Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Please note this sub-forum does not provide professional finance advice. You should seek advice from a licensed financial advisor.

To post in this sub-forum you must have made 100 posts or have Trust status or have completed our ID Verification.

If investing please consider our affiliate link for new accounts: Sharesies.



syaped

26 posts

Geek


#251214 13-Jun-2019 20:32
Send private message

As in the subject, is donor support through Patreon considered taxable income in NZ? I'm guessing yes but...


Create new topic
DjShadow
4222 posts

Uber Geek
+1 received by user: 1322

ID Verified
Trusted
Subscriber

  #2257610 13-Jun-2019 20:41
Send private message

I would suggest asking IRD directly or get legal advice on this, I can't find a clear answer on Google about this.

 

You would have to be clear on what the money actually is e.g props up a youtube channel




freitasm
BDFL - Memuneh
80646 posts

Uber Geek
+1 received by user: 41030

Administrator
ID Verified
Trusted
Geekzone
Lifetime subscriber

  #2257612 13-Jun-2019 20:51
Send private message

I'd assume every income to a NZ resident is taxable. Confirm with your accountant.




Referral links: Quic Broadband (free setup code: R587125ERQ6VE) | Samsung | AliExpress | Wise | Sharesies 

 

Support Geekzone by subscribing (browse ads-free), or making a one-off or recurring donation through PressPatron.

 


richms
29098 posts

Uber Geek
+1 received by user: 10208

Trusted
Lifetime subscriber

  #2257614 13-Jun-2019 20:54
Send private message

I would assume so, but if its income then lots of things become expenses so you may work out better off overall.





Richard rich.ms



deadlyllama
1283 posts

Uber Geek
+1 received by user: 476

Trusted

  #2257619 13-Jun-2019 21:14
Send private message

https://www.govt.nz/browse/tax-benefits-and-finance/tax/income-you-pay-tax-on/

 

I'd be very surprised if you didn't pay tax on it.  If it's a small amount I think there's some minimum (~500NZD/yr) under which you don't need to do an IR3 tax return, but I can't find the webpage about it.

 

If you incur costs providing the goods/service/etc that you're getting Patreon money for, you could set yourself up as a business (sole trader or limited company) and only pay tax on the profit.  This requires doing some accounting.  Profit isn't just cash in minus cash out.

 

The fact that you're asking this question in Geekzone suggests that you do not presently have sufficient knowledge & experience to do your own accounts.  Do you have any friends/relatives who run businesses?  Ask them for advice.


Geektastic
18009 posts

Uber Geek
+1 received by user: 8465

Trusted
Lifetime subscriber

  #2257918 14-Jun-2019 09:12
Send private message

If I earn money from the US, it's taxed in the US by non resident withholding tax.

You get tax credit for that here.





Create new topic








Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.