Latest stage of Inland Revenue’s tax system upgrade

In what was one of the largest data migrations undertaken by any government agency in New Zealand, around 20 million income tax records, representing around $5 billion in financial transactions, were moved from Inland Revenue’s legacy software to a new system during a seven day shutdown over Easter 2019. Inland Revenue began rolling out its business transformation programme in stages two years ago. The latest upgrade during Easter 2019, was…  Read more

Property taxes – what’s going on?

It’s unusual for tax to be a front page issue but right now there are a lot of headlines being generated and a lot of hyperbole being used by many media commentators. This article is an attempt to look past the spin to make sure that you are up to speed with the tax changes that have occurred that will affect you now as well as the proposals that have…  Read more

New year’s resolutions

At this time of year many people are looking forward to a holiday ahead, but also thinking about how they can make their work work for them better than it did in the past. Some people will be thinking nervously about leaving their full time job to start a new business. Since setting up my own business more than 6 years ago, I have been lucky enough to meet lots…  Read more

GST on Google Payments

One small but important change that we have noticed recently is that Google has started charging GST for it’s G Suite (email, apps and storage products) and for advertising. You’ll need to revisit any rules that you have set up in Xero to make sure that you are claiming the GST on these payments. From the paperwork that we have seen it looks like this change took effect from 1…  Read more

Property restructure fish hooks

From time to time we get asked by clients about moving their rental property into a different entity. Usually when doing this, a property will be “sold” to a related party. The reasons for the request vary but usually relate to a change in the relationship of the people that own the property, a perceived tax benefit from restructuring the finance at the same time as the ownership or else…  Read more

AIM: is it hitting the mark for provisional tax?

There has been a lot of talk in the small business marketplace about the new Provisional Tax method called the Accounting Income Method, or AIM. To recap, the AIM method has been heavily promoted by the IRD as a new way of paying provisional tax which removes some of the problems with estimation that exist with the “standard” provisional tax method. Simpler than standard provisional tax? The method was pitched…  Read more

Get funding to grow your business

If you’re ready to start growing your small business – whether you’ve been operating for a while and you’re in need of a boost, or you’re just starting out – meeting with a business planning specialist is a great first step. Unfortunately, all too common for businesses in this situation, is a lack of time and funds to make this happen. Not only is it hard to time time to…  Read more

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