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Tax Time
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TAX Time Major Tax Advantages For
Home Based Business.
A tax refund of $1000-$3000 is not uncommon with help from a Top Tax specialist.
The New Zealand Government is wise to the fact that the backbone of the NZ economy and employment is small business. The NZ Govt is also wise to the fact that much of economic growth and development of our Country has come from the innovation and creativity of people with small home based businesses. To that end the IRD has sort to foster small and home based business by providing significant tax breaks for these
businesses?"A taxpayer who use's his or her home partly for the conduct of a business is entitled to tax deductions in relation to part of your out goings which relate to the use of home for the work related activities, i.e., power, rates, insurance, interest on mortgage, furniture, equipment, repairs and maintenance as well as depreciation."
There are many other deductions that can be added to the above list .
It is our intention to help all its members to the get best possible tax advice from specialists in the field.
It is not uncommon for a wage or salary earner to get substantial tax refunds in the first and second year of trading as a home based business, while that business is in transition from startup to a point were the home based business is profitable . Which should be the aim of all home based businesses. Please read below for a quick over view of the tax deductions that may apply if you choose to build a home based business.
If you are a wage earner and building a business from home a tax refund of $1000-$3000 is not uncommon by claiming many of the following deductions against the Paye you pay to the IRD.
Claim 100% of all your Home based business subscription fees?
Pay your children $1020 per year! 100% tax deductible? No PAYE.
Claim up to 100% on your car if you have two cars? 25% for one car?
Claim 25% plus on phone, internet, computer and computer expenses?
Supper for H B meetings 100%? (Marketing expenses.)
Claim 25% on the interest of your mortgage or rent?
Claim 25% on your rates and power, water? The list goes on.
Register for GST and claim 12.5% on most of the above.
The Government could be paying for many of your business expenses while you build your business.
These deductions may vary according to your circumstances check with your tax professional first.
Many well run home based business come into profit between the 3rd and 6th month of operation, the above tax savings could contribute to your early business establishment.
Important disclaimer: The owner of this website does not claim to be a tax expert. The above information is based on the FAQ from the NZ Govenment IRD website. http://www.ird.govt.nz/business-info/faqs/
Our tax specialist here in New Zealand is Business One Thames NZ.
Contact Terri terri@businessone.co.nzFor further information contact your nearest RQ rep or go to www.ird.govt.nz
****Creative Investment Works LTD ****
100 Grafton Rd, Thames, New Zealand
Ph 0064 7868 8886 Fax 0064 7 868 539 Mobile: 0064 27 292 7099
email: eddie@ciwl.biz - - http://www.retirequickly.co.nz
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