InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What is Stock On Hand?

January 31, 2018

Stock on Hand is accounted for at the end of each financial year. The reason this is included is because the purchase of goods has been claimed for but you haven’t sold the stock yet – it is still available for sale. This stock on hand has the effect of increasing the profit for the business (to offset against the purchase expense). However Inland …

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Closing Your Business and GST Claimed on Assets Kept

A reminder that if you decide to end your business (or sell it) but want to keep some of its assets (and you have claimed GST on these assets) you will have to pay some GST back to IRD based on the current market value of the assets kept. Also IRD have a helpful video about closing down a business… http://www.ird.govt.nz/help/demo/closing-bus-vid/

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Do I Have To Return My Overseas Rental In My NZ Tax Return?

When you are a NZ tax resident you are required to declare your worldwide income in your NZ tax return which includes your overseas investment property. The way it works is that the costs are deducted off the rental income – if the costs are higher than the income a loss occurs – this loss can be offset against your NZ earnings which can …

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Rental Property – Brightline Test

Just a reminder that new property rules have come into effect from 1 October 2015 and the biggest impact is the addition of a “capital gains” tax on properties if you buy and sell within a 2 year time-frame. There is a main home exemption, however this can also fall under the new rules if you’re regularly upgrading. It is best to check with …

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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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