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WHAT SHAPE ARE YOUR END-OF-YEAR ACCOUNTS IN?

WHAT SHAPE ARE YOUR END-OF-YEAR ACCOUNTS IN? thumbnail

The end of the financial year can be either stressful or a seamless part of what you do. Ideally, your end-of-year accounts will confirm what you think your business has been doing for the past 12 months. Being prepared is the key to avoiding end-of-year financial drama and stress. First, make sure you have all […] Read More

What are the new Government’s tax priorities?

What are the new Government’s tax priorities? thumbnail

One of the first questions business owners ask when a new government enters power is what changes, if any, are coming in the area of tax. Revenue Minister Stuart Nash provided a good steer on that when he addressed  Chartered Accountants Australia and New Zealand last November. The biggest question, he said, is whether our […] Read More

TAX IS PAYABLE ON RENTAL INCOME . . . MOSTLY

TAX IS PAYABLE ON RENTAL INCOME . . . MOSTLY thumbnail

If you receive income, you must pay tax. So if you have rental income, you have to pay tax on it, right? Maybe, maybe not – if you get rent from boarders or homestays.   Boarders and homestays When you get income from boarders or homestays, your tax position depends on how many boarders you […] Read More

Contractors Get More Choice

Contractors Get More Choice thumbnail

The way contractors pay tax changed on 1 April, giving greater choice, and making it easier to get tax right. The rules around schedular payments have changed to allow this, and are compulsory for all contractors hired by a recruiter — or other labour hire business — and those previously under schedular payment rules. Other […] Read More

The 2017 Budget – A Family Show

The 2017  Budget – A Family Show thumbnail

Did we expect an easier ride from an election year budget? Yup. And we got it. The 2017 Budget’s bottom line is to boost spending, ease taxes and give some extra legroom to our growing population and economy. The Budget combines tax breaks for working families with support for innovation and investment in business. The […] Read More

Use Apps to Fire up your business

Use Apps to Fire up your business thumbnail

Are you using all your devices to their best advantage? They should be operating for you as an ‘office when you’re out of the office.’ For example, if you’re on the road and you need to answer an inventory question or check how often a customer orders, you can use your notebook or phone to […] Read More

Provisional tax and you: this year

Provisional tax and you: this year thumbnail

Further changes to provisional tax will be coming next year, starting 1 April 2018. But what does it mean for you this year? For provisional taxpayers who pay using the standard method, there are two changes to the way IRD will charge UOMI from the 2018 tax year. The first change applies to smaller taxpayers […] Read More

Save costs with smart cloud-based accounting software

Save costs with smart cloud-based accounting software thumbnail

Concurrent with the new Act, IRD is also making more and more taxation reporting and payment options available online. For some small businesses, especially those that tried it when it was first available and gave up on it, that may be an intimidating prospect. However, IRD has made their online sites more user-friendly over time. […] Read More

The Accounting Income Method – no more guesswork with provisional tax

The Accounting Income Method – no more guesswork with provisional tax thumbnail

Many business owners find calculating and paying provisional tax one of the most difficult areas of compliance. So any opportunity to simplify this has to be welcome. The accounting income method is a grand name for a simple but smart change. It allows you to use your accounting software to calculate and pay your provisional […] Read More

Tax Simplification – IRD is making it easier for you to mange your tax

Tax Simplification – IRD is making it easier for you to mange your tax thumbnail

Positive tax changes that we’ve been signalling for some time are finally taking effect, with key aspects of The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act and the Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act having come into force on 1 April. Revenue Minister Judith Collins was […] Read More