Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have …
The value of cashflow forecasting during a crisis Read More »
Just a note that the next round of Resurgence Scheme Payments will open on 8 October 2021 via the IRD website (www.ird.govt.nz). You are eligible for this payment if you can show a drop in revenue of 30% or more in a 7 day period from 1 October until immediately before all NZ returns to …
Buying a home, rental or holiday house? It might be time to think about a new build. The Government recently announced that any new build which received its code compliance certificate after March 27 2020 will be exempt from its new tax rules which limit deductibility on interest payments against rental income. That …
Here we are again locked down. With luck the Level 4 will only last till Friday 20th but it may be longer before you can all get back to work in a normal fashion. The Government has again opened the coffers to help you through this period. Below is a summary of the available financial …
Working for Families tax credits are available to families with dependent children aged 18 years or younger. These are refundable, meaning that if the credits exceed the person’s income tax liability they are able to be refunded to the taxpayer. The Working for Families tax credits are made up of the following: family tax credit …
Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid such charges, you should pay the full amount of tax you owe by the due date. The main kinds of charges for failing to meet tax obligations are: Interest on the amount of tax you owe if you have underpaid …
Tax credits can be claimed by individuals (not companies, trusts or partnerships) who: Earned taxable income during the period being claimed for; and Were in New Zealand at any time during the tax year (including non-residents) You may qualify for a tax credit for: Donations made of $5 or more to an approved charity Donations …
Resident Withholding Tax (RWT) is a tax deducted on interest earned from investments and bank accounts. The investment organisation or bank deducts this tax when they credit interest to you. Companies may also deduct withholding tax from dividends paid to shareholders. If you receive interest as income you need to: Provide the interest payer with …
Provisional Tax is not a separate tax but a way of paying your income tax as the income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill …
Pay As You Earn (PAYE) is the basic tax taken out of your employees’ salary or wages. The amount of PAYE you deduct depends on each employee’s tax code. PAYE employees must complete a Tax code declaration (IR 330) as soon as they start working for you. If an employee fails to complete the tax code declaration, you …