There are some particular quirks and rules that apply when it comes to claiming a tax depreciation deduction. In this article we take a look at some of the common myths that prevail and tax rules that apply in this area.
Read MoreOn 4 July, 2018 Inland Revenue released its finalised Operational Statement 18/01 - Commissioner’s statement on using a kilometre rate for work related running of a motor vehicle.
While the finalised statement is much improved compared to the previous draft, aspects of it still seem unnecessarily complicated in our view and will require some employers to give some thought to their reimbursement policies over the next year.
Read MoreAn additional option for calculating provisional tax known as AIM (Accounting Income Method) will become available for small businesses that use approved accounting software to prepare their accounts with effect from 1 April 2018. If you are a medium or large business reading this, take note that Inland Revenue very much see this roll out to small business as a pilot, with the intention that a form of it will be offered to larger businesses down the track. They are already exploring ideas for how to do this.
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