Taxes - Accounting

New-Zealand

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Tax Rates | Accounting Rules

Tax Rates

Consumption taxes

Nature of the tax: Good and Services tax (GST).
Tax rate: 15%
Reduced tax rate: Zero rating applies to exports, international passenger transport and certain international services. Exemptions include certain financial and insurance services, residential rents and the sale of a building used for residential letting for at least 5 years before sale.
Other consumption taxes: Excise duty is levied on petroleum products, tobacco, and alcohol.

Corporate taxes

Tax rate

Corporate income tax

28%

Capital gains taxation: Capital gains are not taxed in New Zealand.
Main allowable deductions and tax credit: You can consult the list of deduction on the taxation department website and the list of claimable business expenses.
Other corporate taxes: Fringe benefit tax (FBT), social security contributions, local government property tax, employer superannuation contribution tax (ESCT), fund withdrawal tax (FWT).

Individual taxes

Tax rate

Individual Income Tax	Progressive rate from 12,5% to 38%.
Up to NZD 14,000	12.5%
NZD 14,001 to 40,000	21%
NZD 40,001 to 70,000	33%
NZD 70,001 and above	38%

Allowable deductions and tax credit: Working for Families Tax Credits, child support, tax credits for working parents, and taxation of family trusts and property agreements. For more details go on this website.
Special expatriate tax regime: There is no special expatriate tax regime in New Zealand.

Double taxation treaties

Countries with whom a double taxation treaty have been signed: See the list of the tax conventions signed by New Zealand.
Withholding taxes: Dividends: 15/30%; interest: 15%; Royalties: 15%.
Bilateral agreement: New-Zealand and Tunisia are bound by a double taxation treaty: no

Signed	Ratified	Enforced

Pour aller plus loin dans vos recherches nous vous proposons de connaître les taxes locales connaître les taxes locales qui s'appliquent à votre produit.

Sources of fiscal information

Tax Authorities: New Zealand Customs Service; IRD
Other domestic resources: Policy Advise Division

Accounting Rules

Tax year: From 1st April to 31 March. Alternative balance sheet dates are generally allowed by the Inland Revenue Department upon application.
Accounting standards: For the full list of approved standards please access the Institute of Chartered Accountants' website.
Accounting regulation bodies: Audit New Zealand
ASRB
Accounting reports: The accounting structure is described in the GAAP (Generally Accepted Accounting Practice) on the New Zealand Treasury website. The annual report has to include a balance sheet, a profit and loss account and a cash flow statement.
Publication requirements: The "Financial Reporting Act" of 1993 forces any organization to produce an annual report of the financial flows within the 5 months preceding the end of the accounting year, before disclosure to the "Registrar of Companies" for agreement. Only companies quoted in the stock exchange have to publish their accounts. According to the law of transferable securities and the law of exchange, registrants must file to the Ministry of Finance the annual and biannual statement reports, as well as a copy in the foreign exchange markets where transferable securities are registered.
Professional accountancy bodies: NZICA
Certification and auditing: The control of accounts must be made by a company certified by the NZICA and recognized as a "Chartered Accountant". The NZ Institute of Chartered accountants is New Zealand's only professional accounting body. It has three membership groupings: chartered accountants, associate chartered accountants, and accounting technicians.
You van contact an external auditor: Deloitte, KPMG, Ernst & Young, PricewaterhouseCoopers.
Accounting news: The Chartered Accountants Journal of New Zealand
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