Articles

When you pay staff, you are required to deduct certain amounts from their wages (such as PAYE, KiwiSaver contributions, and student loan repayments) and pass those amounts on to Inland Revenue. Although the money moves through your business bank account, it is not business income.  It belongs to your employees and the tax system.  Inland Revenue has recently made it very clear that failing to pass these deductions on is treated as a serious issue, not an administrative slip.

From 1 April 2026, people transferring a UK pension to a New Zealand QROPS will be able to access a new tax payment option known as “scheme pays”.  This change represents a significant shift in how overseas pension transfers are taxed in New Zealand and is expected to be particularly beneficial for individuals on higher marginal tax rates.  However, while the new rules offer welcome flexibility, they also highlight just how important it is to correctly understand New Zealand

It is becoming increasingly clear that IRD is continuing to amp up its tax compliance work and the numbers show just how serious they are!