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6 Major Business Planning Mistakes to Avoid

They say an idea is all you need to start a business, but to get it on the right track from the start and generate future profit and cash flows,...

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FBT - Understand your requirements

Given the importance of keeping your PAYE and GST record-keeping and payments in order, it might be tempting to think that Fringe Benefit Tax, or FBT, is a relatively minor thing.

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How to Take Control of Your Business Cash Flows

To stay on top of your business, whether you’re just starting out or your business is well-established, it is necessary for you to monitor your cash flows on a regular basis.

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How Raving Fans Can Rock Your Business

You may have heard the term ‘raving fans’. It’s a passionate subset, usually about 10-15% of your customer base, who are so in love with your business that they shout...

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New Legislation puts Laundering in the Spotlight

While New Zealand is hardly the money laundering capital of the world, we still see our share of shady activity.

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Price Hike Hacks: How To Manage An Increase Without Losing Customers

The decision to raise your rates is a tricky one. But in the end it’s not the hike itself that’s important, it’s how you implement it.Netflix, for example, put its...

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Minimum Wage Increase: 1 April 2018

The minimum wage in New Zealand will have increased from $15.75 to $16.50 per hour from 1 April 2018Minister for Workplace Relations and Safety, Iain Lees-Galloway, says the $0.75 rise...

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IRD has good news and bad news on FBT

You may provide company vehicles to some employees. In some cases, the vehicle is a work tool – for example, a ute for a project manager.

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Bright-line Period to be Extended to 5 Years

The Minister of Revenue has confirmed that a Supplementary Order Paper to the Taxation Bill has been introduced to extend the bright-line period from 2 to 5 years.

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Law change: Tax and Contractors

If you are a contractor already under schedular payment rules: You must complete the new tax rate notification form (IR330C) when you start any new job on or after 1...

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Contractors get more tax choice

The way contractors pay tax changed on 1 April, giving greater choice, and making it easier to get tax right.

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Budgeting and Cashflow - The Next Level

Following on from last month's cash flow blog, we thought we'd go into more detail on how we approach cash flow forecasts.

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Better Business Planning

Many accounting firms operate in a very similar way. You as the client operate your company, you provide your accountant with the numbers, and the accountant crunch them into viable...

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Cash is King

Regardless of whether you’re a startup or a well-established business, the ‘cash is king’ adage will always ring true.

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Tenants must be informed of insulation status

It’s been compulsory since 1 July last year for any new tenancy agreement to include an Insulation Statement.

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ACC announces changes to CoverPlus Extra

If you’re applying for an ACC CoverPlus Extra policy, it’s worth noting that the policy no longer starts on the date of the application, but when you sign the offer letter.

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Let's Talk About Your Exit Strategy

For most business owners I have met, their business is a part of them, a part of their identity.

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Paying Contractors

You need to follow the following steps when paying contractors:

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Tax is payable on rental income . . . mostly

If you receive income, you must pay tax. So if you have rental income, you have to pay tax on it, right?

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GST Made Easy

Do you hate it when GST return time rolls around? If so, you’re in good company.

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IRD AIMs to please – next year

A key principle of the tax system is taxpayers should pay tax as income is earned.

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Several ways taxpayers can get caught out

Taxpayers who earn income from various sources may get caught short if they don’t plan ahead. This could come about in various ways:

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New Zealand trust law to be overhauled

Parliamentary plastic surgery is in store for the Trustee Act, to make trust law easier to access and understand.

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Don’t leave it late – get tax sorted before Christmas

Provisional tax and GST are due on 15 January.

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Better control coming over hazardous substances

Fifty years ago, farmers and others sprayed toxic chemicals onto weeds in blissful ignorance of the need for personal protective equipment.

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What are the new Government’s tax priorities?

One of the first questions business owners ask when a new government enters power is what changes, if any, are coming in the area of tax.

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R&D tax credit changes can boost cashflow

Changed Research and development (R&D) tax credit rules, which came into effect at the start of the 2016 income year, can help business cashflow.

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New law will make dirty money easier to spot

Money laundering is big business in New Zealand. Every year $1.35 billion of fraud and drug related money is laundered through seemingly legitimate businesses.

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Cashflow is not profit – and vice versa

The purpose of a business is to make money, and that means you have to know the difference between profit and cashflow.

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Business health check

Get a clear cashflow picture before third quarter.

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What you need to know about this year's budget

Most of you will be aware of the latest budget announcement. Below we have outlined the key takeaways from this year's budget, including changes to the tax thresholds and an...

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Airbnb usually a tax case on its own

If you use Airbnb to provide short-term accommodation in your house in which you also live, the IRD’s “mixed-use asset (holiday home)” rules don’t apply and guests are not classed...

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Presents and parties

Are you planning a Christmas event for your clients? Is gift-giving on your to-do list?

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New Zealand a digital standout, but is your business?

New Zealand is a “standout nation” according to the latest Digital Evolution Index, released by Tufts University in Boston in July.

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Business culture tied to business performance

While it’s easy to think of business culture as a bit soft compared with, say, achieving sales, in fact it’s anything but.

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IRD into Stage Two of Business Transformation

IRD’s been working hard to be easier to do business with. As you read this, its new tax system is kicking in, giving you new and simpler ways to manage...

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Fairer tax rules affect cashflow

A tax bill passed in May made changes that affect cashflow.

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Must I pay tax on holiday home income? That depends

If you rent out your holiday home sometimes, you may have to pay tax on that income.

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Boats and aircraft may generate a tax liability

Sometimes boats and aircraft are used for private and commercial purposes. In such cases, the income from their use may be liable for tax.

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Creditors get more protection from indebted businesses

A threshold for reportable tax debt is now in effect, giving creditors greater protection from businesses owing debts of more than $150,000.

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Government ponders taxation error correction solutions

Minister Judith Collins recently said that correcting simple tax errors and sending that information to Inland Revenue was still largely manual and may be costing business.

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How do you draw talent to your door?

Getting a job at Google is reportedly 10 times harder than getting a place at institutions like Harvard or Yale. The company employs 7000 people a year, from 3 million applicants.

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New Provisional Tax Option

From April 2018, small businesses, sole traders and contractors can choose a new pay-as-you-earn option, rather than paying provisional tax in instalments several times a year.

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