Exciting secondary tax changes are coming says New Zealand's leading accounting experts Tutbury & Associates Limited.
Thursday 21 November 2019, 3:00PM
By Media PA
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New legislation making it easier to pay the right amount of tax when you work more than one job says New Zealand’s premier accounting professionals Tutbury & Associates Limited.
“Those that have paid too much tax because of incorrect secondary tax codes can breathe a sigh of relief with the passage of this legislation,” says Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) will eliminate unnecessary secondary tax for workers with more than one job.
The ushered in changes mean Inland Revenue will more closely inspect the tax paid by wage and salary earners through the year. If evidence shows the worker is being over taxed, Inland Revenue will propose a more appropriate PAYE tax code tailored to that worker
Until this point tax on secondary job has often seemed too large. “These implemented changes are to guarantee wage and salary earners are only paying the tax they should,” adds Kelly. Just under 600,000 secondary tax codes are used every year.
Inland Revenue has also made it easier for individuals to apply for tailored tax codes that suit their earning situation and provide an online process to apply for the codes.
You can find out your code by using the IRD’s online secondary tax tool here: https://www.ird.govt.nz/topics/income-tax/tax-codes-and-tax-rates
If you need help working out what you should be paying in tax, then contact the friendly team at Tutbury & Associates Limited. With an emphasis on technology and innovation, the Tutbury & Associates Limited team boasts a great mix of youthful and progressive attitudes combined with years of accounting training and experience. “Our aim is to minimize your tax and help you grow your business,” adds Kelly.
About Tutbury & Associates Limited:
Though they are centrally located in Tauranga, Tutbury & Associates Limited are cloud-based. Ideal for trades people, or anyone who wants to grow their business, Tutbury & Associates Limited offers expert services in compilation, financial planning, taxation, business accounting, family trusts and Xero bundles for their clients across New Zealand.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Email: admin@tutburyassociates.co.nz
Address: 23 Myres Street Tauranga
Website: http://tutburyassociates.co.nz
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