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
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
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
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
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 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
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? Tell your audience what you do – and do it fast In the digital world we… Read more
In 2021, new lending restrictions came into effect under the CCCFA – and immediately there were stories of people being declined loans for what seemed like trivial reasons. In March, the Commerce Minister announced changes designed to free up the process of loan applications at the banks. This should reduce some of the paperwork hurdles for those seeking home loans, but it’s still going to be tougher than ever to… Read more
Reminder: End-of-year tax is due on April 7 The end of the tax year is around the corner, so this is a quick reminder that your terminal tax payment is due on 7 April. If cashflow is a problem and you’re not confident in your ability to make your payment, please get in touch. We understand that the past 12 months have been extremely tough for many businesses and clients,… Read more