Under New Zealand's current tax regime, failure to meet your tax obligations has never been more expensive and ignorance will never be accepted as an excuse. Any person in business, or contemplating setting up a new business, should have some knowledge and understanding of how our tax system works. Not only are there decisions to be made about the most advantageous structure for your business but, once there, you will have numerous regular obligations to report to the IRD for taxes such as GST and PAYE. While there is no substitute for competent professional advice, small and medium-sized business operators still need to have a firm grasp of the principles of what is allowable and what is not: ultimately the responsibility to pay exactly the right amount of tax is yours. And this is true not only for business people, but also for superannuitants and the self-employed, investors and independent contractors.

About the Author

Martin Hawes is a well-known and trusted financial writer. His book Family Trusts has sold well over 100,000 copies. He is a popular media figure, seminar presenter and keynote speaker. Martin and his partner, Joan Baker, run wealth coaching programmes and in addition he has a small number of independent, non-executive directorships. Martin lives in Queenstown.