For many businesses, a vehicle is an essential tool—whether for transporting goods, visiting clients, or simply keeping daily operations running smoothly.
There are multiple ways a vehicle can be treated in your business accounts. The method you choose can have lasting implications on your expense deductions, business profits, and overall tax liability. It’s important to carefully consider which approach best aligns with how the vehicle is used in your business.
Being a sole trader in New Zealand is awesome – you're in charge, you set your own hours, and you get to do what you love. But there’s one thing you need to remember in between the hustle: taxes. It might sound boring, but if you don’t plan for your tax bill, you could end up in a bit of a pickle when the time comes to pay. Here’s why setting aside money for tax is super important for sole traders in NZ and how you can do it without breaking a sweat.
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