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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. 2021 Business Questionnaire 2021 […]

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 […]