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TAXATION AND BARTERCARD

Members should treat a Trade Dollar as they would a cash dollar from a tax perspective. Barter transactions are assessable and deductible for income tax purposes to the same extent as other cash or credit transactions.  Therefore, the advantages and disadvantages are similar to ordinary cash revenue or expenses.

Trading may result in tax liability when selling and attract tax credit when purchasing. It may also involve the Fringe Benefits, Sales Tax and Capital Gains Legislation.

For tax purposes, the IRD considers one Trade Dollar (T$1) equal to one New Zealand Dollar (NZ$1). 
For the purposes of the tax laws, payments such as GST, income tax must be remitted to the IRD in New Zealand currency.

Trading is not designed to be used as a means of tax evasion or avoidance. Bartercard members should treat sales and deductible purchases as they would treat a cash transaction.

As the third party record keeper, Bartercard Exchange Ltd. has a legal obligation to provide information, upon request, concerning members' trading activity to any government department.

For more information on how Bartercard can benefit your business, please contact Bartercard today on
0508 BARTER (0508 227837)  or Click Here to enquire about joining.
 
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