Inland Revenue allows you as an employer to reimburse employees – including shareholder-employees – for using their private vehicles for work. To reimburse employees for running costs, you can use: Depending on which method you use, you and your employees will need to keep specific kinds of records. Reimbursements paid by an employer to an …
It can come as a surprise to find out that the income tax and GST treatment of mealexpenses for self-employed people differs from that of meal allowances paid toemployees. And it’s different again under the entertainment expenditure rules. If you’re self-employed you usually cannot deduct meal expenses as they aredeemed private or domestic expenses, although …
If you run your business as a company, and you make a vehicle available to an employee to use privately, you’ll be liable to pay fringe benefit tax (FBT). This applies on vehicles made available to: 1. employees (and their associated persons), and2. shareholder-employees This applies whether the vehicle is actually used for …
Motor vehicle business use and FBT for companies Read More »