Whatever kind of business you have, tax is an important part of operating it successfully. You need to get the right information and advice before you begin. And you need to keep good records in English as soon as your business gets started. You will need to
- have an Inland Revenue (IRD) number
- send in several tax forms each year to the Inland Revenue Department
- make several tax payments each year
- keep good records, in English, so that you can complete tax forms and work out the tax you have to pay or get refunded
You’ll need to find out about income tax, company tax, Goods and Services Tax (GST), provisional tax, ACC levies and Resident Withholding Tax (RWT). And you need to know about tax residency. If you’re resident in New Zealand you’ll be liable for income tax on your worldwide income.
You can find introductory information about all these taxes in the easy to understand sections Government and Business in our Living in New Zealand guide. The Inland Revenue Department has a lot more detailed information on all forms of tax. ‘Income tax for business’ is a really useful part of their website.