InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Withholding Tax Payers – You’re Probably Due a Refund!

January 31, 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 …

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Accounting and Tax Glossary

Accounts Payable Amounts companies owe suppliers for goods and services. Listed in the current liabilities section on the statement of financial position. Accounts Receivable Amounts customers owe a company from sales of goods or services that the company expects to collect within one year. Listed in the current assets section on the statement of financial position. Actual Cost Is the amount paid for an …

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Reasons To Use A Tax Agent Instead Of Doing Your Own Tax

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also accounting costs are deductible as a cost, where as if you do it yourself and end up paying more tax than necessary – the tax payments aren’t deductible!

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How to Gain a Time Extension for Your Income Tax Return

If you’re in business and / or own rental property and are not a client of a Tax Agent your income tax return must be filed with Inland Revenue by 7 July and any income tax paid by 7 February the following year. Simply by Joining Kiwitax you’ll gain a significant time extension for both filing of your income tax return and payment of …

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Rental Property Trading Structures

Privately Owned To privately own your rental property basically is when you go out and purchase and own it under your own name. All rents received and expenses are declared in your personal tax return. There’s no “official” setup or registration required other than buying the property in your own name. Going with privately owned is a good choice in that it’s easy and …

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