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Get tax right in first year of business 13 Nov 2019

Be careful if you are expecting a taxable income in excess of $200,000 in your first year in business.

If the tax you have to pay at the end of the year is $60,000 or more, Inland Revenue will charge interest on any short-paid tax at the rate of 8.35%.

Don’t sail through your first year waiting to see what happens. Get some tax paid.

A 6.7% discount of tax is available for individuals receiving self-employed or partnership income, who pay tax voluntarily in the year before they begin paying provisional tax.

 

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