This may sound like a silly question, but for income tax purposes there are two types of company, and the main difference is in the way the profits (or losses) are dealt with. Regular company (my description). Unless you elect…
Motor vehicles in business – a welcome change
In a recent article, I cautioned about the risk of fringe benefit tax by operating a company motor vehicle as part of a small business. Until recently, if a company car had personal use, it was subject to fringe benefit…
Tax and working overseas
Many young (and not so young) New Zealanders travel and work overseas. Those who do need to understand the income tax implications. Here’s a conversation I had in my office recently. Me: I see you were In Australia for…
Provisional tax explained
If you have just started a small business or have become a contractor with responsibility for your own tax affairs, you may have heard of provisional tax, and wondered how it will affect you. Don’t worry – you are…
The truth about fixing up property before letting
I haven’t met anyone who thinks that the money they’ve just spent on their rental property isn’t deductible for income tax. Well, the costs of the plumber and the electrician to keep everything in good working certainly are. But…
Shareholding changes in small companies
The Companies Office website is great for filing Annual Returns. Things which haven’t changed simply get ticked. And shareholders and directors can make shareholding changes easily too. Bur care is needed before noting shareholding changes. It’s easy to overlook some…