Claiming Christmas Expenses

It's always good to be aware of what's claimable, here's a quick list of expenses you can claim for Christmas parties and gifts. Please note some expenses are 100% deductible while others are only 50% deductible. Staff Christmas Party The costs of food & drink and any incidental expenditure relating to things like hireage of crockery, glassware, music or other entertainment is only 50% deduc... More

Topics: Claimable Expenses PAYE FBT Gifts

Posted 18/11/2013

Business Tax Types & What they Mean

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 means that the seller needs to add +15% onto their sale price - this 15% is then returned to Inland Revenue on a monthly, 2 monthly or 6 monthly basis via GST returns (less the GST t... More

Topics: Income Tax PAYE FBT Provisional Tax Guides

Posted 24/03/2011

Vehicle Ownership Vs Leasing - A Brief Overview

The benefits of leasing a vehicle are: Get to claim the lease as a monthly expense. May have an upgrade option after a certain period with keeping the lease payments roughly the same. Still get to claim running costs – e.g petrol, repairs, registration etc. The disadvantages of leasing are: Paying monthly payments for a vehicle you usually won't own at the end of lease. No deprec... More

Topics: Claimable Expenses Business FBT Vehicles Guides

Posted 16/01/2009

Do I Have To Pay Fringe Benefit Tax (FBT) On Gifts I Give To Staff?

General exemption - There is a $300 exemption per employee per quarter from paying FBT if you provide free (gifts and prizes), subsidised or discounted goods and services. However, if the value of the benefits for an employee goes over $300 for a quarter, the full value of the benefits is subject to FBT - the exemption is not deducted first. There is also an annual exemption if you make a gift on... More

Topics: Employing FBT Gifts

Posted 17/12/2008 – Updated 23/09/2014