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The Difference Between Income Tax and GST

What is the difference between GST and Income Tax? Income tax is a tax on profit while GST is a tax on consumption. This article will explain the differences and basic compliance requirements of each. 1. Income Tax Everyone who earns taxable income in New Zealand pays income tax. For employees, the employer deducts PAYE and pays the income tax to the IRD on the employee's behalf, while the employee receives a net wage or salary. Business owners must file a tax return each year to the IRD declari...

5 key characteristics which define the entrepreneurial spirit of successful small businesses!

According to a recent survey of 2000 businesses in the US and UK by Xero, here are the 5 key characteristics which define the entrepreneurial spirit of successful small businesses… 1) It's not all work work work! They don't work around the clock. They make time to spend with those important to them and to enjoy hobbies. 2) They don't pretend they have all the answers!Always be learning and if you don't have the answers, it's ok to ask questions. Most even had a mentor who they s...