New legislation enacted in February substantially simplifies obligations under the provisional tax regime. Most taxpayers pay their provisional tax at three times through the course of their financial year, being the 28th day of the 5th, 9th and 13th months after their balance date. The ‘standard uplift’ method determines a person’s liability based on a prior year’s tax payable (105% for last year, or 110% for previous). The problem is… Read more
Increasing efficiency and minimizing costs are essential to running a profitable business. Yet many small business owners waste countless hours on meetings that lack focus, run on too long, and pull staff away from more productive tasks. Follow these seven tips to make your meetings more efficient and cost-effective. What’s your goal? Every meeting should have a clear objective, and a reason the meeting is needed (versus an email or… Read more
Despite only using Smart Payroll for 5 months now, I have personally found it not only easy to use but really useful and efficient to use compared to other online payroll systems. Let’s be honest, no one really likes to worry about payroll and why should you? Using Smart Payroll has been a breeze and has made the worry go away. By cutting down the time spent on processing payments,… Read more
It’s that time of year again when it pays to review the entertainment rules over the Christmas season. Let’s look at the tax treatment of saying thanks to customers and staff typically with gifts, wining and dining. 50% deductible entertainment expenses Inland Revenue’s IR268 guide gives the following examples of where entertainment expenses are 50% deductible: Taking customers, suppliers and business associates out for dinner or putting on a function for… Read more
We are often asked by people who are setting up in business “Which entity structure is suitable for my business?” A typical answer would talk about the options of using a sole trader structure or a trust, but would focus on the asset protection benefits of using a company. Companies are the default trading structure for most businesses in New Zealand, due to the creditor protection benefits and ease of selling… Read more
Here at The Accounting Hub we are lucky enough to work with Kelly Hunt and the team from Skimming Stones. Skimming Stones is small video editing and TV content production company based in Auckland. Kelly is a highly experienced television producer, director, editor and a proficient camera operator. He produces corporate, promotional, short film and TV work. Skimming Stones is a one-stop shop for scripting, shooting and editing. We have enjoyed… Read more
Property tax rules changed on the 1st of October 2015 so if you’re buying or selling residential property this information is important to you, especially if you are a property investor. A new ‘bright-line rule’, which states you’ll pay tax when you buy and sell a residential property within two years, is now in place. What is a bright-line rule? A bright-line rule is a clearly defined rule that leaves… Read more
So you’re setting up a new business or thinking about changing the way your existing business is structured… do you go for the added protection that a limited liability company provides, or do you keep things simple and operate as a sole trader or partnership with fewer tax compliance obligations? Tax expert John Shewan, formerly of Price Waterhouse Cooper, gives advice on structuring your business to minimise tax and meet… Read more
While working at home as a freelancer sounds like the ultimate dream for anyone tired of the rat race and daily commute, freelancers still have more than a few financial issues to worry about. Perhaps the most important trait that you should have as a freelancer is the ability to be fully responsible and accountable to yourself, and saving money is something that you should think about on a daily basis! So let’s walk through… Read more