NZ IR 348 2012 free printable template

Employer monthly schedule For help, refer to notes on employer deductions form. This schedule is due Employer Name Earnings and/or scheduler payments not liable for ACC earners levy Gross earnings

How to fill out NZ IR 348

How to fill out NZ IR 348

1. Begin by downloading the NZ IR 348 form from the New Zealand Inland Revenue website.
2. Carefully read the instructions provided with the form to understand the requirements.
3. Fill in your personal details, including your name, address, and IRD number at the top of the form.
4. Indicate the relevant tax year for which you are making the application.
5. Provide information on your income sources as specified in the form, including wages, self-employment, and other income.
6. Fill out expenses incurred during the tax year that you wish to claim, ensuring to keep receipts as proof.
7. Calculate your total income and total expenses to determine your taxable amount.
8. Complete the declaration section by signing and dating the form.
9. Submit the completed form to the Inland Revenue Department either by mail or electronically, depending on available options.

Who needs NZ IR 348?

1. The NZ IR 348 form is required for individuals who need to claim tax credits or refunds for their income taxes.
2. It is necessary for self-employed individuals or those with additional income sources to report their earnings.
3. Anyone who has had tax deducted from their income and wants to reconcile their tax position for the year.

People Also Ask about

What is payroll tax rate in New Zealand?

There are five PAYE tax brackets for the 2021-2022 tax year: 10.50%, 17.50%, 30%, 33% and 39%. Your tax bracket depends on your total taxable income. These are the rates for taxes due in April 2023.

How do I pay my employee tax NZ?

There are three options for payday filing: Directly from your accounting software (if it's been enabled for payday filing). Online through Inland Revenue's myIR service. On paper forms — but only if your annual PAYE and ESCT (employer superannuation contribution tax) is less than $50,000 or you're a new employer.

Do employers pay payroll tax in New Zealand?

Employers in New Zealand are responsible for withholding income taxes, social taxes, and fringe benefit taxes from employee pay and benefits. Employers must also make employer-mandated social tax contributions and pay the Employer Superannuation Contribution Tax (ESCT).

What is IRD in New Zealand?

NZ's IRD number is a unique number issued by Inland Revenue to customers, both individuals and non-individuals (such as Companies, Partnerships, Trusts, Charities), and is usually used for the lifetime of a customer (other than when a person is declared bankrupt).

Is there any payroll tax in New Zealand?

Tax is withheld by the employer from employee's payments through payroll and paid to the Inland Revenue Department.FBT rates. NET REMUNERATION IN NZDRateLess than 12,53011.73%12,531 – 40,58021.21%40,581 – 55,98042.86%55,981 – 129,68049.25%1 more row

What are an employer's tax obligations?

An employer generally must withhold social security and Medicare taxes from employees' wages and pay the employer share of these taxes. Social security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year.

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What is NZ IR 348?

NZ IR 348 is a tax return form used in New Zealand for individuals who have income that is not taxed at source, such as self-employed individuals, contractors, and those with rental income.

Who is required to file NZ IR 348?

Individuals who have income that is not subject to withholding tax, such as self-employed persons, contractors, and those earning rental income, are required to file NZ IR 348.

How to fill out NZ IR 348?

To fill out NZ IR 348, individuals need to provide personal details, report all sources of income, claim any allowable expenses, and calculate the tax owed. Accurate record-keeping is essential.

What is the purpose of NZ IR 348?

The purpose of NZ IR 348 is to report additional income to the New Zealand Inland Revenue Department (IRD) and to ensure proper assessment of tax liabilities for individuals with non-PAYE income.

What information must be reported on NZ IR 348?

NZ IR 348 requires reporting of income from various sources including self-employment, rental income, investment income, and any other relevant income, along with claims for deductions and expenses.