Income tax and GST are an integral part of a business. Legitimate tax planning and good systems can ensure that the correct amount of taxes are paid.
To assist you with your income tax and GST obligations we provide a brief summary of the income tax and GST rules that may apply to you. Our summary is of a general nature and should only be used as guide.
As a starting point, any costs that have been incurred in your business to generate income are generally tax deductible. However, there are specific tax rules for costs such as the purchase of assets, and other capital costs. These costs generally have an ongoing benefit to the business over a period of years. Therefore, you may be able to claim a proportion of their cost each year, such as depreciation expense.
If you are unsure as to whether you can claim an expense please give us a call.