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1662 posts

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#222973 6-Sep-2017 10:30
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Just curious about this.  From what I heard from those they tend to be independent contractors.  That means they need to file their own taxes?  The child wouldn't know how do to that, and if the parents are not that clued about taxes do they need an accountant or tax agent for this small after school job?  Wouldn't be worthwhile would it, for that $50 income a week.  


 


 


Thanks.  


 


Sorry - mods please move this.  I put this in the wrong forum.  Apologies ... 


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  #1859527 6-Sep-2017 10:40
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Filling in an IR3 isn't rocket science, its pretty much paint by numbers

 

http://www.ird.govt.nz/resources/9/0/9062f114-7e8c-4236-8bac-b0d0fe0fae95/ir3-2016.pdf

 

 

 

 




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  #1859541 6-Sep-2017 11:09
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I think some might need guidance for the first round.  I admit I mucked mine up.  Some banks don't use the word RWT on the end of year certificates so I omitted the tax I already paid.  They use the term interest deducted instead.  I just didn't know what was RWT.  I also mucked up the dividends cos they asked for total dividend, I chose the dividend declared instead of the gross figure.  I thought hey this is what is declared to the person that should been the more before figure which it is not.  


 
 
 
 


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  #1859547 6-Sep-2017 11:20
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Yeah, but you initial post was about paper-round income, not RWT or Dividends,

 

The average kid with a paper round is unlikely to trip the $200 interest limit with $50/week paper round money.....




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  #1859552 6-Sep-2017 11:24
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wellygary:

 

Yeah, but you initial post was about paper-round income, not RWT or Dividends,

 

The average kid with a paper round is unlikely to trip the $200 interest limit with $50/week paper round money.....

 

 

 

 

There is a limit ... ok.  :)


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  #1859605 6-Sep-2017 12:24
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IRD aren't unlikely to go down the enforcement path after kids with paper rounds (or lemonade stands).

 

It's chump-change to them and they wouldn't want the negative PR.





Mike

BTR

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  #1859726 6-Sep-2017 14:18
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This is a 2012 article which I think the current Govt put into affect.

 

 

 

http://www.stuff.co.nz/business/budget-2012/6983156/Young-workers-out-of-pocket

 

 

 

Essentially, Inland Revenue was saying if children did a proper job, if fell inside the rules and tax had to be paid.

 

 

 

 


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  #1859786 6-Sep-2017 16:07
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BTR:

 

This is a 2012 article which I think the current Govt put into affect.

 

http://www.stuff.co.nz/business/budget-2012/6983156/Young-workers-out-of-pocket

 

Essentially, Inland Revenue was saying if children did a proper job, if fell inside the rules and tax had to be paid.

 

 

Sure the policy is there, but would they ever enforce it against a paper boy/girl.  Probably not ..





Mike

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