10 June 2022 12:28

Working two jobs (one remotely to NZ). What should I do about taxes?

Only remotely close thing that exists is that employee must give a written consent if he agrees to work more than 40 hours/week for a single company. And there is absolutely no need for some tax specialist in simple case like that, you just have to send out invoices and then pay taxes on income from them accordingly.

Do you pay more tax if you have 2 jobs NZ?

The tax rates are exactly the same as they are on your main income so you do not pay more in tax if you have a second job.

Can you work remotely from another country for NZ?

Even before COVID-19 we had seen a rise in the number of Kiwi employees who have been able to negotiate contracts that allow them to work from home in New Zealand for overseas employers. It is fair to say that this will only increase in future because, as we know, New Zealand is a great place to be right now.

Where do you pay taxes if you work remotely in a different country?

In general, if you’re working remotely you’ll only have to file and pay income taxes in the state where you live. However, in some cases, you may be required to file tax returns in two different states.

Can I work remotely for a NZ company?

People living and working in New Zealand could be employed by businesses in the UK, US, Canada or elsewhere. With these new opportunities to work remotely for offshore businesses, it is important to understand and consider your tax obligations in New Zealand in respect of your salary income.

How can I avoid paying taxes on side jobs?

How to Keep Your Side Hustle From Messing Up Your Taxes

  1. Set aside 20–35% of your side hustle income for taxes. …
  2. Find out if you need to pay estimated taxes. …
  3. Open a separate checking account for side hustle expenses. …
  4. Create a simple record-keeping system. …
  5. Get help from a tax professional.

How are you taxed if you have two jobs?

You combine the income from both jobs, and pay tax on the whole. The Personal Tax Allowance 2021/22 – the annual tax-free income limit for everyone – only counts for the job you earn the most from. You’re entitled to split the Personal Allowance between both jobs if you want to, providing they are stable.

Is overseas income taxable in New Zealand?

In short, you’ll generally pay tax to New Zealand on what you earn in New Zealand and overseas. Income is still taxable even if you do not bring it into New Zealand and even if the other country or territory has deducted tax.

Can I work in another country remotely?

There’s no universal visa rule for every country in the world. Some countries might allow you to work on a tourist visa if the scope of your work is limited to your country of residence, for example, while others might take a harsher approach, even if you’re not interacting with the local workforce.

How long can you work in NZ without paying tax?

183 days

Counting the 183 days
Also called the 183-day rule, you’ll need to know how to count ‘days present’ in New Zealand. Parts of days (such as the day you arrive and leave) count as whole days towards the 183 days. The 183 days do not need to follow each other.

How can I save tax on my salary NZ?

Your tax bill is calculated on your net profit. You can reduce your tax bill by claiming as many valid business expenses as you can. You’ll need to keep good records, eg receipts and log books, and hold onto them for seven years — Inland Revenue will need to see these records if you’re audited.

How much money can you earn before you have to pay tax NZ?

In New Zealand, we have a progressive tax system. This means everyone pays the lowest tax rate on the first $14,000 they earn (no matter what their total annual income is). If someone earns more than $14,000, they’ll pay 17.5% tax – but only on their income above the $14,000 threshold.

Can I be taxed in 2 countries?

Tax relief for your situation

It’s also possible to be a tax resident in both New Zealand and another country or territory.

Does the UK have a double taxation agreement with New Zealand?

The 1983 New Zealand/UK Double Taxation Convention has been modified by the MLI . The provisions of the MLI came into force in the UK on and are effective from: for taxes withheld at source. in the UK for Corporation Tax.

How can double taxation be avoided on foreign income?

To avoid double taxation of U.S. sourced income, expats must pay U.S. tax and then claim foreign tax credits in the country they live in.