Help > Advice for businesses > Tax and GST guide > Subject to tax and GST

Profits on these sales are subject to income tax and you are required to register for GST

Income Tax

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.


You must complete a GST registration form and submit this to the Inland Revenue Department.
  • You must charge GST on the sales of personal property.
  • You must meet all other GST obligations.
We recommend you speak with the Inland Revenue or seek professional assistance on this.