29/06/2026
A Simple Guide to Business Tax
If you're new to business, tax can seem confusing. But having a basic understanding of your tax obligations can save you time, money and unnecessary stress.
Here are a few of the key taxes every business owner should know about:
➡️ GST
If you expect your business to earn $60,000 or more in a 12-month period, you'll need to register for GST. Once registered, you'll charge GST on your goods and services, file GST returns, and may be able to claim GST back on eligible business expenses.
➡️ Income Tax
Every business pays income tax on its profits. Depending on your circumstances, you may also need to pay provisional tax throughout the year rather than in one lump sum.
➡️ ACC Levies
ACC levies help cover the cost of workplace injuries. The amount you pay depends on your industry, payroll and claims history.
➡️ If You Have Employees
As an employer, you'll also need to manage deductions such as PAYE, ESCT (for KiwiSaver contributions) and, in some cases, Fringe Benefit Tax (FBT).
Good record-keeping is just as important. Keep invoices, receipts, payroll records, bank transactions and other financial documents for at least seven years. Having organised records makes tax time much easier and helps if Inland Revenue ever requests them.
Understanding the basics means fewer surprises, better cash flow planning and greater confidence in running your business.
Need help making sense of your business tax obligations? Bennett Advisory is here to help.
https://bennettadvisory.co.nz
