Although we are in a post-COVID normal, many business owners and employees still work from home in some capacity. This incurs additional costs that can be deductible at tax time. However, you can’t claim everything,… Read more
When you’re an entrepreneur, your to-do list is often long and constantly growing longer. There are an overwhelming number of things you need to do, and it can feel like they’re all urgent. In such… Read more
Tax time is fast approaching, so it’s important to know what you can claim. One category you may not think about is clothing and grooming. The ATO has several stipulations for whether you can claim these,… Read more
End of financial year is a good time to review different aspects of your business and plan how you want to move forward in the new year. You have a years worth of data to… Read more
The COVID-19 pandemic showed many companies that it is possible to continue operations while employees work remotely. Even as we return to a post-COVID normal, many companies and employees are continuing to do so, forgoing… Read more
Preparing for tax season is really a year-round endeavour. Tip number one for small business owners (SMB) is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come… Read more
As accountants, we come across many business owners who haven’t given a lot of thought to what their longer term plans are. Often they are continually bogged down in the daily routine and don’t take the… Read more
From the beginning of the 2013/2014 income year, if you are using a property for mixed use, i.e. you sometimes live in it and sometimes rent it out, then the new formula for working out the effect on your income has changed.
“A former Wellington restaurant owner has been sentenced to five months home detention and 200 hours of community work for filing false Income Tax and GST returns and evading tax.
Darrell Earl Antonopoulos plead guilty to three charges of aiding or abetting his company, Whonere Holdings Limited, trading as La Casa Pasta restaurant, to provide false Income Tax returns and 24 charges of providing false GST returns to Inland Revenue with the intention of evading tax. Mr Antonopoulos was charged under the Tax Administration Act.
If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.
