1. Low-value assets up to $1,000 (net of gst) are fully deductible in the tax year that the cost incurs. Make sure you have provided us with your receipts.
2. Pay taxes on time to avoid unnecessary penalties, or have a payment arrangement in place before the due date to also avoid penalties (interest still occurs). If you'd like to set up a payment arrangement, please contact us.
3. Feeling charitable? Ensure you make us aware of any donations made to claim the tax credits. This is possible for companies and not just individuals.
4. Kiwisaver Employer deductions are a business expense. If you already pay staff and do not have yourself on the payroll, you can't claim any deductions so could be missing out on this tax deduction. If you are not on the payroll, and wish to discuss this, please contact us.
5. Ensure any bad debts are written-off in the relevant year it relates to rather than leaving to continue on the books unnecessarily, so you are not taxed on the income you have never received.