From 1 April 2008 late filing penalties apply for late GST returns. The late filing penalty for a taxpayer on the invoice basis is $250 and $50 for payments basis.
If your travel is part business and part holiday (in NZ or overseas) the IRD look at the dominant purpose of the trip to determine deductibility of expenditure. If the purpose of the trip is principally for business the travel expenditure will be deductible with the exception of any expenses relating directly to the personal…Details
Home office and storage area expenses (ie where part of a residential property is used solely for business purposes) are deductible for tax purposes provided the home office and storage area is used for business purposes. Typical home office expenses include power, gas, rates, insurance and mortgage interest. Home office expenses have to be apportioned…Details
From 28 June 2009 the use of money interest rate for underpaying tax to the IRD fell from 9.73% to 8.91% while the rate for overpayments of tax paid to the IRD will fall from 4.23% to 1.82%.
The cost of creating a business website is capital expenditure and the costs should be capitalised and depreciated. The ongoing costs of maintaining or updating an existing business website are deductible when incurred. While the costs incurred in updating a business website are deductible the costs involved in upgrading a website are likely to be…Details
As provisional tax payments are payments on account the IRD allows voluntary provisional tax payments to be made at anytime. Making voluntary tax payments reduces the amount of tax that has to be paid at the end of the year and can also reduce use of money interest charged by the IRD.