InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Can I Pay my Spouse / Partner Wages From My Business?

January 31, 2018

If you trade as a company there is no problem in paying your spouse or partner wages through the payroll of your business – however if you trade as a sole trader or partnership (that doesn’t have your spouse / partner as an owner) you will need Inland Revenue approval to do this. If you don’t get approval Inland Revenue can disallow any wage …

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Which Costs Are GST Exempt?

When preparing GST returns do note not all expenses have a GST component. Here’s a quick list of the most common GST exempt outgoings… Bank Fees Interest Loan Fees Wages Drawings Credit Card Commission Non Deductible Entertainment Suppliers that are Not GST Registered Income Tax, GST Payments, PAYE Payments Inland Revenue Penalties Resident Withholding Tax on Interest Earned Income – Interest and Dividends Received …

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Travel To Your Rental Property & The ‘Cost’ Of Your Labour

For our Rental Property clients to make the most of their tax deductible mileage claims you need to keep a record of your rental-related travel. A trip to Mitre 10 to buy a new smoke alarm, followed by a 20km round trip to your rental property to install it – it all adds up. A simple hand written or spreadsheet log with dates and …

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Vehicle Ownership Vs Leasing – A Brief Overview

The benefits of leasing a vehicle are: Get to claim the lease as a monthly expense. May have an upgrade option after a certain period with keeping the lease payments roughly the same. Still get to claim running costs – e.g petrol, repairs, registration etc. The disadvantages of leasing are: Paying monthly payments for a vehicle you usually won’t own at the end of …

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Claiming for Using Your Home as a Small Business Office

When running a small business from your home you are entitled to make a claim for the costs associated with this. Inland Revenue require you to determine the office area as a percentage of your whole home for these claims. To work this out you need to create a plan of your house (if you haven’t one already) to calculate how many square metres …

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