InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

New Rules for Vehicle Mileage Claims

August 21, 2018

Inland Revenue have announced the new method for claiming mileage. The new method uses a 2-tier system and requires knowing how many total kilometres the vehicle has travelled in a year. So it’s super important now for you to record the odometer reading as at 31 March each year or if you buy or sell a vehicle used for business. The new rate of 76 cents per …

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Withholding Tax Payers – You’re Probably Due a Refund!

June 26, 2018

If you’re a self-employed contractor (for example) who has withholding tax deducted from your income then you are required by Inland Revenue to file an income tax return. We’ve recently come across a few people who believe since their tax is already being deducted similar to PAYE, then the don’t need to file a return – this is incorrect! In fact when all your …

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AirBnB – What You Should Know

Using AirBnB and similar platforms to rent a spare room, sleep out or holiday home has become increasingly popular and it’s important to understand the Income Tax and possible GST consequences that can arise from this type of activity. Any money you receive from renting your room or home will be income on which you will need to pay income tax. Of course you …

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Kiwisaver Member Tax Credit – Don’t Miss Out!

Being self-employed you can make voluntary contributions to your Kiwisaver at any time, either directly to your Kiwisaver provider or through Inland Revenue. If you’ve contributed less than $1042.86 since 01 July 2017, now is the time to pay a top-up to ensure you receive the full member tax credit from the government. You have until 30 June to top-up your account to qualify for the …

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Bitcoin & Other Cryptocurrencies – How to Tax?

April 24, 2018

Inland Revenue has recently given an update on its thinking on how Bitcoin and other cryptocurrencies should be dealt with from a tax perspective. Inland Revenue considers cryptocurrencies as property, rather than currency or money. This means that the normal tax rules that apply to personal property also apply to cryptocurrency. A person that deals in cryptocurrency or acquires cryptocurrency with a purpose of …

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