InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Claiming Christmas Expenses

January 31, 2018

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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Claiming on Meetings at Cafes & Restaurants

Sometimes you might take employees, clients or prospective clients out for breakfast, lunch, dinner or a coffee and muffin to discuss work related matters and pay for it all. IRD allow you to claim 50% of these costs as an entertainment expense. If you are GST registered you can only claim 50% of the total cost for GST and also 50% for your annual …

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Tips For Buying a Rental That Needs Maintenance

Often people buy a rental property that needs a bit of work done to it – they then get the keys and undertake repairs and maintenance that can cost a few thousand dollars. The property is then looking all good and they put it to the market to find a tenant. In this instance all of the costs to repair the property will be …

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Income Protection Insurance Deductibility

Many people have Income Protection insurance policies – these are claimable in your personal income tax return (whether you are in business or in paid employment) as long as any proceeds upon making a claim are treated as taxable income. Usually your insurance company will send out a letter after the end of each financial year detailing the amount you’ve paid on your premiums …

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