Expenses: What can I claim?

Eugenie Jones Accounting & Compliance, Odds & Ends, Reducing Tax

A question often asked by independent contractors and small business owners. Independent contractors can claim a number of expenses. However, they have to be legitimate business expenses. These are expenses that are necessary for your business to derive income. Basically anything that is in line with the nature of your business and has helped you to create your income will …

Accounting 101

Alex Silverwood Accounting & Compliance

When you’re starting out in business, it can be hard to make sense of the accounting side of things. How to code transactions and understanding how this drives your accounting system and the financials it provides you. Even people with a lot of experience in business get confused with this because after all you don’t go into business to deal …

Fringe Benefit Tax

Eugenie Jones Accounting & Compliance, Odds & Ends

Fringe Benefit Tax Put simply, Fringe Benefits are non-cash benefits provided to employees over and above their salary or wage. (cash benefits are taxed through the PAYE system.) If something is classified as a fringe benefit it will be subject to fringe benefit tax (FBT) The FBT system is fairly complex however there are four main groups: Motor vehicles Generally, …

Accounting & Tax on Christmas Presents

Hamish Mexted Accounting & Compliance, Odds & Ends, Reducing Tax

Accounting & Tax on Christmas Presents Christmas is coming and it’s the season of entertainment and gift giving! During this time, the Chartered Accountant in us comes out and we start looking at the accounting and tax on Christmas presents.   Tax on staff Christmas Presents Non-cash goods/services that are given to your staff members are dealt with under the …

Budget 2015 – Tax Law Changes

Riann Umaga-Marshall Accounting & Compliance, Reducing Tax

Last month, tweaks to the rules on taxing gains on property sales were announced. As the law currently stands, if you buy a property with the ‘intent’ of selling it and making a gain, you’re required to pay tax on that gain. This hasn’t changed. In short, what the Government is doing will make the ‘intent’ rule apply in more …

Business Performance – Getting a Grip on your Numbers

Hamish Mexted Accounting & Compliance, Increasing Profit, Xero & Addons

iif Chartered Accountants attended Xerocon in Auckland last month. We were excited to hear about the new Business Performance Dashboard (we’re accountants…of course we were excited about something involving numbers). Now it’s finally arrived – here’s how it can help you. The new Dashboard analyses the data in your Xero account, turning it into simple metrics and graphs. These keep …