Awesome videos Peter, thanks for your insights. How do we account the initial capital cost of starting a sole trader business? I mean in case if I have to purchase many things such as computers, monitors, camera, accessories etc, the initial investments will be high... I see from IRD that depreciation needs to be applied for things valued over $1000.. and anything below $1000 can directly cut form the initial year. Thats leads to some confusion for me.. Another point is that the total initial capital infuse to my business - how that amount is considered in terms of tax purpose.. Can I keep that amount to purchase assets and remaining funds in the book without taking it out? your views are much appreciated.
Thanks for your kind words. Much appreciated. Firstly, I do NOT have the qualification that allows me to give specific financial or tax advice, so I can only comment generally. You should find yourself a good accountant as they will be able to structure you for tax and answer your questions in detail. However, you can deduct your set-up capital costs (either as expenses or via depreciation) on your first tax return. Just keep good records, receipts, invoices etc of all expenditure to make that easier. Profits are taxed, not movements in cash. You are able to move cash in and out of a business as it is the profit the business makes, and/or what your pay yourself, that is taxed. Message me and I will send you a list of accountants, lawyers, advisors that other clients of mine have used, they will be able to help with specifics.
@@PeterNola, Thank you for the details, much appreciated. I'm going through IRD and NZBN portals to get some info on these regard. and yep, I think I have to get in touch with a professional team for details. In the mean time, I'm open for business: I'm your go-to guy for web design, social media marketing, and all graphic design tasks. Whether you're after a stunning website, eye-catching print materials, or expertly crafted social media content, or some video/ edits, I've got you covered. Feel free to flick me a message if there is anything that I can help you with. Cheers, Noble
