We recommend that you deposit all cash payments that you have received from customers. IRD have parameters that they run your tax returns through and if your sales versus expenses do not match the criteria that they have for your type of business, you could end up being audited by IRD.
If your income is up to $14,000 your tax rate will be 10.5% From $14,0001 to $48,000 the tax rate is 17.5% From $48,0001 to $70,000 the tax rate is 30% From $70,001 and over the tax rate is 33% If you are operating as a company, the company tax rate is 28%.
Xero is the world’s easiest accounting software. It was designed by a Kiwi who saw the need for an accounting package that is easy to understand for everyone – even for those that don’t feel completely confident with computer use. There are numerous resources to teach you everything you want to know about Xero.
Ordinarily tax returns are due 7 July of the following tax year. With a tax agent you are granted an extension of time. With an extension of time you are given one year to file your tax return. This due date is 31 March of the following tax year.
We sort all of the transfer for you on your behalf so there is no need for you to do anything :)