MyTax news

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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sugar tax


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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Taxation on Investments

Categories   News & Updates

Tax applies to investment income in New Zealand.

If you hold investments, there are various aspects of tax legislation that may apply to you, depending on the type of investment you have, and any other earnings that you make. In this article, we’ll take a look at some of the more common investment tax scenarios and provide a few useful links to further reading material.…

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If you have boarders, flatmates or tenants, you may be liable for tax on any payments they make to you in exchange for accommodation.

Typically, you can reduce the amount of tax you must pay by including related expenses. For example, if you had the expense of a mortgage, which is necessary to provide the accommodation, then you might be able to include this a tax deductible expense.…

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Café couple at job search meeting


TradeMe Sales: Do I Need To Pay Tax?

Categories   News & Updates

It’s a common question.

If you’re selling your stuff on TradeMe, or anywhere else online, do you need to pay tax?

TradeMe is the top trading site in New Zealand with over 4 million accounts registered. Given the volume of trades that go through the site, it naturally attracts the attention of various authorities, including the Police and the IRD.…

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Governments typically like taxing things, whether the aim is to raise revenue or to dissuade usage, but is it a good idea to tax sugar, and sugary drinks, in particular? In this article, we’ll look at the pros and cons and look at how it might affect your weekly shopping bill if they do.

Who Is Calling For A Sugar Tax?

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sugar tax