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Showing posts from October, 2022

Understanding Benefit Allowances

Benefit allowances can cover expenses such as meals, accommodation, and travel. These allowances may be provided to both employees and contractors. Accommodation Allowance Generally, accommodation allowances are considered taxable, meaning deductions are not allowed. However, in certain circumstances, they may be tax-exempt. Meal Allowance A tax exemption is available for the full amount of meal payments, including reimbursements and allowances, when an employee is far from their normal work location on business. Travel Allowance Travel allowances are tax-free if there is a temporary change in the workplace. Links General Allowances Accommodation Allowances Meal Allowances

Understanding Payments to Contractors

Tax Rate Notification Contractors are required to provide an IR330C - Tax Rate Notification for Contractors form. If this form is not submitted, the no-notification tax rate of 45% will apply to their payments. GST Registration for Contractors Contractors must register for GST if their gross income (total before tax), including allowances (such as accommodation) and per diems (daily payments for meals and laundry), meets either of the following criteria: Exceeds $60,000 over the last 12 months Is expected to exceed $60,000 in the next 12 months Links IR330C - Tax Rate Notification for Contractors Deductions from Payments to Contractors Self employed Contractors