We have until August to get our overseas accounts in to line
Important Tax Changes
IRD Online Services Outage
- On Saturday 12 August 2017 services will be unavailable from 1.00pm and the estimated time for the services to be back up is Saturday 12 August at midnight.
- On Saturday 19 August 2017 services will be unavailable from 1.00pm and the estimated time for the services to be back up is Saturday 19 August at midnight.
Inland Revenue lifting the veil
Do you have a student loan?
- how long it will take to get loan-free
- how extra repayments can get you loan-free faster, and
- if you’re an overseas-based borrower – how to save on interest. Click here
Compulsory direct crediting of GST refunds
A change made to tax rules will provide businesses with faster access to GST refunds from February next year, says Revenue Minister Michael Woodhouse.
Ho Ho Ho! Knowing what’s deductible
When you’re entertaining clients or colleagues, some entertainment expenses are tax deductible while others aren’t. It can be tricky working out what’s deductible as a business expense and what isn’t.
- if your clients or employees have a greater opportunity to enjoy the entertainment than the general public, you can only deduct 50% of the costs
- if anyone associated with the business has a greater opportunity to enjoy the entertainment than the general public, you can only deduct 50% of the costs
- Christmas drinks for team members or clients in the office
- Christmas drinks for team members or clients in the pub
- Hire of a launch to entertain clients
- Restaurants providing food and drinks to team members at a social function in their restaurant
- Staff Christmas party on or off the business premises
- Function hosted in a marquee at the races (or in a corporate box at the rugby). Inclused the cost of tickets and any food and drink provided
- A weekend away for the team at holiday accomoodation in New Zealand. Includes any fod and drink provided
- Donating food to a Christmas party in a children’s hospital
- Providing morning and afternoon tea for your team
- Providing entertainment, including food and drink at your promotional stand for the Cracker Christmas Festival
- Holding the Christmas party in Fiji (woo-hoo!)
- Taking your family (who don’t work with you in your business) out for dinner to thank them for being patient while you worked long hours and paying for this using the business credit car