Types of business income

Income tax Dates

APR 7

End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
MAY 7

AIM instalments are due if you have a March balance date.
MAY 7

Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.

All Income tax dates

Business income can cover anything from selling goods online to investing overseas to running a large company. How your income is taxed depends on what kind of income it is.

There are specific rules about withholding taxes, including schedular payments. You may also get income that is not from business, for example salary and wages, individualised funding or foreign superannuation.

Schedular payments

Types of individual income

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Interest and dividends You pay tax on interest and dividends you get in New Zealand and from overseas.
Online trading When you’re selling goods or services over the internet, you have the same tax obligations as any other business.
Foreign investment funds (FIFs) Foreign investment funds are a type of offshore investment with special tax rules.
Income from portfolio investment entities PIEs Companies, partnerships and trusts can also invest in portfolio investment entities (PIEs) but have different rules.
Tax on grants and subsidies Whether you have to pay income tax on grants and subsidies depends on the type of payment and who you got it from.
Trading stock Trading stock is any property a business owns, that they intend to sell or exchange. The business must value their trading stock at the end of each income year.
Donations (koha) Generally you do not have to pay tax on donations (koha) if it's a gift and the giver gets nothing in return. Whether you have to pay tax on donations (koha) depends on the circumstances.
Income from direct selling When you set up as a distributor for a direct selling company, how you'll need to pay tax will depend on the type of distributor you are - a commission agent, independent reseller or employee.
Amateur and professional sportspeople You may need to pay tax on prize money you win from sports events and competitions, even if your code lets you compete as an amateur.

Ngā momo moni whiwhi pakihi Types of business income

Income tax Dates

Roles

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Types of business income