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Business Health Check Do you understand which areas of your business you should dedicate your energy to? We can work with you to provide insight into areas of your business that need attention so you can accelerate your business growth and target areas that need more time devoted to them. This quick survey will help […]

Annual Questionnaires With the start of the new financial year, for most of you, comes the need to complete our annual questionnaires. When you gather your information for us, we ask that you complete a questionnaire for each entity & person in your group. You can download the relevant questionnaires below. 2022 Trust Questionnaire 2022 […]

Do you treat your employees to benefits including; cars available for private and free use, subsidized or discounted goods or services? If these benefits are enjoyed as part of their employment, you, as an employer, are liable for Fringe Benefit Tax (FBT). Employers pay tax on benefits provided to employees or shareholder-employees, even if the […]

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look into […]

With the cost of living rising, we understand that it can sometimes be a stretch to provide for your family. Did you know that there are payments that may be available to you, to help with the costs of raising your kids and whānau. This includes support for newborns and caregivers of children who have […]

As a taxpayer, if you don’t pay your tax, pay late or underpay, you are subject to use of money interest. So what does this mean? 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 […]

New reporting requirements for domestic trusts. New Zealand Trusts that are active and meet specific criteria are now required to provide information about income, wealth and assets. Trusts have always have historically offered a high level of privacy and had leniency with compliance. However, these new reporting requirements for domestic trusts will affect approximately 180,000 […]

There are so many priorities in the working day, it can be hard to stay focused on what’s happening with your business cash flow. We all know the basics: if your business runs out of cash it won’t be able to operate. And if you aren’t able to spot trends and possible bottlenecks ahead, it […]

Have you recently donated to a charity? If you have already donated or are planning to, you can claim 33.33 cents for every dollar you donated to approved charities and organisations. Learn how you can support your charities of choice whilst claiming tax credits on every dollar. What you can claim You can claim tax […]

The Cost of Living Payment is a payment to help with the rising costs of inflation for eligible individuals. We will explain who can get the payment, based on the criteria set by the Government. What is the Cost of Living Payment? As part of Budget 2022, the Government announced the introduction of a Cost of […]

For those who took out the Small Business Cashflow Scheme (SBCS) loan when it first became available in May 2020, the 2-year interest-free period and subsequent repayment period is fast approaching.

The Government is investing $100 million into a new Business Growth Fund, it announced in the latest Budget. This funding is designed to help small- to medium-sized businesses (SMEs) get the investment they need to grow, while allowing owners to keep control. Why has this fund been launched? It’s always been hard for SMEs to get […]

With the cost of living soaring, interest rates rising and house prices falling, Budget 2022 aimed to deliver a little something to help the average household. In Budget 2022, the Government is investing an average of $5.9 billion per year in new operating spending, with further initiatives funded from Budget 2023 and 2024 allowances as […]

Certain types of payments received by contractors are known as ‘schedular payments’. The schedular payments regime determines the rate of tax taken out of contractors’ pay. The tax on schedular payments is known as withholding tax. If you’re a contractor, you may be able to choose your own tax rate. Contractors in some industries can […]

If you are a New Zealand resident and trustee of a foreign trust (also known as a ‘resident foreign trustee’) you must register the foreign trust with Inland Revenue and disclose certain detailed information. Foreign trusts also have annual filing obligations. An annual return must be filed with Inland Revenue within six months of balance date. The annual return also […]

Should New Zealand have a capital gains tax – or does it effectively have one already? Walker Wayland can look at what gains you’ll pay tax on, and what gains are tax-free. New Zealand doesn’t have a single, comprehensive capital gains tax, and although the Tax Working Group recommended one, the Prime Minister ruled it […]

If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance. So, what’s the best way to […]

If you have income from overseas sources, it can be hard to work out your tax position. Here are five points to consider #1 Declare rental income from overseas properties. You can claim deductions for rental-related expenses, and you may also be able to claim a credit for tax paid in the other country on […]

There are more than 100 tax changes that took effect this financial year, and some of them may be relevant to you. Here’s a brief summary of what’s happening: Matariki is now a public holiday for tax purposes. GST is being tweaked for: groups; importers and exporters; cryptoassets; and record keeping. Late tax penalties are […]

The start of a new financial year is a great time to reset your finances and put systems in place to help you keep on top of your income, expenses and tax obligations for the coming financial year. Ready to get organised? Here are 4 tips to give yourself a head start in the new […]

We wish you a safe and relaxing Christmas, and an abundant New Year! We’re closing our doors on 22 December 2021 and will reopen in the New Year on 12 January 2022. Thank you for working with us this year — we appreciate you! Below are the key compliance dates coming up. If you have […]

From 1 October this year the Government has limited the ability to deduct interest on residential rental properties to make them a less attractive investment option and thus level the playing field for first home buyers. As of 1 October 2021, residential rental property tax deductibility was reduced to 75%, meaning you are only eligible […]

1. Create a cash flow forecast This is an estimate of the amount of money you expect to flow in and out of your business typically over a financial year period. A budget will provide a better understanding of where surpluses and shortages might arise and assists with making decisions such as planning new purchases […]

Travel Allowances A tax-free travel allowance must be for travel costs on top of the usual cost of travel between home and work and it must be work-related.For instance, the employee may incur travel costs on top of their normal travel between home and work, if the employee: is working outside the normal hours of […]

If you run into debt with your tax, you have options, but it is important to do something. Interest charges and penalties accrue from the date the payment is due until full payment is made. If you contact Inland Revenue early and they know you are taking steps to address the debt, they may put […]

It’s important to distinguish between employees and contractors as they are paid — and taxed — differently. Inland Revenue takes a dim view of employers who ignore their PAYE obligations by treating their employees as contractors. They are also on the lookout for people who take a false tax position by calling themselves contractors when […]

Planning in business is essential to success. Your business plan grows with your business as you continue to lift your goals, analysing your successes and shortfalls. But honestly? Most people would rather stick pins in their eyes than write a business plan. In their minds it’s a big, long formal document that has nothing to […]

The Trusts Act 2019 came into force on 30 January 2021 – your Trust must now be compliant with the new Act. The aim is to make the law more accessible and easier to understand. Most of the changes relate to Trustee obligations and strengthening the ability of beneficiaries to hold Trustees to account. If […]

How does GST work in my business? In the normal course of your business, you charge GST in your sales and income and claim it back on your purchases and expenses. You then calculate the difference in your GST return to work out if you owe GST to Inland Revenue or if Inland Revenue owes […]

Is it only PAYE that’s deducted when I do the wages? PAYE includes income tax and ACC earners’ levy. Depending on each employee’s situation, you may also deduct child support and/or student loan repayments. Occasionally Inland Revenue may notify you of additional deductions they require you to make. If the employee is in KiwiSaver, you […]

If you provide a gift to a client, depending on the type of gift, you may be able to claim a tax deduction. It may be completely deductible or only 50% deductible.If the gift is in the nature of ‘entertainment’, such as food and wine, it will be 50% deductible. If gifts consist of food […]

Tax Changes Without any real warning the Government has targeted residential property investors with significant tax changes in an attempt to cool the housing market growth. In bullet point we set out the changes to the bright-line test and interest deductions on residential rental property. We will follow up when more detail is available. Brightline […]

On 10 June, the Government released a 143-page discussion document providing further insight on how it will be limiting the deductibility of interest on residential investment property. The Government confirmed that interest deductions will generally no longer be available on residential investment properties, with properties purchased before 27 March 2021 being subject to a four-year phasing out […]

The government has announced the Well-being Budget 2021, focusing on ‘securing our recovery’ with heavy investment in health, welfare, and infrastructure but for most business owners there were no substantial new initiatives to help continue their recovery in a COVID-19 world. Welfare Budget 2021 brings an increase to the weekly main benefit of between $32 […]