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| Provisional tax |
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| Income from running
a business doesn't have tax deducted before you receive it. Instead,
you will have to pay provisional tax. Download the guide IR289 (170k-pdf). Provisional
tax is due in three installments during the year. When you fill
in your tax return the installments you've paid are offset against
the tax due on your income.
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In the second year
this payment can be tough on your cash-flow and we recommend
that you prepare for this impact within your first year.
Also you should talk to your Accountant about prepaying your
first years tax to avoid the IRD's Interest charges when you
pay your Terminal Tax .(the end of year tax difference between
provisional tax paid and the final amount due.) |
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