The Tool for business

The Tool for business helps you get all your small business tax issues sorted quickly and simply.

Filing returns

If you're in business, you'll need to complete and send us an income tax return, and attach either a copy of your financial records or a form that summarises your income and expenses. Learn here the type of income tax returns you can use depending on the type of business you have.

Claiming business expenses

Most businesses incur expenses when generating income and most of these can be deducted from its income to arrive at its net profit or taxable income. It is on this amount that you pay income tax. Certain business expenses that are paid for out of business income cannot be claimed as allowable business expenses.

Depreciation

Depreciation allows for the wear and tear on a fixed asset and must be deducted from your income. You must claim depreciation on fixed assets used in your business that have a useful lifespan of more than 12 months. Not all fixed assets can be depreciated. Land is a common example of a fixed asset that cannot be depreciated. Learn about methods of depreciation and the records you must keep.

Imputation

Imputation is a tax mechanism available to registered companies and certain other types of business.

Paying tax

If you are running a business, you will need to fill out a tax return each year and send it to us by the due date. When completing your tax return you will need to include income from all sources, and work out the tax on your total taxable income. Learn about which income tax rate applies to your type of business, when income tax returns should be sent in and what income tax returns to use.

Income equalisation scheme

The income equalisation scheme allows farmers, fishers and foresters who are eligible taxpayers to even out fluctuations in income by spreading their gross income from year to year.

Information about relief in the event of extreme weather

Find out about tax relief and income assistance if you are affected by extreme weather. People who are currently entitled to these provisions are those affected by drought in the Central and East Coast Districts of the North Island and North Canterbury.

International Financial Reporting Standards (IFRS)

Guidance for early adopters of the International Financial Reporting Standards

Overseas currency - conversion to NZ dollars

We publish different exchange rates for different purposes. This page will explain what they are and which one to use.

Business income tax basics

Learn the basics of business income tax plus including what a business pays income tax on and additional information on income tax during the first year of business including the early payment discount available for the first year of paying provisional tax.

Glossary of business income tax terms

Glossary of the terms used in business income tax publications including: Balance date; Capital expenditure; Depreciation; and more.

Did you know?

Recently passed tax legislation reduces the company tax rate (CTR) from 33% to 30% from the start of the 2008-09 income year. This also affects the payment of provisional tax, imputation and formulas and other rates connected to the CTR. 

Date published: 14 Oct 2004

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