Help > Advice for businesses > Tax and GST guide > Subject to income tax but not GST

Profits on these sales are subject to income tax, but you are not required to be GST registered

If the sale of personal property is subject to income tax then you will need to declare the sale proceeds in your income tax return but can claim a deduction for the cost of the personal property and other related expenses.

Some expenses which you may be able to deduct in full or part include:
  • Accounting fees
  • Advertising expenses
  • Communication expenses
  • Delivery costs
  • Depreciation on business assets
  • Finance charges
  • Home office expenses
  • Insurance premiums
  • Legal fees
  • Motor vehicle expenses
  • Rent on business premises
  • Repairs and maintenance on business assets
  • Trade Me fees - don't forget to print off your invoices
  • Travel expenses
  • Wages and salaries
You should seek professional advice regarding your entitlement to deduct expenses.