InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Kiwitax Vehicle Log Books – Available Free to Clients

January 31, 2018

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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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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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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