Founding, building and growing your own small business is a hugely rewarding experience for many entrepreneurs. But the road ahead isn’t always smooth. There are common challenges that crop up and ongoing issues that need to be factored into your business plan, your strategy and your own personal thinking. So, what can you do to …
5 challenges for small business – and how to beat them! Read More »
Inland Revenue allows you as an employer to reimburse employees – including shareholder-employees – for using their private vehicles for work. To reimburse employees for running costs, you can use: Depending on which method you use, you and your employees will need to keep specific kinds of records. Reimbursements paid by an employer to an …
Ticking items off your end-of-year tax checklist this month?
Even though the new GST invoicing rules still allow ‘tax invoices’ to be issued after 1 April 2023, make sure you think about: • Your accounts payable processes. Do your systems or staff automatically reject invoices which don’t have the words ‘tax invoice’ on them? If so, review this as your suppliers (and customers) may …
GST Special Alert – What do I have to do before 1 April 2023? Read More »
If you have a family trust or are a trustee for one, be aware of your obligations. The Trusts Act 2019 introduced presumptions that trustees will make basic trust information available to every beneficiary and provide further trust information to beneficiaries on request. In addition, Inland Revenue also have specific requirements for active trusts to …
No matter how well you’ve planned in advance of the Christmas flurry or whether you’re still taking care of last-minute items, be aware of what you can claim tax deductions for, or where you might be liable for tax. For instance, in a quick quiz, could you answer questions like: • Is our Christmas work …
If you’re a profitable business, you’re required to pay tax on that profit known as income tax. If your end-of-year tax bill is greater than $5,000, you will be required to pay provisional tax in the following year during the year. This is not a separate tax, but rather, it is income tax paid towards …
The season of giving is on us. While the fun part is thinking about parties and presents, take a moment to remind yourself about the tax rules. If your Christmas giving includes gifts to clients, remember that some gifts will be fully deductible while others will be only 50% deductible. Check out our Guide to …
As an employer, if you provide fringe benefits to employees or others associated with your business, you must generally pay fringe benefit tax (FBT) on the value of these benefits. So, when are you liable for FBT? Any time you provide non-cash benefits to your staff. The list is potentially endless but in practice, most …
Inland Revenue was taking a much more relaxed approach to outstanding tax debt during 2020 and 2021 – but now it’s ready to crack down. Since the start of July, it has stepped up its efforts to pursue outstanding amounts from local businesses. PAYE and KiwiSaver payments will be the first priority The amount of …