We wanted to highlight that you can be claiming networking expenses, expenses for entertaining potential clients, and anything spent that is helping you build your business.
If it’s helping you earn income, it’s usually deductible when it’s time to work out your tax.
Watch the video below where Jason will give you the low down on what you can claim.
Some of it, you can only claim half as there is a significant private element to it. Here’s an example – You meet a new client at a restaurant, you have a couple of drinks and a meal, you’re enjoying half of that just as much as you’re promoting your business, trying to win some new business. You can only claim 50% of that.
There are other examples of when you can claim all of it, or you have to pay FBT on some of it, or you can’t claim any of it. Get in touch if you are unsure, and we can talk you through it.
You can find out more on the IRD’s website about entertainment expenses.
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