Forum Archive Index - May 2000

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

It is my understanding that I am correct and the Residual Claims Levy is
charged by the IRD on your profits as I have stated-  get an IR3 Income Tax
Return and you will see that this is the case in Box 37E of the Return.


-----Original Message-----
From: owner-sharechat@sharechat.co.nz
[mailto:owner-sharechat@sharechat.co.nz]On Behalf Of Andrew Cooper
Sent: Monday, 29 May 2000 22:33
To: sharechat@sharechat.co.nz
Subject: Re: [sharechat] Self employed code.


Murray

Thanks for your reply.  I am not so sure you are correct I was talking about
the
residual claims levy the 'tail' of old work injuries.  This is different to
the
standard ACC levies.  In my case the residual claims levy is 38 cents per
$100.
While previously under the old ACC act (before National government change)my
ACC
levy was $2.03 .  Under private insurance this has dropped by approximately
1/3.  Most business owners I know as well as most companies have seen their
premiums under the private insurers drop substancially.  And now that
Labour/Alliance has its way putting ACC back in government hands it looks
like
we will be paying more again.

So there are actually 2 lots of  levies at present i. Residual claims levy
ii.
Standard accident insurance - through At Work ( government run insurer) and
4
others (sun alliance and the like)


Regards

Andrew

Murray McLean wrote:

> 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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