Christmas and New Year Holidays

We're closing for holidays soon - finishing up for the year around lunchtime Tuesday 23 December 2014 and re-opening Wednesday 7 January 2015. If you have anything come up requiring urgent attention over this holiday period the best way to contact us is to email and we'll reply as soon as possible. It's been a fun and busy year! An especially huge thank you to you for choosing Kiwitax this year ... More

Topics: Kiwitax News Client Care

Posted 22/12/2014

Due Dates for January 2015

PAYE: 1 Monthly PAYE return and any payment for December is due 20 January. GST: 1 and 2 Monthly GST returns and any payments for period end 30 November are due 15 January. Provisional Tax Instalment: Second instalment of 2015 provisional tax for tax payers who pay in 3 instalments during the year is due 15 January. FBT: 3 Monthly Fringe Benefit Tax return and any payment is due 20 January. GS... More

Topics: Due Dates

Posted 1/12/2014 – Updated 15/12/2014

Due Dates for December 2014

There's only one due date for December as the GST dates are extended through into January. PAYE: 1 Monthly PAYE return and any payment for November is due 22 December. Any questions please ask. More

Topics: Due Dates

Posted 1/12/2014

Kiwitax's 15th Birthday!

Today 15 years ago we started a tiny accounting business which eventually became Kiwitax. We're super grateful for all the wonderful people who have chosen us to work for them over these years - thank you so very much! More

Topics: Kiwitax News

Posted 23/11/2014

Due Dates for November 2014

Quiet month for due dates - just the usual one monthly GST and PAYE returns. PAYE: 1 Monthly PAYE return and any payment for October is due 20 November. GST: 1 Monthly GST returns and any payments for period end 31 October is due 28 November. Any questions please ask. More

Topics: Due Dates

Posted 17/11/2014

Thinking of Turning Your Home Into a Rental Property?

There are a few things to consider before you jump in and make this happen. Ownership structure, tax implications and debt allocation are the main factors - if you don't get these right from the start they can affect you negatively for several years, you could end up paying extra income tax when really there is no need to! By talking with us first, together we can work out: Whether you're bett... More

Topics: Rental Property Family Home Structures

Posted 30/10/2014 – Updated 22/12/2014

Hawkes Bay Anniversay Day

A quick reminder that tomorrow, 24 October 2014 is Hawkes Bay Anniversary day so we'll be closed for the day - and of course Monday too for Labour day. Hope you have a great weekend - have fun and stay safe! More

Topics: Kiwitax News

Posted 23/10/2014

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 Incom... More

Topics: GST Claimable Expenses Record Keeping

Posted 22/10/2014

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

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 payments from being a tax deduction for your business. ... More

Topics: Claimable Expenses Employing PAYE Salary & Wages

Posted 21/10/2014 – Updated 22/12/2014

How to Maximise Your Entertainment Claims

To ensure you're making the best claims for your entertainment costs here's how to code them correctly. Entertainment expenses fall into two categories - either 100% or 50% claimable. If you are entertaining clients, suppliers, employees and only pay for yourself - the cost is 100% deductible If you are entertaining clients, suppliers, employees and pay for all people - the cost is 50% deducti... More

Topics: Claimable Expenses Record Keeping Entertainment

Posted 16/10/2014

Claiming Website Development Costs

There is a distinction between what is an asset and what is an expense when it comes to your business website. The costs of obtaining the domain name and the initial build of the website are an asset - so can't be claimed fully in the year that the costs were incurred. There is depreciation claimable on the website meaning the tax expense claims get spread out over a few years. Any on-going costs ... More

Topics: Claimable Expenses Depreciation Accounting Record Keeping

Posted 16/10/2014

Current Income Tax Rates

We often get asked what the actual tax rates are for individuals and business. As at October 2014 these rates apply: Company Tax Rate 28% Trust Tax Rate 33% Individual Tax Rates $0-$14,000 10.5% $14,001-$48,000 17.5% $48,001-$70,000 30% $70,001 + 33% For basic income tax estimations try the Income Tax Calculator or contact us if you have any questions. More

Topics: Income Tax Tax Returns PAYE

Posted 15/10/2014

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 and the portion that... More

Topics: Income Tax Claimable Expenses Record Keeping Tax Returns

Posted 8/10/2014

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 capitalised - added to the purchase price of the property - no tax claims av... More

Topics: Claimable Expenses Rental Property Depreciation Record Keeping

Posted 1/10/2014 – Updated 7/10/2014

Due Dates for October 2014

PAYE: 1 Monthly PAYE return and any payment for September is due 20 October. GST: 1, 2 and 6 Monthly GST returns and any payments for period end 30 September are due 28 October. Provisional Tax Instalment: For provisional tax payers who pay twice yearly (often are 6 monthly GST registered) the first instalment for 2015 Provisional Tax is due 28 October. Any questions please ask. More

Topics: Due Dates

Posted 1/10/2014 – Updated 16/10/2014