Tag: waikato accountant
What is Profit and Loss?
When you’re in control of your profit and loss (P&L), you have a tighter hold on the reins of your profitability. What is Profit and Loss? Your Profit and Loss statement is commonly called your ‘P&L’. It’s also sometimes referred to as your income statement or statement of earnings....
Business Acquisition Expenses – Deductions Allowed
Businesses often incur expenses when acquiring business assets, even if the acquisition is abandoned and does not proceed. A recent review has occurred on the deductibility of these costs. In the past, an expense relating to the purchase of an asset that wasn’t successful could not be claimed as an...
Paying Tax On Your Shares
There’s been a boom in direct share investments since the lockdowns of 2020 with platforms like Sharesies, Hatch and InvestNow seeing thousands of Kiwis join up to buy shares. These straightforward platforms have democratised share market investment, helping New Zealanders grow their wealth and save for the future. One question...
I Run a Motel/Boarding House – What Can I Claim With Tax?
I run a Motel/Boarding House - what can I claim? Inland Revenue have released an exposure draft on the deductibility of expenses incurred by hotels, motels and boarding houses. The release focuses on these businesses where the proprietor lives on-site. In short, the release clarifies how to account for private...
Self-Employed? Get the Full KiwiSaver Contribution
If you’re self-employed, you’re in charge of your KiwiSaver contributions. KiwiSaver is not automatically deducted from your earnings if you are self-employed. You will need to decide how much you want to commit to your retirement fund, if anything, and make these contributions manually each year. The contribution payments can...