Claiming Home Office Expenses Nz

For example you can claim a portion of. If you re registered for gst you ll need to remove the gst content of each expense and claim it separately in your gst return. But it s all about the space.

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You can also claim a percentage of the interest you pay on your mortgage but you can t claim repayments of the principal.

Claiming home office expenses nz. You can follow any responses to this entry through the rss 2 0 both comments and pings are currently closed. You can claim 100 of expenses that are soley for business purposes eg a business phone line. Chartered accountants auckland claiming home office expenses deductions for home office depreciation home office home office home office claim tax deductions for home working at home tax deductions. You must keep invoices for these expenses.

Rent if you are renting the home. Mortgage interest if you own the home. If you use your home for business whether you re a contractor sole trader in partnership or own a company you can claim a portion of household expenses. Taxpayers who use their homes as an office in conducting their business may be able to claim a tax deduction for some of the following outgoings of the home.

25 jul 2006 7 59pm. If your home is 100 square metres and you use 10 square metres for work so 10 per cent of the total area you can claim 10 per cent of expenses like rent power and even toilet rolls. The nz company at the. Home office expenses may also be claimed if you can sufficiently prove to ird that you manage your rental property affairs from home.

You can in most instances claim back the same home office and car expenses as full time business owners. You can claim depreciation on capital items such as a computer office furniture and fittings used for business purposes in your home. For example if your home is 160 square metres and the office is 20 square metres you could calculate the home office claim percentage like this 20 160 0 125 0 125 x 100 12 5. If you own your house.

For the rest you can claim the proportion of your house that you use for work. In this example the home office claim works out to be 12 5 and will be the rate used when working out the expense claim which may include power rent interest. When you use an area of your home for your business you can claim a portion of the household expenses such as rates power house and contents insurance mortgage interest if you own the home or rent if you are renting the home. Telephone costs if you run your business from home you can claim a deduction of 50 of the rental of a telephone landline if this is also your private line.

In this case you can claim a partial deduction of your private home expenses such as electricity rates insurance mortgage interest phone internet and so on. Earn yourself a tax break.