InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What is a Dividend?

January 31, 2018

A dividend is an allocation of profits from a company to its shareholders. In small businesses it usually works like this – a company has made a profit for the year and paid income tax on that profit at the company tax rate of the time (currently 28%). The shareholders have not yet had the use of this money. When the shareholders decide they’d …

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Repairs On a Rental Property – Are They An Expense or Improvement?

You are only allowed a deduction for repairs and maintenance where the expenditure is required to maintain an asset in the condition it was initially acquired. If you add something extra to the house – this is likely to be an improvement and claimable for depreciation only. Please note however, that buildings with a life span of over 50 years are not depreciable for …

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Advertising and Commission Costs When Selling a Rental Property

If you pay costs to advertise the sale of your rental property, these are not claimable as an expense but will come off the sale price once the property is sold. This is the same for commission paid to an agent when selling the property – it will reduce the sale price.

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Employee Vehicle Reimbursements

If you are paying your employees a motor vehicle allowance as a part of their salary package this is taxed as a part of their wages. A better way would be for the employee to submit their actual expenses for reimbursement or submit a mileage claim. Both of these are non-assessable in the hands of the employee and are claimable as a tax deduction …

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Should I Spend More Money to Save Tax?

People often ask us if it’s a good idea to spend money to save tax. The idea is by creating additional expense the business can claim the cost as an expense in the business income tax return. This does work but it depends on a few factors. The key thing to understand is that when a business buys something it doesn’t “get back” the …

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