Short paid your Tax ? What is the latest you could pay any short paid 2024 provisional and/or terminal tax without incurring penalties and how ? Answer this could be the 18th June 2025 if you were to purchase some tax credits from a “Tax pooling” IRD approved intermediary. Yes…

“𝐈 𝐜𝐚𝐧’𝐭 𝐩𝐚𝐲 𝐦𝐲 𝐭𝐚𝐱𝐞𝐬 𝐰𝐡𝐚𝐭 𝐚𝐫𝐞 𝐦𝐲 𝐨𝐩𝐭𝐢𝐨𝐧𝐬 ?” “𝐖𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐢𝐭 𝐜𝐨𝐬𝐭 𝐦𝐞 𝐟𝐨𝐫 𝐩𝐚𝐲𝐢𝐧𝐠 𝐦𝐲 𝐭𝐚𝐱 𝐥𝐚𝐭𝐞, 𝐜𝐚𝐧 𝐈 𝐫𝐞𝐝𝐮𝐜𝐞 𝐭𝐡𝐚𝐭 𝐜𝐨𝐬𝐭 𝐚𝐧𝐝 𝐦𝐲 𝐬𝐭𝐫𝐞𝐬𝐬” Having a grasp of the IRD late payment penalties and interest charges can help you minimise unnecessary costs. The IRD penalties for…

“Is it better to buy or lease a vehicle ?” “Does it effect Fringe Benefit Tax liabilities ?” When and the amount of GST you can claim and the tax deductible expenses  differ depending whether you buy or lease a business vehicle. GST –  If you are GST registered and…

Choosing lower cost vehicles , reducing availability for private use and a obtaining a contribution equal to the value of the benefit could minimise FBT to nil. If the employee is a shareholder employee the contribution can be a simple automated book entry. Employees who have a company  car “available”…

Motor Vehicles quite often are used for both business and  private travel, so the IRD have rules for sole traders, employers and companies outlining what adjustments or how much Fringe Benefit tax applies for this private use.  Driving from home to, and back from, work is considered private use unless…

𝗪𝗮𝘆𝘀 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗿𝗲𝘄𝗮𝗿𝗱 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝗮𝗻𝗱 𝘀𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗵𝗮𝘃𝗶𝗻𝗴 𝘁𝗼 𝗽𝗮𝘆 𝗙𝗿𝗶𝗻𝗴𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝘁 𝗧𝗮𝘅. Fringe Benefit Tax (FBT) came about in 1985 so the Government could tax non cash benefits provided to employees. In fact it is an Income tax based on the assumed value of the benefit and…

By applying the 63 day Rule for Holiday paid accrued, bonuses and Directors fees paid you can reduce your terminal and provisional tax bill. Come the end of the financial year it is worth looking at what Holiday pay has accrued that has not been paid out. The reason to…

Negotiating a discount on the new vehicle rather than a generous trade in value would have a positive impact on your terminal and provisional tax bill. When a business sells an asset (Fixed Asset) there are a few considerations. If you are GST registered you will have GST to declare…

The type and the value of some business assets will have more of an impact on reducing your terminal and provisional tax bills than others. Some tax tips live on beyond their use by date. When you buy a fixed asset like plant and equipment or a vehicle worth more…

To reduce your taxable profit in the current financial year you could prepay some upcoming expenses for next year before or on the last day of this financial year. Choosing expenses you will be paying in the coming months such as rent, consumable aids, insurance, maintenance contracts,  rates, subscriptions, stationary…

If your business carries inventory  the value of this at the end of the year will have an impact on how much tax you will pay. In general inventory is an asset until it is sold and an expense when it is sold. So if you buy $50,000 of inventory…

Yes it is legal to minimise your tax but some strategies are obviously not legal and fall into the categories of tax avoidance or tax evasion. The Duke of Westminster principle, which is often cited in discussions of tax minimisation, states that taxpayers are entitled to arrange their affairs to…