Do you run a business from home? Then this affects you
accelerateonline • June 28, 2017
The tax deductibility rules around running a business from home changed on 1 April this year.
Under the new rules, the premises for a home business have to be a separately identifiable part of the house, which is used mainly for business. This does not mean it has to be an actual, closed off room.
There will be a choice of methods for calculating a claim for use of home:
- Continue to make your calculations in the usual way.
- Determine the percentage of mortgage interest and rates (or rent) used for business. Inland Revenue will then provide a per square metre rate to use to cover the other costs.
If you need more detail, contact us.
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.