When you purchase a business asset, any repairs needed to make it usable are generally considered capital expenses and not immediately deductible. However, they may be added to the asset’s cost for depreciation purposes. This blog explains how the IRD classifies repair costs and what that means for your tax return. Written with input from Chat-GPT.

Navigating tax compliance can feel overwhelming, especially with Inland Revenue ramping up enforcement in 2024. From property audits to cryptocurrency disclosures, the stakes for startups and small businesses are higher than ever. At Accountech, we specialise in simplifying these complexities for creative entrepreneurs, so you can stay focused on your passion while we ensure your financials are compliant and stress-free. Written by Chat-GPT with input from Inland Revenue presentations.

Choosing the right vehicle involves balancing tax benefits with practical business needs. Vehicles used primarily for business, especially commercial vehicles and eco-friendly options, tend to offer the best tax advantages in New Zealand. Always consult with a tax advisor to make the most informed decision.

Managing vehicle mileage claims can be streamlined with the right logbook option. Select the right option for you and follow IRD guidelines by keeping a logbook for 90 days, calculating the proportion of business use, and allocating vehicle costs accordingly. Our goal is to make accounting easy and stress-free for your startup and creative business needs.