Do I need to report income earned from freelance work?

Yes, income earned from freelance work must be reported to the Inland Revenue Department in New Zealand. Any income generated from self-employment, including freelance activities, is considered taxable and should be included in your annual income tax return. Freelancers are typically required to keep accurate records of their earnings and expenses related to their freelance work. This may involve maintaining invoices, receipts, and any associated documentation that can support your reported income and deductions. It is important to calculate your total income for the tax year and declare it accordingly. Individuals can find useful resources and guidelines regarding reporting freelance income on the official Inland Revenue Department website.