Top Tips For Tax Payments

Here are our top tips for ensuring you are paying the right amount of tax in New Zealand: 

• You need to pay tax on all of the income you receive, even from overseas.
• It is your responsibility to file a tax return if you need to even if you are not sent one by the IRD.
  
• If you have a family, you may be entitled to Working for Families tax credits.
• If you are receiving Working for Families payments or any other tax credits, you need to let the IRD know if there is any change in your circumstances.
• Make sure you have your IRD number with you when you open a bank account or start a new job, or you will automatically be put on a high tax rate.
• If you are paying for childcare or have a low income, you may be entitled to a tax rebate.
• If you have made charitable donations you may be entitled to a tax rebate.
• If you have overseas shares, please note that the tax laws on foreign holdings changed significantly in April 2007.

This article was supplied by Broadbase International Ltd (www.broadbaseinternational.com). Information contained in this article is of a general nature and is not intended as a substitute for professional advice based on your individual circumstances. Disclosure statements are available on request and free of charge.