The end of the financial year is fast approaching.
Check out our 10 smart year-end tax tips to make sure you are ready come 31 March.
- Fill your drawers: Can you stock up on stationery, postage and courier bags before 31 March? Claim now and save.
- Staff expenses: If you owe employees holiday pay, bonuses, long service leave or redundancy payments, you can claim for these now – as long as they are paid within 63 days of the balance date.
- Can you fix it? If you’ve got any significant maintenance or repairs on the cards, do it before year end and save on tax.
- Turn fun into savings: Do you know which entertainment expenses of which you can claim 100%? It’s worth finding out – ask us if you need clarification.
- Look at your fixed assets: Do you have any you’re no longer using or don’t plan to use in the future? If so, you may be able to write off the book value.
- While you’re at it, check your stock: Look at your stock as well, especially obsolete stock. There may be an opportunity to write some of this off as well – check with us on what could be done in this area.
- Income boost: Earned a lot more this year? Consider making a voluntary provisional tax payment.
- Logging car use? Remember to jot down your odometer reading at year end and if you’ve kept a logbook of business and personal use, mileage and costs, good work!
- Home office: It’s also a good time to review what home office expenses may be available for deduction, especially your home office. We can help with calculating this.
- Saving time saves money! Accountants are required to ask for information to comply with anti-money laundering obligations plus the IRD may ask you, via your Accountant, for extra information in relation to your end of year tax. Having your identification and tax documents collated and correct saves your accountant time, which saves you money, so get started this week.
If you have any questions as we approach the end of the financial year, call us anytime on (06) 878 8824.