In New Zealand the Inland Revenue Department (IRD) is responsible for collecting taxes at a national level. Personal and business income and the supply of goods and services are subject to taxation by the law. There is no capital gains tax although certain "gains" such as profits on the sale of patent rights are deemed to be income. Councils also may managed and collected Local property taxes. Alcohol excise or gaming duty are subject to a specific tax, referred to as an excise or a duty tax. Which are collected by a range of government agencies such as the New Zealand Customs Service. The main sources that are subject to taxation are:
- salary and wages
- business and self-employe income
- income from investments interest
- dividends
- rental income
- overseas income
There are two options for managing your tax. You can do it yourself -by filling tax forms annually- or you may ask a tax agent to take over the process of your tax payment. In New Zealand there are some agencies that provide qualification certificates to tax agents, like the Tax Agents Institute. Also your accountant can help you in managing your tax issues.