Posted 11/03/2011 Updated 11/03/2011 Tags: Business Income Tax Provisional Tax Tax Refunds Tax Returns  

A common myth people often share is that "you don't have to pay income tax for the first year in business". The fact is any profit earned will require income tax to be paid to Inland Revenue, it's more a case of when... more

Posted 3/03/2011 Updated 3/03/2011 Tags: Depreciation Rental Property Tax Refunds Tax Returns  

From the 1 April 2011 financial year and onwards, there is no longer the ability to claim depreciation on buildings with an estimated useful life of 50 years or more. However chattels (for example stoves, carpets,... 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 30/04/2009 Updated 18/09/2009 Tags: Income Tax Inland Revenue Salary & Wages Tax Refunds Tax Returns  

This guide is for salary and wage earners who do not own a business or rental property. What’s it about? Learn how to find out if the right amount of tax has been deducted from your salary & wages for the year and... 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 Tags: Employing PAYE Tax Returns  

First you'll need to register as an employer with Inland Revenue then each payday run a payroll system to account for each employee's wages and deduct PAYE. On the 20 of each following month you'll need to prepare a... more

Posted 17/10/2008 Updated 3/03/2011 Tags: Business GST Tax Returns  

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 th... more

Posted 17/10/2008 Updated 17/10/2008 Tags: GST Tax Returns  

There are two main methods you can prepare your GST returns based on, these are: Payments basis - This is when you prepare your GST return based on all the income you have received and expenses that you have paid for... more

Posted 16/10/2008 Tags: GST Tax Returns  

GST returns are prepared and submitted to Inland Revenue every 1, 2 or 6 months. This frequency is an option which you'll decide upon when you register for GST. more

Posted 8/10/2008 Updated 16/10/2008 Tags: GST Record Keeping Tax Returns  

If you buy an asset (such as a business vehicle or tools) from a person who is not GST registered (and you are), you can claim GST in your GST return as a second hand goods claim. However you do need to keep a note of... more

Posted 7/10/2008 Updated 16/10/2008 Tags: Accounting Claimable Expenses Income Tax Tax Agents Tax Returns  

Using a tax agent to prepare your business or rental property accounts and returns will ensure your returns are correctly calculated and prepared and will make sure you are saving as much tax as possible. Also... more