At the end of a long hard week, the boss pulling out a chilly bin of cold beers is always going to boost team morale. Even with a strict ‘no shop talk’ policy, chewing the fat over a drink or snack provided by an employer does wonders for team building and is a long-honoured tradition for many New Zealand businesses. But what is claimable & what is not?
Do you run or operate your business from home? Are you claiming all your business expenses? And are you claiming them correctly?
If you are an employer and provide employees with accommodation or pay them an allowance, then this is treated as an allowance and in most situations would be taxable.
Government passed legislation to temporarily increase the low-value asset threshold from $500 starting 17th March 2020 to 17th March 2021. The new $5,000.00 asset threshold is temporarily increased for low value asset depreciation.
If you are new to business, a sole trader, contractor, or partnership, you may be eligible for discounted income tax by paying your income tax early.
And here’s a heads up for all you wonderful people in the Construction Industry.
In March 2017 IRD released a change to the way that expenses can be apportioned and claimed for farming businesses. The new rules take place for the 2018 income tax year. Although these changes are specifically targeted at farming, all business owners need to be aware that IRD are starting to look closer at business/private apportionment's.
IRD are changing the rules on vehicle mileage rates so you will need to record your odometer reading before you knock off work today!
The Government announced some big changes this year and they are now already in effect…. road user mileage, residency, ACC levies and paid parental leave, these are just to name a few. Are you aware of the new rules and how they could affect you?
What is the Earthquake Support Subsidy? How can I apply and who is eligible?