Posted 24/03/2011 Updated 24/03/2011 Tags: Business Employing FBT Income Tax PAYE Provisional Tax Salary & Wages Tax Compliance Terminology  

Here is a brief description of the types of tax that you are likely to come across in business: GST - Goods and Services Tax - this is chargeable by businesses whose annual sales turnover is over $60,000 per year. It... more

Posted 3/03/2011 Updated 3/03/2011 Tags: Accounting Business Drawings Employing Income Tax PAYE Salary & Wages Tax Compliance  

There are a couple of ways to pay owners of a business and to account for the income tax on these. The most common way is the owner taking drawings - drawings are withdrawals from the business for personal use. The... more

Posted 20/09/2010 Updated 10/03/2011 Tags: Business Claimable Expenses Depreciation Income Tax Tax Compliance Tax Returns  

People often ask us if it's a good idea to spend money to save tax. The idea is by creating additional expense the business can claim the cost as an expense in the business income tax return. This does work but it... more

Posted 15/09/2010 Updated 15/09/2010 Tags: Accounting Business Record Keeping Tax Compliance  

With so many fantastic options available for small business owners to keep track of their financial transactions we're often asked which is the best way to go. The key is to work through the options and find the most... more

Posted 18/12/2008 Updated 3/03/2011 Tags: Contractors Income Tax Record Keeping Tax Compliance  

Question: I have just started work and my employer has informed me I am responsible for paying my own tax. Does this require me to put away 20% of my wages? What are my tax responsibilities? Answer: In this case you're... more

Posted 21/10/2008 Updated 5/06/2009 Tags: Income Tax Overseas Income Rental Property Tax Compliance Tax Returns  

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 in... more

Posted 17/10/2008 Updated 3/03/2011 Tags: Business Income Tax Structures Tax Compliance  

Sole Trader A Sole Trader is basically when you go out and do something for money but are not actually employed as an employee by a business or person. You use your own IRD number for invoicing and all profits are... more

Posted 14/10/2008 Tags: Business Record Keeping Tax Compliance  

There are several ways you can record and account for your business income and expenditure transactions on a regular basis. These include... Writing up a manual cashbook (or doing an spreadsheet) – this records... more

Posted 14/10/2008 Updated 14/10/2008 Tags: Record Keeping Tax Compliance  

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... more

Posted 8/10/2008 Updated 3/03/2011 Tags: Accounting Business Income Tax Tax Compliance  

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 bu... more

Posted 8/10/2008 Updated 25/04/2009 Tags: Family Home Income Tax Tax Compliance  

If you have a property that is your family home this is excluded from the income tax rules, so there is no tax payable on the sale of it. However if a person has a regular pattern of acquiring and disposing of, or... more