InfoBase
Accounting & tax info, news and due dates
Check here regularly for all the latest tax information and news
New Rules for Vehicle Mileage Claims
August 21, 2018
Inland Revenue have announced the new method for claiming mileage. The new method uses a 2-tier system and requires knowing how many total kilometres the vehicle has travelled in a year. So it’s super important now for you to record the odometer reading as at 31 March each year or if you buy or sell a vehicle used for business. The new rate of 76 cents per …
Read moreWithholding Tax Payers – You’re Probably Due a Refund!
June 26, 2018
If you’re a self-employed contractor (for example) who has withholding tax deducted from your income then you are required by Inland Revenue to file an income tax return. We’ve recently come across a few people who believe since their tax is already being deducted similar to PAYE, then the don’t need to file a return – this is incorrect! In fact when all your …
Read moreAirBnB – What You Should Know
Using AirBnB and similar platforms to rent a spare room, sleep out or holiday home has become increasingly popular and it’s important to understand the Income Tax and possible GST consequences that can arise from this type of activity. Any money you receive from renting your room or home will be income on which you will need to pay income tax. Of course you …
Read moreBitcoin & Other Cryptocurrencies – How to Tax?
April 24, 2018
Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of …
Read moreMinimum Wage Increase
April 23, 2018
The adult minimum wage is going up from $15.75 an hour to $16.50, with the starting-out and training rates rising too. Here’s what you’ll need to know for your business. When: 1 April 2018 What: The new minimum wage rates are: Adult — $16.50 an hour Starting-out — $13.20 an hour (up from $12.60) Training — $13.20 an hour (up from $12.60) Starting-out and training minimum …
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