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
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
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
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
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
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
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
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 – 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
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
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
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
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 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
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 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
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
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
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 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