Accounting Resources

Open a separate bank account

Transfer at least 20% of your income regularly to cover GST and Income Tax

Know your dates

Be prepared, know when tax is due – PTO for dates

Salary or Drawings

Determine the most tax efficient method

Utilise tax payment services

Such as IRD arrangements and Tax Management lending

Use the right business entity structure

Sole Trader - Partnership - Trading Trust - Company

Use a Payroll system

Pay the full cost each pay

Claim everything permissible

FILE AND PAY ON TIME!

Eating in the office

ought for the owner and/or employees, eaten in the office,e.g. morning & afternoon teas (excluding alcohol)

(Code to Office Expenses)

Eating outside of the office

Bought for the owner or employees, eaten outside the office (within 50kms of the office) e.g. team lunch at a cafe, Christmas function
‍
Code 50% to entertainment, 50% to non–deductible entertainment

Travel expenses

Bought for owner or employee while out of town on business (50kms or more from the office)

Code to Travel

Business gifts

Bought for business contact,e.g. owner takes client out for restaurant meal, owner gives client Christmas gift of bottle of wine. Applies both to meals and to gifts of food or alcohol

Code 50% to entertainment, 50% to non–deductible entertainment

Food/Drink gift cards

Gift cards for supermarkets or restaurants are considered food and drink purchases

Code 50% to entertainment, 50% to non–deductible entertainment

Other gift cards

Gift cards for other than Food & Drink Purchases are 100% deductible

Code to Client Gifts