Income tax Dates
AUG 28Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
OCT 28Provisional tax payments are due if you have a March balance date and use the ratio option.
JAN 15Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
Individualised funding hosts
You keep part of the funding as a fee for your services. You'll need to pay income tax and GST on this.
Employing staff and contractors
If you hire staff, you'll need to register as an employer. You'll need to deduct PAYE, KiwiSaver, student loan and child support deductions.
If you hire a self employed contractor, they'll take care of their own taxes.
Private domestic workers
Individualised funding hosts cannot hire private domestic workers to work at a client’s house. Private domestic workers need to be employed by the person who lives in the home they work at.
Individualised funding service providers
Individualised funding employees
If you're employed by an individualised funding host or client, they'll deduct PAYE and child support, KiwiSaver and student loan repayments from your salary or wages.
Individualised funding private domestic worker
If you're employed by an individualised funding client, you'll be a private domestic worker if you answer 'yes' to all these questions:
- Do you work in the client's home?
- Is the work you do for the client separate from any business they do?
- Are you paid directly by the client?
- Do you work part time (no more than 30 hours a week on average) for each client?
If you’re a private domestic worker you'll have to register as an IR56 taxpayer. You'll need to take care of your own PAYE, child support, KiwiSaver and student loan repayments.
Individualised funding contractors
If you're not an employee you'll be an individualised funding contractor. As a contractor you need to pay your own taxes. You might need to pay provisional tax, and you'll need to file an individual income return each year. If your income is more than $60,000 a year, you’ll need to register for GST.
You need to keep full and accurate records of when and how much you were paid, and who paid you. You must keep these records for at least 7 years.