More policy changes that may affect your business

Here are some of the major changes businesses should watch out for: 1. Reintroduction of 90-day employment trial periods The government has extended the availability of 90-day employment trial periods for all businesses, reversing changes made in 2018, which scrapped 90-day trials for businesses with more than 20 employees. 2. Clean car discount and ‘ute tax’ to end The clean car discount, allowing people to claim back up to $8,625…  Read more

What’s the difference between financial accounting and management accounting?

You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company?   As a business owner, managing director or CEO, there are three main areas of the accounting proposition that you’re probably most interested in: –…  Read more

GST and your Business

Goods and services tax (GST) is a tax on most goods and services in New Zealand, at a rate of 15%. As a business owner, you’re likely familiar with how this works. Your customers pay it when buying your goods and services and you collect GST on behalf of the government. Your business is a ‘taxable activity’. The goods and services you supply to consumers are taxable and the government…  Read more

Tax and property – spotlight on repairs & maintenance

When it comes to repairs and maintenance on a rental property knowing what can and can’t be claimed can be tricky. Example scenario: Sam owns a rental property that was rented out for 33 weeks of the 2023 financial year. The tenants moved out in October 2022 and Sam found that the kitchen needed some repairs before it could be rented again. Sam decided to move into the property in…  Read more

Setting goals for you and your business in 2024

The new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead. Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting out a business plan to achieve some more mundane (but equally important) projects.…  Read more

Peak season over the holidays?

While some businesses shut completely over the summer break, many stay open. Businesses have the difficult task of balancing their rotas to keep things running smoothly. If you’re maintaining a skeleton staff over Christmas, offer incentives and ensure staff get the chance to take turns to cover shifts, so everyone gets some time off to see their loved ones. If you’re taking on extra staff, make sure you follow sound…  Read more

A business budget will help with your financial decision making

Budgeting is about estimating your revenues, projecting your expenses and detailing the allocation of funds, so you stick to (and don’t overrun) your agreed budget ceiling. How does budgeting affect your business? Having a clear, agreed budget gives you a structured framework for your financial decision-making. It’s a practical way to control your costs, monitor performance and adapt your strategic and financial decisions to meet changing economic conditions. Using budgeting…  Read more

Making your information safer

We have been using email software called Karbon for a while and they have some great features to help us keep your details safe. One of those features is the Karbon Client Portal and Magic Links. We’ll be using these from now on for our correspondence with clients. This platform will facilitate the sending, receiving, and requesting of documents and information in a more secure manner. When we request information…  Read more

Your business culture and business performance

Your team have a direct impact on the overall experience the business provides to its customers. A study by Glassdoor Economic Research reported that public companies named in a ‘Best Places to Work’ list in 2009 outperformed the Standard and Poor’s 500 by 115% over the next five years. It suggests a culture that engages and motivates employees helps the bottom line. Others have looked at business culture and long-term…  Read more

Cyber Smart Week

Cyber Smart Week is here! This Cyber Smart Week (30 October – 5 November), we’re supporting CERT NZ to highlight the importance of staying secure online and showing New Zealanders what’s at stake when they don’t get their online security right. CERT NZ has found that despite being aware of cyber security risks, New Zealanders aren’t necessarily taking the simple actions that can protect them. For this year’s Cyber Smart…  Read more

5 things to know when you’re applying for a home loan

Thinking of applying for a home loan? Here are some tips to help you prepare an application that’s more likely to be approved. You may need to go on a financial diet before you apply – When you apply for a mortgage, a bank will typically analyse the statements for all your accounts for the past three months. Some types of spending will dent your chance of being approved, such…  Read more

Keeping you and your staff pain-free at work

Whether you and your staff are sitting or standing at work, there are risks to physical and mental wellbeing that can be easily avoided. We have some top tips from Erin Holland at Active+, an experienced physiotherapist in occupational health. What are the key health and safety risks when you’re working in an office? You’re often sitting for large chunks of time in an office so the primary risk is…  Read more

10 hot questions to ask yourself as a business owner

Running a busy and successful business means you often don’t have the time to step back and work ON the business. This can be a challenge if your aim is to grow and scale the company. As experienced professional business advisers, we know the value of taking the time to ask yourself some pertinent questions. Holding yourself and the business to account is something we can help with. And there’s…  Read more

Office Energy Boosters

  Lack of energy is a motivation crusher for you and those around you. It’s unhealthy too. Slumped shoulders, bad posture, and inattention can all lead to workplace injury. And lack of energy shows up in office output or, rather, lack of output. Everyone’s different but it can help to run interference on your daily routine. Here are some simple ideas: Work out. Some people swear by a dawn session at…  Read more

Employee versus Independent Contractor

When you start employing staff, you need to register with Inland Revenue as an employer. However, if your worker invoices you for the work — with GST, if they are registered for GST — then you won’t be required to register as an employer and account for PAYE. This means you pay them as a contractor rather than an employee. However, you need to be sure that your worker is…  Read more

5 challenges for small business – and how to beat them!

Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to beat these challenges and make the journey as frictionless as possible?   5 proactive ways…  Read more

Xero Training – Going Deeper

Join us for our next Xero training event. With Xero, you can save time, reduce your stress levels, and get paid faster. You’ll gain valuable insight into how your business is performing and be able to project your cashflow, enabling you to make better informed decisions. We’ll be looking at: Understanding and using the new reports to your advantage Creating and editing budgets Hubdoc – efficient online storage of documents…  Read more

The ‘No frills’ 2023 budget – What does it mean for you?

How will the latest Budget affect your business and your household? Here are some of the changes most likely to have an impact on Kiwi business owners. Higher trustee tax rate The trustee tax rate is now aligned with the tax rate for the highest income bracket, at 39%, up from its previous rate of 33%. Those clients who have family trusts may be unhappy to learn about the increase…  Read more

Understanding the Use of Money (UOMI) System

Some taxpayers are subject to ‘use of money interest’ when they don’t pay their tax, pay late or underpay. When do you have to pay use of money interest to Inland Revenue? Taxpayers that must pay use of money interest are those who: have under-estimated their provisional tax have earned income which has either not been taxed, or has not had enough tax deducted from it, and the end of…  Read more

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