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As a business owner in New Zealand, navigating complex tax laws can be a daunting task. Especially if numbers and spreadsheets are 'just not your thing'! However, we want to make sure that you are not overpaying where you shouldn't be while also ensuring you are meeting all your tax obligations.
New Zealand Tax Laws
The Inland Revenue Department (IRD) governs New Zealand tax laws. As a business owner, you are required to register for GST if your annual turnover is over $60,000 or you are voluntarily registered. You are also required to file income tax returns, pay income tax, and pay provisional tax.
It is important to note that tax laws can change, so it is crucial to stay up-to-date with the latest information. You can do that by checking out our news here!
Common Mistakes that lead to over-paying tax
One of the most common mistakes that businesses make is failing to claim all available deductions. This can include expenses such as rent, utilities, and office supplies.
Another mistake is failing to keep accurate records. Without proper records, it can be challenging to determine what expenses are eligible for deductions.
It is also essential to ensure that you are using the correct tax codes and that you are paying the correct amount of GST.
What to do if you have paid too much tax
If you have overpaid your taxes, you may be entitled to a refund. The first step is to review your tax returns to determine where the overpayment occurred. You can then contact the IRD to request a refund. It is important to note that you only have a limited time frame to request a refund, so it is crucial to act promptly.
Where to get more information about tax-paying
There are several resources available to help you manage your taxes effectively. The IRD website is an excellent source of information, with a range of resources including tax guides, calculators, and videos. You can also engage the services of a chartered accountant who can provide expert advice and guidance on tax matters. Additionally, attending seminars or webinars on tax-related topics can provide valuable insights and knowledge.
In conclusion, managing your taxes effectively is critical to the success of your business. By understanding New Zealand tax laws, avoiding common mistakes, knowing what to do if you have overpaid, and using available resources, you can navigate the complex world of taxes with confidence. Remember, if you are ever unsure about any tax-related matters, it is always best to seek professional advice.
Feeling overwhelmed by it all? Talk to us today and let us help!
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