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tdgeek
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  #1991872 9-Apr-2018 10:10
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kryptonjohn:

 

JayADee: What happens if you close down the business to retire? Can you just keep the fully depreciated asset or do you have to sell it?

 

The assets have to be still have to be disposed of and the cash left over after liabilities cleared disbursed to the shareholders. If the assets are worth good money you can't just write them off.

 

In practice I expect that this is flaunted.

 

 

 

 

No doubt!


antoniosk
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  #1991873 9-Apr-2018 10:12
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tdgeek
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  #1991877 9-Apr-2018 10:18
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antoniosk:

 

http://www.ird.govt.nz/business-income-tax/depreciation/managing/managing-depreciation.html

 

 

 

Seems pretty clear to me.

 

 

Yes, it's all black and white. A pertinent point for what was asked is at your link under Market Value which needs to be clicked on. I put this here for Mr @Geektastic

 

 

 

 

 

Definition: Market value

 

 

 

Market value is the amount you could reasonably sell an asset for at the time.

 

A professional valuation will give you an accurate assessment. This can be worthwhile for high value assets.

 

You can also estimate market value. Try finding similar items of the same age and condition for sale in second-hand shops or on sites like Trade Me.

 

Keep records to justify the values you put on your assets.

 

 


rayonline

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  #1992324 9-Apr-2018 19:49
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Getting silly but ... in theory one could sell a old or a broken phone on Trademe less the fee and file $4 as income right.  

 

 

 

One time I looked back the previous or 2nd previous year and I made a error in my RWT reporting.  So I rang up did a $8 correction.  I heard the operator sigh ... 


tdgeek
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  #1992335 9-Apr-2018 20:09
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rayonline:

 

Getting silly but ... in theory one could sell a old or a broken phone on Trademe less the fee and file $4 as income right.  

 

 

 

One time I looked back the previous or 2nd previous year and I made a error in my RWT reporting.  So I rang up did a $8 correction.  I heard the operator sigh ... 

 

 

Yes, getting silly. The old or broken phone is an asset owned by your business, lets say its fully amortised. You'll sell it for $4, yes thats income, as you have expensed too much depreciation, so your $4 goes back as income, so that it can be taxed, as the correct expensing is $996 not $1000. The same as has already been explained. In practice you would bin it, as the effort, time, hassle for $4 isn't worth it. 


UHD

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  #1992369 9-Apr-2018 21:01
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TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.


elpenguino
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  #1992669 10-Apr-2018 12:11
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UHD:

 

TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.

 

 

No matter who is in government, they always make sure IRD has enough resources.


 
 
 
 


surfisup1000
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  #1992688 10-Apr-2018 12:38
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UHD:

 

TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.

 

 

You're lucky, I've had a nightmare time calling them more often than not. 

 

At one time, they would just disconnect the call if they were overly busy. 


UHD

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  #1995668 13-Apr-2018 17:41
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surfisup1000:

 

UHD:

 

TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.

 

 

You're lucky, I've had a nightmare time calling them more often than not. 

 

At one time, they would just disconnect the call if they were overly busy. 

 

 

Yep, that is why the call back function exists.


tdgeek
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  #1995689 13-Apr-2018 18:45
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UHD:

 

surfisup1000:

 

UHD:

 

TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.

 

 

You're lucky, I've had a nightmare time calling them more often than not. 

 

At one time, they would just disconnect the call if they were overly busy. 

 

 

Yep, that is why the call back function exists.

 

 

Yes. You cannot outfit a call centre to cover everything in X minutes. Then, for a lot of time its overstaffed. Then we announce a new tax to cover that, or a higher price for telco's, power companies and so on. Then the consumers whine again. The option exists to outfit the call centre to satisfy the consumer, then set the price to satisfy the consumer = perfect. We then just need an easy way to switch as everyone goes broke.


UHD

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  #1995743 13-Apr-2018 21:24
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tdgeek:

 

UHD:

 

surfisup1000:

 

UHD:

 

TheMantis:

 

UHD:

 

Your tax agent or a quick call to the IRD will answer this.

 

 

There's no such thing as a quick call to IRD.

 

 

I've called a half dozen times in the past couple of months. Am normally off the line in 10mins.

 

 

You're lucky, I've had a nightmare time calling them more often than not. 

 

At one time, they would just disconnect the call if they were overly busy. 

 

 

Yep, that is why the call back function exists.

 

 

Yes. You cannot outfit a call centre to cover everything in X minutes. Then, for a lot of time its overstaffed. Then we announce a new tax to cover that, or a higher price for telco's, power companies and so on. Then the consumers whine again. The option exists to outfit the call centre to satisfy the consumer, then set the price to satisfy the consumer = perfect. We then just need an easy way to switch as everyone goes broke.

 

 


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