InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What is Stock On Hand?

January 31, 2018

Stock on Hand is accounted for at the end of each financial year. The reason this is included is because the purchase of goods has been claimed for but you haven’t sold the stock yet – it is still available for sale. This stock on hand has the effect of increasing the profit for the business (to offset against the purchase expense). However Inland …

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Claiming GST On Second Hand Goods

If you purchase secondhand goods for use in your business from someone not associated to you (eg not a family member or relative) – these can be claimed for GST purposes. Examples are things such as vehicles and trading stock. However there is a restriction on secondhand goods claims if your purchase goods from an unregistered associated person. No GST input tax may be …

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What is Provisional Tax?

When you first go into business in New Zealand, you don’t actually have to hand over any income tax to IRD for quite some time (unless you are going to be earning over $208K in profit for your first year – then different rules apply). So say your first financial year will end at the 31 March 2020 – then your financial accounts and …

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Closing Your Business and GST Claimed on Assets Kept

A reminder that if you decide to end your business (or sell it) but want to keep some of its assets (and you have claimed GST on these assets) you will have to pay some GST back to IRD based on the current market value of the assets kept. Also IRD have a helpful video about closing down a business… http://www.ird.govt.nz/help/demo/closing-bus-vid/

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Current Income Tax Rates

We often get asked what the actual tax rates are for individuals and business. These rates apply: Company Tax Rate 28% Trust Tax Rate 33% Individual Tax Rates $0-$14,000 10.5% $14,001-$48,000 17.5% $48,001-$70,000 30% $70,001 + 33% For basic income tax estimations try the Income Tax Calculator or contact us if you have any questions.

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