Thought we’d share this fascinating piece from Stuff. It’s called Avoid post-Covid tax Surprises.
There are some insights here that are pretty noteworthy. This one, in particular, piqued our interest:
Many businesses drew upon assistance from the government in the form of wage subsidies over the Covid-19 lockdown periods. These subsidies will have been passed on to employees and processed as part of the employee’s wages, with tax deductions made as normal. However, this means that there may be wage fluctuations in the past financial year, which need to be clearly mapped out.
To learn more, give the rest of the article a read this link to stuff.com.nz.