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Tax return for self employed contractors

Tax return for self employed contractors

Old Feb 5th 2016, 4:39 am
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Default Tax return for self employed contractors

Hi there
My husband and I started working here as self employed contractors, then after two months set up a 'company' and have been paid through that, just for the purposes of our wages going in.
Has anyone done a tax return by themselves and understands what forms we need to fill in?
We had an accountant to set up the company and do our first GST return with us so we understood it all, but we cant afford to pay him to do our tax returns too.
We also bought a car which he said we could claim something for Fringe benefits tax, but we dont really know how that works?
So grateful for anyones help

OR - if anyone knows a super cheap accountant in Takapuna?
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Old Feb 5th 2016, 7:38 pm
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Default Re: Tax return for self employed contractors

Assuming it's not a proper registered 'company' as such and that you're just processing personal income and related expenses via a business bank account then you just declare it on the normal 'Individual Income Tax Return' (IR3)

You can register and do all the returns online Business income tax

You probably can work it out for yourself without input from an accountant but just remember the onus is on you to get it right and mistakes can be costly. A few hundred bucks up front for proper advice might save you a whole lot of bother later on down the track and will no doubt reduce your tax bill if you know what you can legitimately claim as business expense.
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