Tax – BDS Chartered Accountants

Six things you should know before filing your EOY Tax post COVID-19

admin — Fri, 19 Mar 2021 21:01:16 +0000

New rules to keep cash flowing If money is a bit tight as the financial year draws to a close, here are four tax measures focused on providing and enabling cashflow that you might like to consider: 1. The tax loss carry-back rule, which means if you’re expecting a tax loss for the year ended …

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Motor Vehicle Deductions

admin — Thu, 16 Jan 2020 02:05:57 +0000

For motor vehicles acquired on or after 1 April 2011 Introduction There are a number of different treatments in operation to obtain income tax deductions for motor vehicle expenses. It will depend on the type of business entity that operates the vehicle. This guide explains the fundamental rules surrounding motor vehicles and income …

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What can I claim?

admin — Tue, 14 Jan 2020 04:38:25 +0000

The Inland Revenue Department collects tax in accordance with several Acts including:- Income Tax Act GST Act It also collects and distributes Child Support. Sometimes you can “make a claim”, which is acceptable for one Act but not for another. e.g. The GST incurred in setting up a company can be claimed, but the cost …

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PAYE

admin — Tue, 14 Jan 2020 02:14:42 +0000

These notes assume you have only a few employees. When PAYE deductions exceed $100,000 per year ($500,000 from 1 April 2009) the rules change. Who is an employee? If someone comes to you and says they are self employed, even if they are registered for GST, you must still check to see if you …

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Home Office

admin — Tue, 14 Jan 2020 01:57:26 +0000

Where a business is operated from home there is the ability to claim as a tax deduction the expenses which relate to the proportion of the home used for business purposes. For example, if a bedroom is set aside as an office for your 4Life business and the area of this room is 10% of …

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A brief guide to GST

admin — Tue, 14 Jan 2020 01:47:00 +0000

GST returns are a fertile area for mistakes. To flesh out your knowledge, refer to IRD publication IR 375. When the term “goods” is used in this information sheet, read “Goods and/or services”. GST Speak It is important to get used to the terminology. Mistakes arise from misunderstandings when people use their own words. …

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87 Ways To Cut Down Your Taxes

admin — Mon, 13 Jan 2020 03:09:37 +0000

Disclaimer This document is provided only on the basis of being an aid to understanding tax and levy issues. BDS Chartered Accountants Ltd do not undertake or guarantee this material is a complete solution to all or any issues encountered by the purchaser. Users of this material are expected to seek professional advice before acting …

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