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What can I claim as a business expense?

We're often asked by business owners "What can I claim as a business expense?"

Here's a run down of common things that are and aren't claimable. 

Q, I'm a Plumber and I pay a subscription to be part of Plumbers world inc, can I claim this?
A, Yes you can, this is a business expense you can claim. 

Q, I want to thank my team and take them out for lunch, can I claim this?
A, Yes you can, however entertainment expenses can be 50 or 100% claimable (for gst and tax purposes). You can find out more about which entertainment expenses are 50 or 100% claimable from this IRD guide. You must also be aware of FBT (fringe benefit tax) that can be payable on some items. 

Q, I'm paying for one of my team to complete a certificate in business, is this claimable?
A, Yes it will be, you are increasing the knowledge of a team member.

Q, While completing their certificate in business the team member has to attend a 1 day workshop, away from our location and will have to stay overnight. 
A, If the staff member will only be traveling to attend this workshop 'for business purposes' then the costs of travel to get there, accommodation, food and any other workshop related costs will be claimable as a business expense. 

Q, We just had our best year yet and I'm going to take my family out to celebrate, we're off for dinner. Can I claim this?
A, Does your family work in the business? If no then no - this is not claimable. While it's lovely to celebrate the MILESTONES in business with family, it's generally not claimable.
We say generally because sometimes there are family run businesses and these could be claimable as staff events, however get advice around this at the time.  

Q, I want to get my vehicle sign written, can I claim this?
A, You can claim this, however dependent on the price and minimum asset values at the time this may be claimed as an asset and depreciated over time rather than as an expense. 

Do you have any questions on anything else you can claim? Flick us an email at: office@varntige.co.nz and we will answer your query!




 

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