Tax expenses: don’t claim too much!

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

Lockdown & beyond: claiming tax expenses when working from home

COVID-19 forced more than 40% of the workforce in New Zealand, in every industry, to work from home during lockdown.  And according to Infometrics senior economist Brad Olsen, remote working is likely to be a key change for post-pandemic New Zealand with 36% of the workforce continuing to work from home in level 1.  Having experienced working from home during lockdown, many workers are now taking a split approach to…  Read more

Post election: what’s in store for your business?

Labour has just had the biggest win in over 50 years and with 64 seats it will be relatively easy for them to make the changes they proposed in their pre-election campaigns.  The expectation is that they will go further and faster this term.  Whether or not you agree, it’s time to prepare.  So, what does a Labour government mean for your business? Personal income tax Labour has announced plans…  Read more

Tax compliance: how to have a happy relationship with IRD

There’s no two ways about it; if you run a business, then you might as well embrace your relationship with Inland Revenue as it’s not going anywhere! Whether you’re in the retail sector, or professional services, what will help this relationship from spiraling is the same: IRD like to see clear-cut systems around record keeping that remove room for error and miscalculation. Easy, right…? What are ‘business systems’? When we…  Read more

Fast facts on the temporary loss carry-back scheme

If you’re a New Zealand business that has been affected by the economic volatility which COVID-19 has brought, you may have already heard about the COVID19 temporary loss carry back scheme which the New Zealand government rolled out in the week beginning 27 April. This bill has been developed to take the financial strain off businesses who may have large amounts of tax to pay, but expect to, or are…  Read more

Rebuilding: latest COVID-19 business support & initiatives

With Alert Level 2 underway and most businesses now able to cautiously reopen, we are preparing for the next phase of the COVID-19 crisis: rebuilding. The Rebuilding Together Budget 2020 released last week, along with other government initiatives, have given businesses some financial and practical support for the coming weeks and months. We take a quick look at some of these. Wage subsidy extension The wage subsidy extension will be…  Read more

Starting Strong: Getting Tax Right In Your First Year Of Business

Finding your feet in the first year of business can seem like an ever-evolving task list, but tax is one thing to get ticked off quickly. Instead of waiting for your tax situation to snowball with a surprising result come end of financial year, take the time to jump on that tax learning curve. You might be pleasantly surprised to find it’s a relatively simple task once you’re in the…  Read more

What’s new for non profits: tax changes 

It’s now been almost ten years since the maximum limit on tax credit for donations was removed, and in this time donor concessions in New Zealand have increased from 100 million per year to over 280 million per year! Inland Revenue has recently made some important changes to the Taxation Act for non profit organisations to ensure the tax rules address this increase, coming into effect this year.  We recommend…  Read more

Going solo: starting out as a sole trader

Flexibility and self-management…the appeal is real. In fact, approximately 70% of enterprises within New Zealand are sole traders. It’s easy to understand why – no more worrying about applying for holiday leave, pushing for a much deserved pay rise, or being subject to painful small talk around the coffee machine. Instead, the main person you’re checking in with is…yourself! For some, becoming a sole trader is a win-win situation.   Is…  Read more

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