What are “Agreed Upon Procedures” and can they be useful for your business, community organisation or body corporate? What are Agreed Upon Procedures? Agreed Upon Procedures (AUPs) are a type of an engagement where a practitioner is hired to test and report on a specific question of fact. Unlike an audit or a review, the practitioner reports only factual findings and does not offer opinions, conclusions or assurances. You are… Read more
Fringe benefit tax (FBT) is tax payable on non-cash benefits provided to employees including shareholder employees. It is separate to income tax and charged according to the taxable value of the fringe benefits provided. Employers can make a deduction on the cost of providing the benefits as well as on the FBT tax that they pay. These benefits include: motor vehicles available for private use low-interest loans free or subsidised… Read more
You’d be forgiven for believing you had met your Companies Office requirements when you file your annual return every year. The fact is, that updating the names and address of any shareholder or directors for your company does not fulfil all of your obligations under the law. Records required Amongst other things, a director of a company is required to keep certain records such as the constitution, meeting minutes and… Read more
In 2021, the Taxation (Income Tax Rate and Other Amendments) Act was passed by parliament. One of the changes made in the Act was a new top tax rate for individuals of 39%. Because the trust tax rate is 33%, people will be keen to look at ways they can use their trust to stream income and pay less tax. To combat this, the Act also introduces a significant… Read more
With financial year end coming up soon, now is a good time to tidy up the books and review. But it shouldn’t just be about the numbers, it’s also a good time for a mental health check-in for staff and yourself. To help you out, Xero has put together some handy resources, like webinars, a tax calendar, tools for wellbeing and more. Keep reading to make sure your business is… Read more
There’s a lot going on in the business world as we start the transition from the Covid Alert Level system to the new ‘traffic light’ Protection Framework. Wage subsidies and other support programmes continue to feature with changes coming to the Resurgence Support Payment. More about business boost to transition to new Covid framework (beehive.govt.nz) Read on for the latest updates and some ideas to help move your business forward.… Read more
For some people, early retirement is a choice. For others, it’s a necessity. If you are running your own business, a retirement plan is probably the last thing on your to do list. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how… Read more
Knowing what and how much to claim in expenses on your Income Tax Return or financial records is probably more important than you imagine. Read on to find out more. Legitimate expenses lower your taxable income If you own a small or medium business, there are a number of expenses you can claim through the business to lower your taxable income. And it’s tempting to claim as much as you… Read more
When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do, ie, your chargeout rate. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge can be tricky, but it’s worth it. If your business doesn’t bring… Read more