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Changes to tax rules for Contractors effective 1 April 2017

March 31, 2017

 

 

From 1 April 2017, payments made to contractors who are subject to the schedular payment rules are required to have withholding tax deducted at the relevant rate by the payer. This includes payments made to all contractors that work for a labour-hire firm who may have previously been eligible to receive exemption certificates from withholding tax. The contractor is required to advise the payer of the relevant rate of withholding tax and these payments must now be included on the Employer Monthly Schedule (even if a 0% rate of withholding applies).
 

Please contact the Inland Revenue HelpDesk if you think you are affected by these changes and/or have contractors who will need to be added to your payroll.

 

Further information regarding these changes can also be obtained via http://www.ird.govt.nz/contractors/about/understanding-schedular-payments-contractors.html#04

 

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