A worthy investment
This is a true story and has nothing to do with business. Nevertheless I think you will like it. It goes nicely with Christmas. A friend collects Clarice Cliff china. He showed me a beautiful tea set comprising about half a dozen pieces. “I paid $20,000 for that, which is about market value,” he said. “I bought it at auction and found out it was originally owned by an old lady in Tauranga. She saw it in a second-hand shop about 20 years ago, in Napier. She bought it for $7 because she thought it looked pretty. Now times are hard for her so she has sold it. I am so pleased she was able to get a good price.
Donations
Avoid getting involved in scams, even if you think they might be helping someone. This includes assisting a charity to dodge GST. For a donation rebate to be allowed, the charity must be approved by the IRD. Make sure your donation is legitimate.
Go to http://www.ird.gove.nz/donee-organisations/donee-organisations-index.html for a list of approved charities. The list is not always up to date but it is the best we can offer you.
Rebate on school fees.
There’s a common misconception you can claim a rebate for all school fees. The school must be state funded or be approved as a charity. The general school fee is not a compulsory payment so it is a donation. You can claim a rebate provided the donation is into the general fund of the school and is not ear-marked for a specific project. A donation for a school trip would not qualify.
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