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 with Purpose
- Your Organisation’s Rules
- Meetings that Matter
- Culture
- Grants, Contracts, Accountability
- Financial Governance
Starts on 22 September, click here – Governance Training for more information and here to register.
Don’t trip! GST mistakes to avoid
GST can be a thorn in your side but if you understand when it’s due, what to pay, and you make the most of your accounting software, you’ll escape unscathed. Here are four of the most common mistakes we see business owners make with their GST.
- Not putting aside money to pay GST – For better cashflow, discuss with your accountant what is a good amount to regularly put aside in a separate bank account.
- Registering for GST too early or too late – If you are starting your business and you register too late, you may miss out on claiming GST on initial start-up costs, and you also might face financial penalties from Inland Revenue if you later find out you met the requirements to register. Talk to us and we’ll work it out together.
- Confusion around leasing and hire purchase – If you’re buying assets or equipment (or there’s an option to take ownership) you can claim GST when the asset is acquired. But if you’re only leasing or hiring an asset, the GST is claimable on each payment. There are many different types of leasing deals out there, so be careful with the fine print as GST may only apply to part of the regular payment.
- Not claiming business purchases paid from personal accounts – When buying assets for business use, you can claim a GST deduction, when the asset is to be used 100% for business purposes. When you buy something using your personal account for the business, it might be missed from the business records, and GST forgotten and not claimed. Remember that where there is private use, such as with vehicles, you can’t claim all of the GST – you need to adjust for the expected private use component.
News Updates
Report suggests speculated property market crash is unfounded
A report from realestate.co.nz says skyrocketing prices and stock shortages are gone and average asking prices are flat, with buyers and sellers having more time to make decisions.
Fuel tax and public transport cuts extended to 2023
The 25-cent petrol price cut and half-price public transport fare cut were due to end last month. However, the government confirmed in July that both would be extended to January of next year.
Average house price dips back below $1m
For the first time since last September, the national average house price fell 4.9 percent over the past three months ending in July.
The government taking direct control of Kiwibank
The Government has acquired 100 percent of Kiwibank’s parent company, Kiwi Group Holdings (KGH), ensuring the bank remains fully Kiwi-owned.
Costco is almost here
After some delay, New Zealand’s first Costco is almost ready to open its doors. The wholesale giant is a welcome addition to the supermarket duopoly. Here’s how to get the most out of it.