InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Rental Property – Brightline Test

January 31, 2018

Just a reminder that new property rules have come into effect from 1 October 2015 and the biggest impact is the addition of a “capital gains” tax on properties if you buy and sell within a 2 year time-frame. There is a main home exemption, however this can also fall under the new rules if you’re regularly upgrading. It is best to check with …

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Do I Have To Pay Fringe Benefit Tax (FBT) On Gifts I Give To Staff?

General exemption – There is a $300 exemption per employee per quarter from paying FBT if you provide free (gifts and prizes), subsidised or discounted goods and services. However, if the value of the benefits for an employee goes over $300 for a quarter, the full value of the benefits is subject to FBT – the exemption is not deducted first. There is also …

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Is Paying Wages “Under the Table” Worth It?

It can be easy to fall into the trap of paying your staff cash “under the table” instead of putting them on the payroll, less paperwork, no holiday pay, KiwiSaver and so on. However this will surely backfire for you when it comes to preparing your business and/or personal income tax return. These cash withdrawals from your business will be treated as personal drawings …

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What is Better – Drawings or Wages?

Clients often ask which is the best way to pay themselves from their company – drawings or wages? Here is an explanation of the differences. Drawings Taking drawings from your business is not a tax deductible cost – you should be aware that you will need to put aside a bit of money for income tax as well. For example say you take $800 …

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Buying a Commercial Property?

To get the best tax deductions available for depreciation on a commercial building fit-out you will need to: Have an independent valuer prepare a fit-out valuation immediately purchasing a property. They will need to provide a report that splits out fit-out items with the appropriate value for each item. Please note: If you don’t get an independent valuer to do this fit-out report you …

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