Review fixed assets and identify any that can be written off.

Assets purchased on or after 17 March 2021 and below the value of $1,000 can be written off immediately (in most cases).

Make sure assets purchased or sold as part of a sale/purchase agreement align with the purchase price allocation in the relevant agreement. We can go over Inland Revenue’s approach to this with you if you’d like more detail.

Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.