InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

First Year in Business Do I Pay Income Tax?

January 31, 2018

A common myth people often share is that “you don’t have to pay income tax for the first year in business”. The fact is any profit earned will require income tax to be paid to Inland Revenue, it’s more a case of when you have to pay. In the first year of trading you don’t make any income tax payments to IRD. After the …

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End of Financial Year – A Quick To Do List

With the end of the financial year coming up (on 31 March) now’s a good time to do a bit of preparation work towards having your annual financial reports and tax returns prepared. By doing these few things now it can save a lot of back tracking later. Over the next week or so please take action with… Debtors – make a list of …

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How Do I Become Self Employed?

How Do I Become Self Employed? New Zealand is one of the easiest countries in which to start a business. It’s really as simple as finding something which will generate profit and going for it – well almost. Here’s a quick guide for people who are currently in employment and are curious about becoming self-employed or those who are looking for work and perhaps …

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How Much Can I Pay Myself from My Business?

People often ask if there’s a general rule about how much they can take from their business as ‘wages’. Our suggestion is to work backwards, especially when you are still in the early stages of business where cashflow is a bit up and down. If you can ensure there is enough money in the bank account to pay all business costs, loan repayments and …

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Claiming for Using Your Home as a Small Business Office

When running a small business from your home you are entitled to make a claim for the costs associated with this. Inland Revenue require you to determine the office area as a percentage of your whole home for these claims. To work this out you need to create a plan of your house (if you haven’t one already) to calculate how many square metres …

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