A taxpayer is required to register for GST if they are carrying on [...]
