Personal budget and tax to pay

Everyone should have a budget As a business owner, it’s essential you prepare a Personal Budget each year. Instead of being confining, a Personal Budget should be liberating as you can spend guilt-free, knowing other money has been allocated to your expenses. Think of it as a spending plan rather than a budget. By knowing how you’ll spend and save money and setting personal finance goals, you’ll know exactly what…  Read more

Running your business at alert level 4

COVID-19 resurgence support payments Here are the following Covid support payments available: 1. Wage Subsidy – drop of 40%, $600 per week per full time employee and $359 per week per part time employee. 2. Resurgence Support Payment – drop of 30%, being a RSP of $1500 plus $400 per full time equivalent. 3. Leave Support Scheme – for workers who must self-isolate while awaiting a test. $585.50 per full time…  Read more

Covid -19 and Exciting Events at Tax and Trust

Alert Level 4 – again You will be well aware that we have gone into another level 4 lockdown. What does that mean in terms of our service to you? We are still hard at work on your accounts. All appointments will now be held by phone or Zoom – rest assured all Zoom appointments are secure using a password to log in. COVID-19 resurgence support payments In relation to…  Read more

August Tip Bits

Upcoming Events We run events monthly to keep you up to date on important issues and improvements you can make to your business. Find out about our business coaching seminars and don’t miss out on our next FREE webinar. Click here to find out what’s happening this month.   Provisional Tax We have begun sending out Provisional Tax reminders to our clients. If you have received one and think it…  Read more

Upcoming Events

Wage Subsidy and Resurgence Support Applications   The Wage Subsidy is open for another round  to be applied for the next 2 weeks – if you have a drop of 40% or expect to it, there is support of $600 per week per full time employee and $359 per week per part time employee.   The Resurgence Support Subsidy is also still open for another 2-3 weeks. This is a one-off application.   We…  Read more

Brightline Rules and Property Tax Update

Do you know how the new rules on the Brightline test for property investment affects you? Are you wanting a short update with some case studies examples and real life stories to help you understand this new proposed legislation and how much extra tax you may have to pay if you have a residential investment? Join us for our FREE webinar to find out about this and more. We will cover:…  Read more

July Tip Bits

Inflation is coming: should you increase your prices? Inflation is currently running at 1.5%, but experts are forecasting that it’s likely to increase over the next year or two. The rising cost of goods and services has been driven by local labour shortages as well as higher shipping costs and product scarcity worldwide. The result of all these higher prices is that it is becoming more expensive to run your…  Read more

June Tip Bits

Portfolio Investment Entity Income PIE Income now needs to be included in an individuals tax return.    Do you have questions about how this works? See our example below or contact with us with any questions you have. The IR3 should include the following: • Total PIE deductions/PIE tax • Total PIE income/loss • PIE calculation outcome Example: Lets say your PIR is 17.5% and your marginal tax rate is…  Read more

Budget Update

  Working for Families Urgent legislation passed last night increasing working for families – so that low income families (including the self employed) are still better off working and receiving the minimum family tax credit rather than staying on the benefit.    More details here. Free Online Digital Training and Support Tool The Ministry of Business, Innovation and Enterprise, in partnership with The Mind Lab and Indigo, has launched a free…  Read more

May Tip Bits

Do you know your own numbers? Have you measured the impact of the recent business legislation on your figures? Recent legislation (proposed)   – Interest deductiblity – for property investors – New annual statutory holiday – for employers – New sick leave entitlement – for employers   These measures and others yet to be announced will be increasing the cost of being in business for you this year.   Have you…  Read more

February Tip Bits

Message from Michelle for how to spend this next lockdown View the video here at Youtube Short-Term Absence Payment Launched Starting 9 February 2021, the Short-Term Absence Payment has become available for businesses and self-employed individuals to help them pay their employees who can’t work from home while they wait for their COVID-19 test result. The Short-Term Absence Payment is available for businesses, including self-employed people, to help pay their…  Read more

January 2021 Tip Bits

TAX EDITS ANTICIPATED IN 2021 Tax is constantly changing and 2020 was unprecedented in terms of tax edits to usual rules. What can you and I expect in 2021 ? New Tax and new rules: New 39% personal income tax on income above $180000 comes into effect from April 1st Changes to company ownership of greater than 51% may not affect carry forward of tax losses under new continuity rules…  Read more

Reduce Debtor Days and Improve Cashflow

Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability. Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment is important in understanding the cashflow gap you might experience and the impact on cashflow…  Read more

May Tipbits

We would love to work together to ensure you get the government support you need   Thank you to those that have attended our Planning for Success workshops, they have been great. We have had 95% of attendees wanting to move on to the 2nd zoom workshop with extra coaching around the cashflow areas of their business. Now it’s your chance to join in and hear what has been so helpful…  Read more

April Tip Bits#2

Business Finance Guarantee Scheme (BFGS) Launched     As you know on 1st April the minister of Finance, released further details of the BFGS which forms part of a range of package reforms to support the NZ economy during the COVID-19 pandemic.   Click below to see the full details.   The banks have now all launched their applications forms.   They have not yet given away any business loans despite over…  Read more

April Tip Bits

For years we have been recommending smart payroll to our clients and we still do recommend this for those with companies or trusts who take drawings regularly. Now is a great time to try it out with this offer of 3 months free! If you are self employed you are not able to put yourself on wages. This is a good time to discuss setting up a company for the…  Read more

Covid-19 Government Relief Package

The coronavirus outbreak is having a growing and significant impact on the New Zealand economy. The government has now announced a $12.1 billion relief package. We have summarised the details for you below and included links to the factsheets if you would like more information. There is a lot of details in those links so if you have questions please make sure to talk to us. We can help with…  Read more

March Tip Bits Regarding Covid 19

With all the news reports coming at us daily, it’s normal to feel concerned about what the likely impact of Covid 19 will have or the forecast recession? How long will it be, and how deep? For those who are feeling this uncertainty as a team yesterday we got together and brainstormed some solutions. Our aim here at Tax & Trust is to offer suggestions to you our clients, to…  Read more

Tax tips for new business owners

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

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