10 Tips for keeping track of business expenses

It’s surprising how small stuff adds up: dashing into the dairy on the way to work because the lunchroom’s out of milk. Scrambling out of the taxi at the airport to catch an early flight for that business meeting. Things you can forget about as you do the important stuff. Big or small, they’re all business expenses. They’re tax deductible so retain the records for the business’ income tax return.…  Read more

Profit improvement and productivity and Xero Training

Ramp Up Your Business With Xero – Training Seminar Using online accounting software like Xero is one of the easiest ways to save time and reduce stress. Xero has a lot of features that make things easier for you but knowing how to use them is the essential part. Join us on May 17th at 10am for our training seminar, Ramp Up Your Business with Xero, where you’ll: Discover how…  Read more

Roadmap for Success

Is your 2023 planning leading you down the right path? As a business owner, it’s important to look forwards. Your job is to guide the course of the company and to provide the roadmap for a successful year. But navigating the hurdles and driving the business to success is never easy – especially when you’re confronted with a market and economy that’s still in a state of recovery. A business…  Read more

GST Special Alert

GST Special Alert – What information do I have to keep? With the new rules on GST invoicing applying from 1 April 2023, ‘taxable supply information’ is effectively replacing tax invoices and must be retained and able to be provided. The information required is dependent on the value of the transaction.  We recommend watching this recorded webinar on GST record keeping changes, and checking out our summary below of information…  Read more

March Tip Bits

Cashflow Freedom Seminar – last chance! Where does your cash go? Do you ever wonder how it is that cash disappears from your business – especially when it’s time to pay for your taxes? Your accountant says that you’ve made a profit – but where is it? We guarantee that you’ll find this seminar very useful for understanding your own numbers more, so register today to secure one of the…  Read more

End of Financial Year Checklist

It’s time for us to start working on your annual accounts, so we’ll need some information from you to help us complete your accounts. What do we need from you? If your business is already linked to us through your online accounting platform (like Xero), the good news is that we already have most of this data. However, we’ll still need the following information for each of your businesses: Your…  Read more

Cashflow Freedom Seminar and Support for Business

  Support for Businesses Hit by Cyclone Gabrielle If your business has been impacted by Cyclone Gabrielle, you may be able to get support from your bank and/or the Government. Here are some of the packages available to businesses across New Zealand: $2,500 cash support available from Westpac Westpac’s small business customers can apply for a $2,500 cash grant from the Small Business Flood Relief Fund. This also applies to…  Read more

Help for those affected by the floods

At Tax and Trust as an office we were not impacted by the recent weather in Auckland, however one of our team members Danny Li did have flooding up to knee level inside his home and won’t be at work this week.   We are also aware so far of at least one client severely impacted.    We want you to know that we are here for you to help in…  Read more

Happy New Year. Welcome to 2023

Happy New Year We wish you a Happy New Year – we are expecting many changes this year, in the economy, in government, we are again expecting new tax laws and new government compliance regulations.   We are here to help bring you more cashflow freedom, time freedom or mind freedom – and  hopefully all three by the year’s end. We along with many smart business owners are using this time…  Read more

Happy Holidays once again from our team

The end of another year of twists and turns is in sight! As 2022 draws to a close, it’s time to start looking to the future. What Big Hairy Audacious Goal would you like to achieve in the next 10-25 years? Spend time over the holidays thinking about what you want to achieve, then start ‘23 off with a plan. We’re not through the woods yet, but we can prepare…  Read more

Parties, Presents and Tax. GST Changes and Budgets

Parties and Presents – and Tax! Are you planning a Christmas event for your clients? Is gift-giving on your to-do list? Take a minute to refresh yourself on how much is deductible as a business-related expense. Presents Are you thinking of gifts for clients, business associates or team members? If gifts consist of food or drink, you can only claim 50% of the expense as a tax deduction. If gift…  Read more

Changes coming to GST invoicing

GST invoicing changes are coming! New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The new rules are designed to support e-invoicing and electronic record keeping. There is no change to the GST calculation, only the rules relating to invoicing and record keeping. The current term ‘tax invoice’  will be replaced by the term ‘taxable supply information’ (TSI). This is a set list of information…  Read more

Policies, Procedures and Plans – Governance Training Series

Governance Training Policies, Procedures and Plans. Online training Thursday 20th October 6pm – 7.30pm Register now for part 2 of our series on how to take your organisation from good to great This series of training workshops is geared towards new or experienced trustees on boards who wish to learn more about the skill of governance. Sessions are on one Thursday evening each  month and you can attend one or…  Read more

October Tip Bits

IRD says ‘No More Mr Nice Guy’ Inland Revenue was taking a much more relaxed approach to outstanding tax debt during 2020 and 2021 – but now it’s ready to crack down. Since the start of July, it has stepped up its efforts to pursue outstanding amounts from local businesses. Thankfully this does not affect most of our clients for we recommend the use of PAYE intermediaries so that PAYE…  Read more

Governance Training and GST Traps to Avoid

Governance Training Upcoming series on how to take your organisation from good to great.   This series of training workshops is geared towards new or experienced trustees on boards who wish to learn a little more about the skill of governance. This online training is from 6pm – 7.30pm one Thursday evening a month and you can attend one or more of the topics. The sessions will cover the following: Leading…  Read more

IRD Targets Overdue Tax Debt and the 3 Freedoms of Business

IRD targets overdue tax debt Inland Revenue has begun to take more action on outstanding tax debt.  In the last 24 months it had dialed back on prosecutions for tax debt, but in recent weeks it has stepped up and those accountants involved with corporate liquidations have seen much more activity with Inland Revenue pursuing tax debt The IR is giving priority to collecting GST and PAYE as these are…  Read more

Business tips

Digital Marketing Seminar Does your company website deliver the best possible impression of your business? If not, you need to fix it. When someone arrives at your home page, you only have a few seconds to grab attention and tell a customer why they should choose your company.  Does your current home page deliver on these aims? Wednesday June 22nd from 4pm – 5.30pm. Join us in person at Tax…  Read more

House Prices Drop and Business Growth Fund

How will it impact you if house prices drop by 15%? New Zealand’s housing market decline has started to show in the numbers, with average values down across most of the country for three months in a row. Westpac economists have predicted house prices will fall 10% in 2022, and another 5% in 2023, for a 15% drop in total. This sounds concerning, but should you really worry? Predictions can…  Read more

Trust Compliance Webinar and Does NZ really not have a capital gains tax?

New rules for Trust Compliance Webinar In March 2022 new legislation was enacted that has dramatically changed the disclosure rules for Trusts We are sharing more information about these changes and how you as Trustee might be affected in the webinar below. This webinar will be available for you to watch and ask questions live or you can listen to it in your own time if you register, we will…  Read more

New Rules for Trust Compliance

New Rules for Trust Compliance In March 2022 new legislation was enacted that has dramatically changed the disclosure rules for Trusts – far more information is required to be shared each year than what the Trust Act 2019 changes brought in a couple of years ago. This includes shifts in value that don’t involve a tax consequence. Charitable and non-active trusts are exempt, from the new rules since they don’t…  Read more

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