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Fringe Benefits Tax (New Zealand)
Fringe benefits tax (FBT) within the system of taxation in New Zealand is the tax applied to most, although not all, fringe benefits (" perks"), including the ones provided through someone other than an employer. FBT is paid to Inland Revenue by the employer and is calculated with reference to the taxable value of the benefit provided to the employee or associate. Legislation Legislation governing what a fringe benefit is, and is not, is contained within part CX of the Income Tax Act 2007. The imposition of FBT is contained within part RD of the Income Tax Act 2007. The categories of benefits include motor vehicles, low-interest loans, free, subsidised or discounted goods and services, employer contributions to funds, insurance and superannuation schemes and other benefits. Paying FBT FBT filing may be quarterly, finance year, or annual tax return A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In New Zealand
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods and services. Capital gains tax applies in limited situations, such as the sale of some rental properties within 10 years of purchase. Some "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes (rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax. New Zealand went through a major program of tax reform in the 1980s. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fringe Benefits
Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health, dental, life etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and unpaid); social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits. The purpose of employee benefits is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefit
Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuities, bonus payments or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, disability insurance. Employment is typically governed by employment laws, organisation or legal contracts. Employees and employers An employee contributes labour and expertise to an endeavo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Department (New Zealand)
Inland Revenue or Inland Revenue Department (IRD; mi, Te Tari Taake) is the public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting tax. Inland Revenue's Māori name is an older spelling of ''Te Tari Tāke'', meaning 'The Department fTax'. Despite long vowels in Māori now being expressed with macrons over the vowel rather than double vowels, the department continues to use the double vowel due to the resemblance of the word ''tāke'' to the English word ''take''. History Inland Revenue started out as the Land Tax Department in 1878. The department was renamed the Land and Income Tax Department in 1892 with the central office set up in Wellington. Only in 1952, when the organisation joined with the Stamp Duties Department, was the organisation known as the Inland Revenue Department. In 1995, a Rewrite Advisory Panel was established to consider and advise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Partner
A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network that the business partners belong to. Partnership formation A business partner or alliance can be crucial for businesses. However, businesses can not choose business partners, called business mating, in any way they want. In many instances, the potential partner might not be interested in forming a business relationship. It is important that both sides of the agreement complement each other and have some common ground, for example in management style, mindset, and technology. If, for example, management style would be to different between the firms, then a partnership could be problematic. Kask and Linton (2013) investigate under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Form
A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of taxes to be paid to the government or government organizations or, potentially, back to the taxpayer. Taxation is one of the biggest sources of income for the government. There are two types of taxes—direct and indirect—which are both parts of the tax revenue. Tax revenue is the income gained by government from taxes that are levied on income, profit, goods and services, land revenue, ownership, and transfer of property, and other taxes. Total tax revenue calculated as a percentage of GDP shows the share of the country’s output collected by the government through taxes. Tax revenue is used by governments to grant sums of money to communities, the military, education, hospitals, and infrastructure. In the United States the Internal Revenue Service (IRS) administers federal tax laws. It is a government entity that fulfils three main functions. Firstly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In New Zealand
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods and services. Capital gains tax applies in limited situations, such as the sale of some rental properties within 10 years of purchase. Some "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes (rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax. New Zealand went through a major program of tax reform in the 1980s. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
