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Accounting & tax info, news and due dates

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Employee Vehicle Reimbursements

January 31, 2018

If you are paying your employees a motor vehicle allowance as a part of their salary package this is taxed as a part of their wages. A better way would be for the employee to submit their actual expenses for reimbursement or submit a mileage claim. Both of these are non-assessable in the hands of the employee and are claimable as a tax deduction …

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Should I Spend More Money to Save Tax?

People often ask us if it’s a good idea to spend money to save tax. The idea is by creating additional expense the business can claim the cost as an expense in the business income tax return. This does work but it depends on a few factors. The key thing to understand is that when a business buys something it doesn’t “get back” the …

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Kiwitax Vehicle Log Books – Available Free to Clients

Keeping a log book to record vehicle use is essential for ensuring an accurate expense claim. To help make this process a little easier we’ve had some small log books printed and these are available to clients for free. These are useful for both business and rental property owners. If you would like one (or more for multiple vehicles) please ask, we’ll pop it …

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Making Major Repairs or Improvements to Rental Property?

If you are thinking about or are in the process of making large scale repairs and/or improvements to your rental property there may be tax implications surrounding the deductibility of the costs. In most cases any improvements will be capital in nature and not a deductible expense under repairs & maintenance. In some cases they may not be subject to depreciation either. Please contact …

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Ensuring Continuity of Rental Property Expense Claims

If your rental property is untenanted and you’re taking the opportunity to do some repairs and maintenance do ensure the property remains available to rent during this period. Perhaps have a sign up and/or keep advertising alive. This helps ensure you can continue to claim expenses during the untenanted period. If buying a rental property ensure it’s available for rent before launching into any …

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