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Posts by Epiphany Accounting Solutions
1344 days ago

Note - Covid 19 $5000 Low Value Asset Write-off Threshold Ends 16th March

Kim from Epiphany Accounting Solutions

The 12 month Inland Revenue Covid 19 assistance of being able to expense any asset purchase below $5000 is coming to an end. This option ends on the 16th of March 2021. This was a one-time/year deal.

If you are thinking about buying an asset for your company or sole trader organisation then it may be worth getting your purchase in before this date so that it can be immediately expensed rather than held as an asset and depreciated over a number of years. Thereby reducing this year's income tax.

I.e. New Asset $4500 - claim GST of $586.96, Net Asset Expensed $3913.04 = Reduction of Income Tax at the company rate of 28% =$1095.65

From the 17th of March the new rate of $1000 applies to the low-value asset write-off threshold.

But remember this only works out financially if it was actually an asset that you needed to buy in the coming months. I can't tell you the number of times I have heard of people spending money on things they did not really need in order to reduce their tax. It is a misunderstanding that is all too common.

More messages from your neighbours
13 minutes ago

Spring gardening tips

Bert Sutcliffe Retirement Village

Dreaming of a garden bursting with colour and fresh produce? Shane Fairbairn, Ryman Healthcare’s Landscape Manager, shares his top tips to make it happen. You’ll be set to create a gorgeous, relaxing space in no time - grab your trowel, and let’s dig in.

Click read more for more information.

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1 day ago

Poll: Do you think NZ should ban social media for youth?

The Team from Neighbourly.co.nz

The Australian Prime Minister has expressed plans to ban social media use for children.

This would make it illegal for under 16-year-olds to have accounts on platforms including TikTok, Instagram, Facebook and X.
Social media platforms would be tasked with ensuring children have no access (under-age children and their parents wouldn’t be penalised for breaching the age limit)
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Do you think NZ should follow suit? Vote in our poll and share your thoughts below.

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Do you think NZ should ban social media for youth?
  • 84.6% Yes
    84.6% Complete
  • 13.9% No
    13.9% Complete
  • 1.5% Other - I'll share below
    1.5% Complete
736 votes
3 hours ago

What's your favourite recipe for courgettes?

Mei Leng Wong Reporter from NZ Gardener & Get Growing

Kia ora neighbours. If you've got a family recipe for courgettes, we'd love to see it and maybe publish it in our magazine. Send your recipe to mailbox@nzgardener.co.nz, and if we use it in the mag, you will receive a free copy of our January 2025 issue.

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