New Zealand business expenses checklist (Free guide)
Knowing which expenses are tax deductible is a great way those hard earned dollars. This checklist will help you determine whether or not you'll be able to claim tax on your business expenses. Keep in mind, every expense may not be applicable to every business owner.
It’s important to keep track of these expenses, and that you keep these records for 7 years. Opting for accounting software such as Xero simplifies expense tracking, tax admin, and the year-end process for filing taxes.
What are business expenses?
Business expenses are expenses for activities which will generate you revenue within a business - such as equipment, marketing or promoting your business, and staff salaries.
What is tax deduction?
A tax deduction is a business expense you can deduct from your gross income, lowering your taxable income. In other words, you'll pay less tax to the IRD.
Knowing what's tax deductible (and what's not) is useful for any business owner. In this checklist, we show the difference between expenses, and whether or not you'll be able to claim tax.
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Frequently asked questions
1. Can I simplify my tax obligations?
Tax obligations include preparing documents, reconciliation of your books, and filing the right amount of tax.
By scheduling an appointment with your accountant (like ours at Beany), you'll have enough time to sort the information you need. We'll work together to find the right account for you.
Read more on tips you business owners should know to save your tax bills.
2. When are my tax returns due?
If you decide to file your income tax yourself, tax returns are due on the 7th of July. However, if you register with an accountant before this date, you may be granted an extension to the 31st of March, the following year. To help avoid fines, be sure to check if you're eligible for an EOT (extension of time) with your accountant.
3. How do I file my taxes?
You can either file your taxes yourself, or hire an accountant to do so on your behalf. It's important to remember that while you are ultimately responsible for your own tax, a good accountant will treat your taxes as their own!
4. How can I make sure I'm claiming all tax deductions?
Being systematic is key to making sure nothing is missed - which is why we've created this checklist. It'll give you a great place to start, and you'll have the best chance to make the most of your tax claims.
5. How can Beany help me with my taxes?
We understand tax, and we understand our customers. With a dedicated Beany accountant, you'll receive unlimited support and advice when it's time to file taxes. Find the package that works for your business here, and get in touch with our problem solvers today.