0800 11 33 99
jamie@e3accountants.co.nz Office: 10 Oxford Terrace, Christchurch, NZ
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| GST TIP SAVE GST ON YOUR ENTERTAINMENT EXPENSES For business owners with significant entertainment expenditure, it is to your benefit to make an entertainment adjustment for the six months ended September 2010 in your September GST return as the GST will be 1/9 of the non-deductible amount instead of 3/23. If the entertainment adjustment is made at the end of the year (when the annual accounts are completed), the higher GST rate will be used for the whole year which means that the GST incurred at 12.5% will actually cost you 15%.LAST 12.5% GST RETURN WE CAN REVIEW FOR YOU Getting the last 12.5% GST return right is tricky so if you want your GST return reviewed we can do this for you. All you need do is send through your draft GST return along with your calculations and work papers and we will review your work and advise if it’s OK to file, or if there are errors that need correcting. Please phone or email directly to your accountant or if you are not sure who does your work, please email directly to Ashley@e3accountants.co.nz The review will cost a flat fee of $200.00 plus GST which should cover most reviews. If we believe your GST review will exceed $200.00 we will notify you before we start and come back to you with an adjusted fee. INSURANCE CLAIMSGETTING THE TAX RIGHT Many Canterbury business owners have or are making insurance claims as a result of the earth moving. Here is a guide to the tax treatment of insurance payments. Tax treatment will depend on the purpose of the insurance policy. Taxable if it compensates or replaces revenue items. E.g. loss of profits or business interruption insurance. Generally not taxable if the insurance is to compensate or replace a capital asset. A lump sum payment covering several claims may need to be apportioned. Compensation for the loss of land will generally be capital (non-taxable), unless taxpayer in the business of dealing in property (then taxable). Insurance payments in respect of irreparably damaged property treated as deemed sale – amounts received above adjusted tax value generally taxable. Compensation payments from Earthquake Commission in respect of damage to residential property generally not taxable. Repairs to paddocks that are not capital – deductible (s.DA 1(1)(b)(i)). Repairs that are capital – not deductible.FIXED PRICE AND FIXED DELIVERY DATE ACCOUNTING - GUARANTEED
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