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Paul1977

5041 posts

Uber Geek


#268338 13-Mar-2020 08:55
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The business my partner was employed at unexpectedly went into liquidation and closed it's doors, so she is wanting to set up as a sole trade in the same industry.

 

I'm trying to find info on the IRD website as to what the tax rates for a sole trader are, but aren't having much luck.

 

Is it the same rates and thresholds as PAYE?





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Delphinus
611 posts

Ultimate Geek


  #2437338 13-Mar-2020 09:35
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Yeah just normal rates, eg https://www.classic.ird.govt.nz/calculators/keyword/incometax/calculator-tax-rate.html

 

Then add to that your ACC Levy https://www.acc.co.nz/for-business/paying-levies/calculate-your-levies/

 

I would strongly recommend a self-employed person use ACC Coverplus Extra - you pre-agree on a level of cover so no need to prove income if you are off work (which can be difficult with fluctuating self-employed income).

 

 

 

Accountant should help you with all this anyway.


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