MyTax news

Travel On A Budget

Categories   News & Updates

Got some of your tax back and thinking of heading for the blue skies?

We’ve put together a few travel tips for Kiwis who are travelling on a budget. There are some fantastic deals right now and by using some of the helpful internet tools, you can save a ton of money.

Research

Get a guidebook.…

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Budgeting Advice For Kiwis

Categories   News & Updates

At MyTax, we are all about keeping more money in your pocket. Tax is one of the biggest deductions that comes out of your pay packet, not to mention the many other claims on your income. It can certainly be difficult to keep more of what you earn.

We’ve come up with a few simple budgeting ideas to help give you more control of your finances.…

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If you’ve suffered losses from recent earthquakes, how will this affect the amount of tax you must pay? Tax is probably the last thing we think about after a major disaster. However, to help ease the disruption, the IRD does grant tax relief in a number of cases.

In this article, we’ll look at some of the options that may be available to you following natural disasters, and more specifically, the help available if you’ve incurred losses or hardship following the upper South Island and Wellington area earthquakes.…

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Do you think you pay too much tax?

Some people think you don’t pay enough! It will likely come as a surprise to you that a recent report by the OECD claim we pay low taxes, compared to other countries .

The OECD’s 2017 ‘Taxing Wages’ report shows New Zealand’s average tax wedge – a percentage of the total tax on wages paid by employees and employers minus family benefits – was 17.9 per cent last year 

This is the second lowest of the 35 nations in the OECD and less than half the average “wedge” of 36 per cent.

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At MyTax, we get asked a lot of taxing questions! Here are some examples of the many questions we field each week. Got more? No problem. Give us a call, we’d love to help!

How do you get an IRD number in New Zealand?

If you are a New Zealand resident, you can apply for an IRD number using the IR595 form.…

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New Zealand Tax Residency

Categories   News & Updates

If you are planning on living and working overseas, or coming to New Zealand to work, then you need to consider your tax status.

Typically, if you are resident in one country for long enough, then you pay taxes in that country, however there are a number of special cases that could affect you. Do you have to keep paying off a student loan?…

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Many expenses associated with running a business can be deducted. Not all business expenses can be claimed, and not all expenses are 100% deductible, so let’s take a closer look at some of the common questions relating to deductions.

Tax deductible expenses in New Zealand fall into the following main categories:

  • Vehicle expenses
  • Travel expenses
  • Using your home for business purposes
  • Holiday homes
  • Entertainment expenses
  • Capital (consumer) contributions
  • Environmental expenditure

Source: New Zealand IRD

 

 Can I Claim Overseas Travel?

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