Build a Better Business » tax

IRD readings

Advisory Accountants — Mon, 26 Mar 2012 00:58:15 +0000

Further to my last post:
Also read about the tax changes for 2012 at Tax changes – Budget 2011 on the IRD website:

2011 Budget changes
Kiwisaver
Working for Families
student loans,
PIEs.

Your Tax Return for 2011 is now due

Advisory Accountants — Mon, 26 Mar 2012 00:57:22 +0000

Tax returns for 31 March 2011 are due to be filed by 2 April 2012. If you have not done this please call your accountant as soon possible to get this done. Also remember your terminal tax is due on … Continue reading →

Subcontractors (withholding tax)

Advisory Accountants — Wed, 21 Mar 2012 03:37:43 +0000

Tax on schedular payments

Schedular payments (aka Withholding tax deduction) are made to contractors who perform activities outlined in Schedule 4 of the Income Tax Act 2007.

You’ll find more information on the IRD website, under headings such as:

Taxing activities called schedular payments (formerly withholding payments)
Certificates of exemption from withholding tax (IR331)
Tax on schedular payments (formerly withholding payments)

Home Office

Advisory Accountants — Mon, 19 Mar 2012 21:51:38 +0000

2012 year is here and you will need to complete your financials and tax returns again.

One of main things clients often forget to claim is the use of a home office.
A home office is residential property which is necessarily used in production of business income.

Example: Mr X has a property 20% of which he uses as an office or workshop. He can claim:

Mortgage Interest
Rates
Utilities
Homeowners insurance
General repairs
Depreciation-office equipment
depreciation-home.

So next time you receive a questionnaire from your accountant be sure to complete the Use of home office section and claim your entitled deductions.

Tax Quote

Advisory Accountants — Tue, 13 Mar 2012 22:04:00 +0000

I’ve always enjoyed this quote and thought I’d share it with you.

Death and taxes may be inevitable, but they shouldn’t be related.
- J.C. Watts, Jr.

Watts served in the U.S. House of Representatives from 1995 to 2003 as a Republican, representing the 4th congressional district in south-central Oklahoma. After leaving Congress he established a lobbying and consulting firm, served on corporate boards, and worked as a political commentator.

A great tax myth

Advisory Accountants — Wed, 29 Feb 2012 22:21:56 +0000

Myth: I don’t make alot of money, so I don’t need to be know about tax planning? Wrong! Knowing about tax planning is important,regardless of income level. In fact, some would argue that the tax bite hits hardest on those … Continue reading →

GST Due

Advisory Accountants — Tue, 28 Feb 2012 00:33:51 +0000

Avoid the grief of penalties GST is due today. If you have yet to complete your GST please do or pass this on to your accountant. IRD does charge a penalty for late filing but on top of that they … Continue reading →