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IRD Update: Moving on from cheques

From 1 March 2020, the IRD will no longer accept payment by cheque or cheques dated after 1 March 2020 from customers who are able to pay another way.

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Three Reasons to Focus on Fantastic Customer Service

Small business owners know that having loyal customers is an important part of business success. One of the best, and easiest, ways to do that is to have outstanding customer service.

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Three Terrible Management Habits

Every manager has good habits that make them incredibly effective as well as bad habits that their employees wish they would change.

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Resilience - the key to a happy & engaged team

We came across an article called 'Can Online Tools Help Employees Build Resilience?' written by Allison Williams, Acacia Parks & Ashley Whillans.

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The ins and outs of employee performance reviews

When you run a small business, you're involved in your company's sales, accounting, marketing, and human resources, among other things.

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Provisional tax payment coming up?

Ease cashflow by delaying payment until it suits you.

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What exactly is cloud storage?

Every business needs to have a plan in place to store their information in a secure, accessible and convenient place. The answer? Cloud storage.

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It's time to gear up for payday filing

Hundreds of Kiwi business owners are using payday filing – are you? If not, you’ll need to be by 1 April when payday filing becomes compulsory.

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How to set an hourly rate for casual workers

For many small business owners, hiring workers on a flexible basis is ideal – especially if paying regular salaries isn’t in the budget and/or the workload is variable.

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What you need to do before you retire

If you haven't given any thought to what your retirement will look like, now's a great time to start.

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Planning for the year ahead

The turn of the year usually prompts most people to think about some business planning for the year ahead. Here are some tips to make the planning more productive.

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Conducting R&D? Cash in!

Are you conducting research and development on home turf? You could be eligible for a tax credit of 15% on eligible R&D expenditure.

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Income Protection Insurance – claimable?

Do you, as a business owner, pay income protection insurance on behalf of your employees? You have probably wondered what tax implications this has for your company in terms of...

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How to get your cash in faster

Whether you’re starting a new business or have an established business, understanding your cash flow is one of the most important aspects of business management.

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Learn how to conquer your inbox

Be honest: is email helping or harming your business?

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Mood of the Sales Leader Report 2019 - Key Highlights

Recently the Mood of the Sales Leader Report 2019* was released. We thought we’d share with you the key highlights from the report.

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Money Mindfulness

If you're like most people you've probably gone for periods of time without really thinking about how you spent your money.

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Do you know your break-even point?

All business owners need to be aware of their break-even point — that is, what they need to sell in order to cover their operating costs.

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Profitability and cash flow trends for tradies

Cash flow is a critical component of small business success. This is especially true if you run a trade business.

2019 Budget Update

The lead-up to the Wellbeing Budget has been well signposted even if the track’s been somewhat muddied by drama.

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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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Current hiring trends in the trade and construction sector

Although recent reports in the media speak of a business climate that’s declining in confidence, in the small business sector – including the trade and construction industry – employment trends...

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Encouraging word of mouth

How can you encourage positive word of mouth for your small business? Try these three strategies.

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Email: The productivity killer

Remember when email was new and novel, and everyone thought it would vastly improve communication while freeing up time? It did improve communication on some levels and freed up employee...

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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...

Victims’ Protection Bill: How this may affect your business & what you need to know

How this may affect your business & what you need to know

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What the new Trust Bill will mean for you and your business

Do you have a family trust? Thinking of forming one as a way to future-proof your assets for you and your children? Take note – the Trustee Act is getting a makeover. While there are still a few parliamentary hurdles to jump, now’s the time to get your head around what the new bill will mean for you and your business.

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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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Why we need to ask you for information

New Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” for short).

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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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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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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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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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,...

Paying Contractors

You need to follow the following steps when paying contractors:

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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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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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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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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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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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Proposed Ring-Fencing of Rental Tax Losses

What does this mean?

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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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?

GST Made Easy

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

IRD AIMs to please – next year

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

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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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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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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Australia changes GST rules for 'low value' imported goods

Australia has introduced goods and services tax (GST) legislation relating to ‘low value’ imported goods and services

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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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.

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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