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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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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What is a Dividend?

A dividend is an allocation of profits from a company to its shareholders. In small businesses it usually works like this – a company has made a profit for the year and paid income tax on that profit at the company tax rate of the time (currently 28%). The shareholders have not yet had the use of this money. When the shareholders decide they’d …

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Claiming Christmas Expenses

It’s always good to be aware of what’s claimable, here’s a quick list of Christmas expenses you can claim. Please note some expenses are 100% deductible while others are only 50% deductible. Staff Christmas Party The costs of food & drink and any incidental expenditure relating to things like hireage of crockery, glassware, music or other entertainment is only 50% deductible for income tax …

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Getting a New Loan in Your Company?

A tax area Inland Revenue are focusing on relates to interest claims on company loans. If you are taking out a new loan or hire purchase – where possible get the agreement in the company name. If this isn’t possible and can only be done in your personal name, let us know as soon as you have the paperwork and we will prepare some …

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