Keep thorough business records as you will have to provide accurate and complete records of your taxable business activity throughout the year. Not only might you miss out on claiming some expenses but you could face penalties.
You will no longer be able to offset against your other income to reduce your tax or to obtain a refund. If this is your current position please contact us now urgently to discuss your situation and if anything can be done to mitigate the impact before 31 March 2019
What business expenses can I claim? You don’t want to miss out on any potential tax deductions.
An additional option for calculating provisional tax known as AIM (Accounting Income Method) is now available for small businesses that use approved software to prepare their accounts with effect from 1 AprilRead More…
A nice article about our client MSugar in the Autumn issue of GETBA’s Focus magazine. Thanks for the mention Jay.
Close companies who provide a motor vehicle for the private use of shareholder-employees have been required to register and pay FBT on the value of the benefit provided. The value is basedRead More…
The Tax Working Group has been brought together by Government to consider the future of tax and is chaired by former Finance Minister Hon Sir Michael Cullen. Yesterday, Wednesday 14 March, theRead More…
Small businesses will be able to pay provisional tax based on their cash flow, rather than the previous year’s earnings or estimated earnings for the current year. This video explains how. TalkRead More…
Last Thursday, 15 February 2018, Revenue Minister Stuart Nash confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its wayRead More…
From April 2018, small businesses will be able to choose a new pay-as-you-earn option, rather than paying provisional tax in instalments several times a year. Inland Revenue is introducing the AccountingRead More…
As an employer, you play an important role in helping your employees save for their retirement. Employees who start a new job and meet the criteria for automatic enrolment must be enrolled in KiwiSaver, unless you offer an approved alternative superannuation scheme or have been granted exempt employer status. Do you understand what you need to do?
As the festival draws near you might be planning a Christmas function for special clients and/or suppliers and business contacts and you may be wondering what expenses you can claim. These expenses will come under the entertainment regime for purposes of tax deductibility.