Counting down the days to Christmas!
Just to let all our wonderful clients know that our last day in the office will be Thursday 20 December 2018 and will be re-opening Monday 7 January 2019. If you have any urgent queries please get them in to us ASAP so we can try our best to get them answered for you in time.
Knowing your tax responsibilities this festive season…
This is the time of year where the boss may loosen the purse strings and buy gifts for clients and/or staff. But it is very important that they or you are aware of any tax implications this may have.
Entertainment: Food and drink provided off business premises is generally subject to the 50% entertainment deduction limitation. Don’t forget that this applies to your Christmas party too.
Gifts: Who doesn’t like giving or receiving a box of choccies or a bottle of wine. As with the entertainment rule it to applies to ‘food and drink’ gifting. This may result in only 50% of these gifts being claimed as a deduction. Gifts which are not food and drink (books and jandals for example) are fully deductible.
Importing presents from overseas: This is a popular thing to do these days. Depending on the value of the items they could be subject to GST and duties charges. Click here to find out the possible cost to import gifts: https://www.customs.govt.nz/personal/duty-and-gst/whats-my-duty-estimator/
Christmas is a time for family, relaxing and happiness. We don’t want you to stress about tax implications, but its good to be aware of them. If you have any queries please be sure to ask.
Also as a reminder mark 15th January 2019 in you diary now. Both your October/November GST return and second instalment of 31 March 2019 provisional tax are due by this date (this applies if you are GST registered and/or a provisional tax payer).
Thank you all for your on-going support.
Wishing you and your families a wonderful Christmas. See you in 2019!
From the Team at Walsh & Associates