RESOURCES

Resources & Useful Information

To give Thump Tax permission to act for you with IRD, please click the following pink button to download the checklist. Sign and send it back to us.

Here is the download for Rental Checklist, which may help you to organize the information needed for a rental accounts

Tax Rates – individuals

  • Taxable income up to $14,000 10.5%
  • Taxable income from $14,001 – $48,000 17.5%
  • Taxable income from $48,001 – $70,000 30%
  • Taxable income over $70,001 33%

Tax Rate – Company Flat rate of 28%
Tax Rate – Trust Flat rate of 33%

GST is a 15% tax added to the price of most goods and services in New Zealand. To calculate the GST content from a gross figure, multiply the gross figure by 3/23.

Note that GST cannot be claimed on the following common expenditure:

  • Any overseas purchase including flights overseas and overseas travel
  • Payment to contractors/individuals who are not registered for GST
  • Bank charges and interest
  • Domestic rent and wages

It’s only a guide. Please contact me, if you would like to discuss any of the above in more details.

Trust

What is a trust? Many years ago, a traveller journeyed to a distant land. Before he left, he said to a friend, “Here is my money, please use it to look after my family while I am away”. The traveller (Settlor) had made a family trust. The friend had become a trustee. The family were the beneficiaries. Nowadays when we talk of a family trust, we are really doing the same thing as the traveller did, except we usually are not going anywhere. Sometimes the settlor would give some written instructions to the trustee. This document is a trust deed.

It’s okay to pay tax on rental property. Is it so bad to earn a profit, even if it is taxed in the same way as most other income. Paying tax gives us all benefits such police.