Where a taxpayer receives income and tax was not deducted at source, there may be a New Zealand income tax filing obligation. There may also be a need to prepare financial statements where the income is received by an investment vehicle, such as a company, trust, partnership, and joint venture.
For a company, full financial statements are only required if it derives income or incurs expense of less than $30,000 per year. Otherwise, full financial statements are required to meet the minimum reporting requirements under the Tax Administration Act 1994.