Forum Archive Index - May 2000

["Murray McLean" <murray@fmb.co.nz>]

It is levied on the self employed profit you generate.   If you make a loss
(and some of us do)   you will not be liable for any levies unless you are
in full time employment (which means you worked on average more than 30
hours a week in a combination of either self-employment or withholding
payments, or salary and wages, over the whole income year).   If in full
time employment and aged 20 or over you would be liable for self employed
ACC Levies at a minimum liable earnings of $14,560.   If in full time
employment and aged less than 20 years you would be liable for self employed
ACC Levies at a minimum liable earnings of $11,256.   If not in full time
employment you would be assessed on the level of your self employed profit
and if you generate a loss in such a case you would not have to pay any
levies.   If your self employed profit was in excess of $14,560,
irrespective of whether you would be classed as a full timer or less than
that, you would be liable for self employed ACC Levies on the self employed
profit.

For business taxation and financial matters visit www.fmb.co.nz



-----Original Message-----
From: owner-sharechat@sharechat.co.nz
[mailto:owner-sharechat@sharechat.co.nz]On Behalf Of Andrew Cooper
Sent: Monday, 29 May 2000 21:16
To: sharechat@sharechat.co.nz
Subject: Re: [sharechat] Self employed code.


Pete

The residual claims levy is levied on every $100 of payroll if you run a
company, how is this levied on a self employed person (I am just curious to
know).


Regards

Andrew


Pete wrote:

> hi,
> I was just doing my tax return, and as part of the IR3 tax return pack you
> get a 70 page booklet entitled "Residual Claims" (acc451).
> Its got all the codes for different occupations, eg if you operate a Cafe,
> the code is 57300.
>
> I was wondering, for those of you that are primarily individual share
> traders, what code do you use?
> The only one I could find that mentions stockbroking is 75110, but that is
> "stock broking or trading( on commission)", so i dont thing it applies to
a
> home based trader.
>
> My primary business is something else...but I am just curious on which one
I
> would use if I decided to trade full time.
>
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