Tax basics for Good Finds hosts

Income you earn through Good Finds is taxable. As a sole trader, you declare this on your individual tax return (IR3) at the end of each tax year (31 March).

• Keep records of all income received through Good Finds
• You can deduct legitimate business expenses (see section 03 below).
• If you expect to owe more than $5,000 tax at year end, you'll need to pay provisional tax in three instalments during the year.
• The tax year runs from 1 April to 31 March.

If your annual turnover from all taxable activities exceeds NZD $60,000, you must register for GST. Once registered:

• You charge 15% GST on your experience fees.
• You can claim GST back on business expenses.
• File GST returns with IRD either monthly, two-monthly, or six-monthly.

Common deductible expenses for hosts:

• Cost of materials or supplies used in the experience.
• Equipment purchase and maintenance (may need to be depreciated over time).
• Public liability insurance premiums.
• First aid training and certification costs.
• A portion of home costs if you host from home.
• Vehicle costs if used for the experience (logbook required).
• Professional fees (accountant, lawyer) related to your hosting business.

Keep all receipts and invoices. IRD can audit your returns up to 4 years after filing.

As a self-employed person, you pay ACC levies to cover you for work-related injuries. ACC levies are calculated based on your taxable income and your industry's risk classification.

• You'll receive an ACC invoice based on the income you declare to IRD.
• Higher-risk activities attract higher levy rates.
• The 'CoverPlus Extra' policy lets you set a fixed agreed income level if your income varies.

• IRD (Inland Revenue): ird.govt.nz. Register, file, and pay all NZ taxes online.
• MyIR: your personal IRD account where you file returns and check your status.
• business.govt.nz: plain-language guides on NZ business and tax.
• Xero or MYOB: accounting software popular with NZ small businesses.