Mirgrant tax issues dollar sign

If you spend money on research and development, you may be eligible to claim a 15% R&D tax credit. What exactly is the Research and Development Tax incentive? The Research and Development Tax Incentive has been put in place to help grow NZ’s investment in R&D.  It’s available for the 2019-2020 tax year and is […]

aeroplane

Some entertainment expenses are 100% deductible. Do you know which types of expenses fall into this category? If you or one of your employees are travelling on business, you are entitled to claim 100% of the cost of meal. At a glance, this seems to be at odds with the rule that states that food […]

cupcake with cherry

Do you give your clients gifts of Food and Drink? Did you know that these types of gifts are only 50% deductible? As per the IRD, gifts of food and drink that will provide a private benefit to the recipient and a business benefit to the taxpayer are only 50% deductible. Example: A web design […]

What can you claim under the Entertainment Tax Rules, and it is 50% deductible or 100% deductible?   Confused? You’re not alone There’s lots of small print when it comes to deducting entertainment expenses which can sometimes make it difficult to determine whether something is 50% or 100% deductible. First you must determine if the […]

IRD Kilometre Rates have recently been updated.   Kilometre rates for business use of vehicles 2018-2019 income year. Tier one rates should be used for the business portion of the first 14,000 km’s travelled by the vehicle in a year. Tier two rates are to be used for the business portion of any business travel […]

Are you a NZ Tax Resident? If you are a New Zealand Tax Resident, you will need to pay tax in New Zealand. *Please note that tax residency is not the same as residency when referred to with regards to immigration. Determining tax residency involves two tests: Days present in New Zealand test Permanent place […]

ACC levies are dropping! If you own a Small Business, ACC will automatically update your levy rate and you’ll receive an invoice later this year. If you’re self-employed, ACC is changing the way you’re levied. In future, the income from your tax return will be used to calculate your levy for the same year. You […]

If you’ve received an email saying you have a Refund due from the IRD – Stop! You need to be careful before supplying any personal information from an email like this. Read these tips on how to figure out whether its genuine or a scam!.. The IRD will never include personal information in the body […]

Repairs to residential rental properties are tax deductible (conditions apply) and will reduce your overall income for tax (including salary, business income, etc) for your income received up to 31/3/2019. A tax law change will soon take effect and this means that expenses incurred from 1/4/2019 onward will not be able to reduce your “OTHER” […]

GST is short for Goods and Services Tax, and is just that: a tax on goods provided and services rendered. The current GST rate in NZ is 15%. It is applied to goods and services within NZ, and is designed to be borne by the end user ie the person or business who consumes the […]

Short Term Rentals If you rent out a room, caravan or sleep-out, even if its just for a few days, this is income and must be declared. There are some exceptions to this rule if you are renting out your holiday home that you also use yourself. For example if your holiday home qualifies as […]

If you are a Sole Trader or Partnership, you can claim the running costs of using your own vehicle in your business. Running costs include things like fuel, registration, warrant of fitness, repairs and maintenance. You can claim 100% of costs if you only use the vehicle for business and not personal use. If the […]

Throughout the year, many important dates occur in respect of payments that need to be made to Inland Revenue. If you don’t meet your obligations on time, you may be charged penalties and use of money interest. These dates will be different depending on your circumstances and the various tax types you are liable for. […]

From 1st April 2018, businesses will be able to file payroll information each time they process a pay run, rather than once a month. This process replaces the employer monthly schedule. Although this is an option form April 2018, businesses should note that it will be compulsory from 1 April 2019. The purpose of this […]

The focus for Finance Minister Robertson’s budget is on public service spending (health, education and housing) and investment in infrastructure. There are two tax-related announcements in the budget: Changes to the bloodstock rules that will allow new investors to deduct the cost of high-quality horses acquired for breeding. Inland Revenue receives $31.3 million in operating […]

Did you know that if you’ve made donations of money to a donee organisation, you may be able to claim a tax credit? To claim a tax credit you need to file a Tax credit claim form (IR526) for the relevant tax year. You can claim a tax credit if you: made a donation of […]

The Inland Revenue Department are calling it “the cash flow game changer for small businesses” – but what is AIM? AIM, or the Accounting Income Method is a way to pay provisional tax installments based on income levels. If you don’t make a profit, you won’t have to pay Provisional Tax. There is a catch, […]

Mirgrant tax issues dollar sign

Research and Development Tax Incentive

If you spend money on research and development, you may be eligible to claim a 15% R&D tax credit. What exactly is the Research and Development Tax incentive? The Research and Development Tax Incentive has been put in place to help grow…
aeroplane

100% Deductible Entertainment Expenses

Some entertainment expenses are 100% deductible. Do you know which types of expenses fall into this category? If you or one of your employees are travelling on business, you are entitled to claim 100% of the cost of meal. At a glance, this…
cupcake with cherry

Gifts of Food and Drink

Do you give your clients gifts of Food and Drink? Did you know that these types of gifts are only 50% deductible? As per the IRD, gifts of food and drink that will provide a private benefit to the recipient and a business benefit to the taxpayer…

Entertainment Tax

What can you claim under the Entertainment Tax Rules, and it is 50% deductible or 100% deductible?   Confused? You're not alone There's lots of small print when it comes to deducting entertainment expenses which can sometimes make it…

IRD Kilometre Rates

IRD Kilometre Rates have recently been updated.   Kilometre rates for business use of vehicles 2018-2019 income year. Tier one rates should be used for the business portion of the first 14,000 km's travelled by the vehicle in a year. Tier…

Are you a NZ Tax Resident?

Are you a NZ Tax Resident? If you are a New Zealand Tax Resident, you will need to pay tax in New Zealand. *Please note that tax residency is not the same as residency when referred to with regards to immigration. Determining tax residency…

ACC Levies are Dropping

ACC levies are dropping! If you own a Small Business, ACC will automatically update your levy rate and you’ll receive an invoice later this year. If you’re self-employed, ACC is changing the way you’re levied. In future, the income…

Beware of Scam Emails saying you have a Refund due from the IRD

If you've received an email saying you have a Refund due from the IRD - Stop! You need to be careful before supplying any personal information from an email like this. Read these tips on how to figure out whether its genuine or a scam!.. …

Repairs to Residential Rental Properties and Tax Deductions

Repairs to residential rental properties are tax deductible (conditions apply) and will reduce your overall income for tax (including salary, business income, etc) for your income received up to 31/3/2019. A tax law change will soon take effect…

Understanding GST

GST is short for Goods and Services Tax, and is just that: a tax on goods provided and services rendered. The current GST rate in NZ is 15%. It is applied to goods and services within NZ, and is designed to be borne by the end user ie…

Short Term Rentals

Short Term Rentals If you rent out a room, caravan or sleep-out, even if its just for a few days, this is income and must be declared. There are some exceptions to this rule if you are renting out your holiday home that you also use yourself. For…

Using your own vehicle in your business

If you are a Sole Trader or Partnership, you can claim the running costs of using your own vehicle in your business. Running costs include things like fuel, registration, warrant of fitness, repairs and maintenance. You can claim 100%…

Important Dates

Throughout the year, many important dates occur in respect of payments that need to be made to Inland Revenue. If you don't meet your obligations on time, you may be charged penalties and use of money interest. These dates will be different…

Payday Filing

From 1st April 2018, businesses will be able to file payroll information each time they process a pay run, rather than once a month. This process replaces the employer monthly schedule. Although this is an option form April 2018, businesses…

2018 Budget Highlights

The focus for Finance Minister Robertson’s budget is on public service spending (health, education and housing) and investment in infrastructure. There are two tax-related announcements in the budget: Changes to the bloodstock rules…

Tax Credit for Donations

Did you know that if you've made donations of money to a donee organisation, you may be able to claim a tax credit? To claim a tax credit you need to file a Tax credit claim form (IR526) for the relevant tax year. You can claim a tax credit…

AIM - The Cash flow game changer for small businesses

The Inland Revenue Department are calling it "the cash flow game changer for small businesses" - but what is AIM? AIM, or the Accounting Income Method is a way to pay provisional tax installments based on income levels. If you don't make…