InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

New Rules for Vehicle Mileage Claims

August 21, 2018

Inland Revenue have announced the new method for claiming mileage. The new method uses a 2-tier system and requires knowing how many total kilometres the vehicle has travelled in a year. So it’s super important now for you to record the odometer reading as at 31 March each year or if you buy or sell a vehicle used for business. The new rate of 76 cents per …

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Bitcoin & Other Cryptocurrencies – How to Tax?

April 24, 2018

Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of …

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Record Keeping – Retail and Hospitality

February 1, 2018

A reminder that if you are running a till system for your daily takings, try and reconcile each day to the money received. Inland Revenue are increasing their review activity and one of the main source documents they ask for are the till receipts. They’re looking to see if the till receipt totals are significantly different to the amount of money banked – so …

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Claiming GST On Second Hand Goods

January 31, 2018

If you purchase secondhand goods for use in your business from someone not associated to you (eg not a family member or relative) – these can be claimed for GST purposes. Examples are things such as vehicles and trading stock. However there is a restriction on secondhand goods claims if your purchase goods from an unregistered associated person. No GST input tax may be …

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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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