Compliance
At Covisory we will work with both individuals and businesses to ensure they meet all their regulatory requirements.
If you are after compliance services we can help you look after the following:
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Preparation of Financial Statement
- To ensure that financial results are prepared and reported on a consistent basis and within the required reporting framework.
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Tax Returns
- Includes preparation, review and lodgement of Tax Returns (income tax, GST, FBT, PAYE, RWT) with the Inland Revenue (IRD).
- Ensures you are adhering to current tax legislation while at the same time ensuring you maximise your allowable tax deductions.
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Maintenance of Companies Office Records
- We proactively manage your records:
- Provide Company Formation services
- Act as your Registered Office
- Prepare and file your Annual Returns
- Hold and prepare statutory minute books and resolutions of Directors, Shareholders, Trustees etc.
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Act as a liaison to Government Agencies
For more details on New Zealand's current tax framework:
Individual Tax Rate
The marginal tax rate for individuals varies between 10.5% and 33%.
Company Tax Rate
The tax rate for companies is a flat 28%.
Trust Tax Rate
The tax rate for trusts is dependent on the status of the Trust, the type of income it receives and whether or not that income has been distributed to the Beneficiaries or has been retained by the Trust. In general, income distributed to beneficiaries is subject to tax in the hands of Beneficiaries at their marginal tax rate. Income retained by the Trust is subject to tax at a Trustee rate of 33%. Special Rules apply to certain types of Trusts.
Capital Gains Tax
New Zealand does not have a comprehensive capital gains tax. However certain profits from the sale of personal property or immovable property and some unrealized capital accretions may be included in income in certain circumstances.
Net Wealth Tax
New Zealand does not impose Newt Wealth Tax.
Gift Duty
There is no gift duty in New Zealand.
Inheritance Tax
There is no inheritance tax in New Zealand.
Real Estate Tax
There is no real estate tax in New Zealand.
Goods and Service Tax (GST)
GST is a value added tax imposed on the supply of goods and services in New Zealand by a GST registered person. The GST rate is imposed at 15% on the value of the supply. Certain supplies made to overseas persons, may be subject to GST at 0% or may be exempt.
Talk to us first if you need help with your Compliance and Tax regulatory requirements. Our team have the experience and expertise.
