A gift is something given when: Nothing is received in return; or Something is received in return, but its value is less than the value of the property given. If something of lesser value is given in return for a gift, the value of the gift is the difference between the two values. In the context of …
Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer. The four main groups of fringe benefits are: Motor vehicles (refer to the IRD website for more information on how to calculate) Low-interest loans other than low-interest loans provided …
Entertainment expenditure is limited to a 50% deduction if it falls within the following: Corporate Boxes Holiday Accommodation Pleasure Craft Food & Beverages consumed at any of the above or in other specific circumstances, for example: incidentally at any of the three types of entertainment above, eg, alcohol and food provided in a corporate box …
Depreciation allows for the wear and tear on a fixed asset and must be deducted from your income. Generally you must claim depreciation on fixed assets used in your business that have a lifespan of more than 12 months. However in special circumstances you can elect not to depreciate an asset by applying to the IRD. Not all …
Employer invoicing by ACC takes place from June each year and is based on employee earnings for the year ended 31 March. Your ACC Premium consists of: ACC Workplace Cover Levy – your classification unit rate x each $100 of liable earnings. Residual Claims Levy – your residual claims levy rate x each $100 of liable earnings. …
GST is a tax on the supply of goods and services in New Zealand by a registered person on any taxable activity they carry out. The rate for GST is 15% although it can be zero-rated for exports. Certain supplies of goods and services are ‘exempt supplies’ and exempt from GST. These include: Certain financial …