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One of the best things about being an accountant (yes there are some) is the ability to get up close and personal with some of the best businesses on the planet.  What’s not so great is being a messenger for the IRD.  Early in my career, I had an incredibly uncomfortable meeting with an elderly gent who just wouldn’t believe it was illegal to claim his glasses and hearing aid, even though he needed them to do his job.  It was quite the battle, I can tell you, so instead of boring him with legislation I told him about the court case where a personal trainer was sentenced, to home detention, for claiming running shoes and that even plain clothes police were taxed on their clothing allowance.

Now, I’m not saying it’s fair. Personally, I’m on your side but is there a way around these laws?  The answer is advertising.   I don’t know how you feel about having your business branding plastered all over your designer jeans but it’s one way to make them tax deductible.  Without advertising, most clothes fail under the scrutiny of a ‘brown-trousered’ tax investigator (unless they’re uniforms or health and safety wear).  We’d hate you to get caught out so why not quizz yourself to see if you can pick what’s deductible below?

“Life, as a business owner, isn’t perfect but your outfit can be”

______________________________    www.boutiquefinancial.com   _______________________________

Boutique Financial Chartered Accountants & Business Commentators

Copyright © 2017 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.

Odd but true tax claims

April 1st, 2016 | Posted by Accountants Auckland in Annual Accounts - (Comments Off on Odd but true tax claims)

We almost didn’t release this article because of the effect it’ll have on Gareth Morgan’s blood pressure when he finds out that fostering a cat is tax deductible in some countries.  Similarly, it’s probably best, for Auckland roads, if Len Brown remains unaware that biking to work is a legitimate tax claim in parts of Europe.  Why all this talk of international tax law when New Zealands legislation is complex enough?  Simply because it’s a slightly more interesting way of introducing todays topic which is your tax return. Yes, it’s time to email us your 2016 tax records.

What to send?
You’ll find our checklist (showing exactly what to send) on our website:  CLICK HERE.

When?
The sooner the better, and smarter too.

Why?
Because of the statutory time bar.  Never heard of it?  Essentially section 108, of the Tax Administration Act, gives the IRD four years to audit you. The four years doesn’t start ticking until your tax return is assessed so filing late (even by one day) means you’ll have to wait an entire extra year before you’re safe.

Odd tax claims accountants auckland

newspaper article

_______________________________   www.boutiquefinancial.co.nz   _______________________________

Boutique Financial Chartered Accountants & Business Commentators

Copyright © 2016 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.