Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
The role of a tax accountant has continuously changed over the course of the last 50 years, and it is currently undergoing yet another transition period with the growing popularity of cloud accounting.
It’s time to crack open the bubbly and pull the party poppers because according to some political beings – New Zealand celebrated Tax Freedom Day on May 8 this year.
Did you even know such a thing as Tax Freedom Day existed? And, what the heck does it even mean?
The BUSINESS buddies were quite intrigued by the concept of Tax Freedom Day and did some digging to find out more.
I recently overlooked a GST bill.
The taxman is not okay with that. He wants his money. And fair enough; I want free healthcare and the other benefits of being a taxpayer.
The 2016 budget had a few changes to tax laws that come in effect April 1, 2017. Yes, it is April Fool’s Day.
The BUSINESS buddy team has looked at the nuts and bolts and come up with a few pointers.
Emergencies that force you to stop trading, like earthquakes, floods or fires, come with little or no warning. To give your business the best chance of survival, you need a contingency plan. Make sure it includes what happens after disaster strikes, when less — or no — money might be coming in.
Whiteboards took up half of Wendy Fallow’s office. The operations manager of Clear Concepts, a customised glass design business, said her working life consisted of sticking cellotaped magnets on pieces of paper and talking on the phone to her seven mobile installers and sales reps.
There were few surprises for small businesses in the 2016 Budget, but there were still things to smile about. The biggest of these were aimed at boosting innovation and simplifying taxes. Here’s what you need to know:
In December 2015, we started a GST pilot in which 1,400 businesses sent their GST returns from Xero direct to Inland Revenue. The very successful first phase of the pilot has just wrapped up. The small businesses who participated were enthusiastic:
If you employ people you need to take the time to understand a number of employment law changes.
New proposals will give small business owners a pay-as-you-go option for provisional tax — income tax by another name. This is one initiative in a package of proposed tax changes aimed at reducing the stress of tax compliance for businesses.
Here’s a summary of upcoming law changes that affect small businesses — check out which apply to you.
Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you're doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim.
From 28 October all New Zealand companies must have at least one director who lives in New Zealand, or who lives in Australia and is a director of an Australian registered company.
New Zealand companies that don’t comply risk being removed from the Companies Register.
If your company doesn’t have a New Zealand-based director, you will need to appoint one who lives in New Zealand or in Australia immediately.
There’s also additional information about directors you’ll need to provide when filing your Companies Office annual returns.
It’s coming up to that time of year when you might be planning a staff Christmas party. It's great for morale and a chance to mark the end of the year. But what are the tax considerations?
You may be able to claim as business expenses events such as Christmas functions or giving gifts to employees.
Last week Revenue Minister, the Hon. Todd McClay announced an industry initiative enabling businesses to file GST returns straight from Xero to Inland Revenue (IR), rather than having to file a separate return. No more filling out forms. Nothing to print, sign or post.
Sometimes an employee will ask you to make tax or student loan deductions from salary or wages that are not at the standard rate.
Most government agencies close down over Christmas and in early January. Here’s a list of who will be open and who shuts down for holidays.
Negotiations for the Trans-Pacific Partnership free trade agreement have concluded. The 12 Asia-Pacific countries involved account for 36 per cent of the global economy – but what does it mean for your business?
If your business is a registered company, a law change means you must have a director who lives in New Zealand – or who lives in Australia and is a director of an Australian registered company – by 28 October.
You’ll also need to provide some extra information about directors and any ultimate holding company with your next annual return.
Make sure you’re sorted by following this quick and easy checklist:
You have to register for GST as soon as you think you’ll earn more than $60,000 in a 12 month period, but you may want to register earlier so you can claim back GST while your business is still small. Make sure you provide the correct information so your registration isn’t delayed by avoidable mistakes.
The Government this month handed down the 2015 NZ Budget with a few surprises in store. This Budget continues to deliver on National Government’s pattern of fiscal responsibility. This is a positive thing for New Zealand business as it creates an environment of certainty and stability for businesses to invest.
The ATO app puts tax and super help in your hand, making it easier for you to conduct your tax and super affairs on the go.
If you pay for a website for your business, here are some things to remember about claiming the costs…
Starting a business is a big decision, and needs careful research and planning well before you start trading.
Your website or LinkedIn profile will often be the first thing about your company that a prospective client sees, and as we all know, you only get one chance to make a good first impression.