InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Can I Pay my Spouse / Partner Wages From My Business?

January 31, 2018

If you trade as a company there is no problem in paying your spouse or partner wages through the payroll of your business – however if you trade as a sole trader or partnership (that doesn’t have your spouse / partner as an owner) you will need Inland Revenue approval to do this. If you don’t get approval Inland Revenue can disallow any wage …

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Which Costs Are GST Exempt?

When preparing GST returns do note not all expenses have a GST component. Here’s a quick list of the most common GST exempt outgoings… Bank Fees Interest Loan Fees Wages Drawings Credit Card Commission Non Deductible Entertainment Suppliers that are Not GST Registered Income Tax, GST Payments, PAYE Payments Inland Revenue Penalties Resident Withholding Tax on Interest Earned Income – Interest and Dividends Received …

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Travel To Your Rental Property & The ‘Cost’ Of Your Labour

For our Rental Property clients to make the most of their tax deductible mileage claims you need to keep a record of your rental-related travel. A trip to Mitre 10 to buy a new smoke alarm, followed by a 20km round trip to your rental property to install it – it all adds up. A simple hand written or spreadsheet log with dates and …

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What Do I Pay Income Tax On When I’m In Business?

When you operate a business, each year you are required to prepare financial reports showing all of the business income and expenditure incurred which will result in an overall net profit or loss for the year. If your business makes a profit you will pay income tax on this profit in your income tax return – if you’ve got wages income as well the …

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Business Trading Structures

Sole Trader A Sole Trader is basically when you go out and do something for money but are not actually employed as an employee by a business or person. You use your own IRD number for invoicing and all profits are declared in your personal tax return. Being a Sole Trader is a good choice in that it’s easy and inexpensive to get started …

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