InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What Do I Pay Income Tax On When I’m In Business?

January 31, 2018

When you operate a business, each year you are required to prepare financial reports showing all of the business income and expenditure incurred which will result in an overall net profit or loss for the year. If your business makes a profit you will pay income tax on this profit in your income tax return – if you’ve got wages income as well the …

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Should You Register Your Business For GST?

If your expected annual turnover (sales) will be $60 000 or more you’ll need to be GST registered. This basically means you’ll need to charge your customers 15% more on your pricing for GST – then account for and pass this on to Inland Revenue with your GST return each 1,2 or 6 months. If your turnover is expected or is less than the …

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What Records Do I Need To Keep?

January 26, 2018

Inland Revenue require you to keep all documents relevant to running your business or rental property – it is wise to do this because if ever they choose to do an audit on your activities – the more documentation you have to substantiate income and expenses the less stressful this process will be. These include… Bank statements, cheque and deposit books Tax invoices & …

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How Kiwitax Can Reduce Your Tax Compliance Costs

For the most part small business and rental property owners don’t have the time, expertise or inclination to look after their own tax compliance. The usual solution is to employ the services of an Accountant or Tax Agent to take care of these matters. The main reasons for doing so are to… Reduce the amount of tax to pay and to ensure correct taxation …

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Calling Trade Me “In Trade” Badge Traders

With the new Trade Me “in trade” badge coming into effect for sellers on 17 June 2014 – it will become very easy for IRD to identify which traders are “in business”. These people are required by IRD to keep proper records and prepare business accounts and file income tax and possibly GST returns. If unsure about this or not already set up we …

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