Business
CLOSING A COMPANY IN NEW ZEALAND
Closing a Company in New Zealand Closing a company in New Zealand is a process that involves careful planning, legal compliance, and coordination with government authorities. Whether your decision to close stems from completing the company’s purpose, financial difficulties, or a strategic shift, understanding the necessary steps is crucial. This guide provides a detailed roadmap…
Read MoreTHE ULTIMATE GUIDE TO BUSINESS STRUCTURES AND RECORD-KEEPING
Want the ultimate guide to business structures and record-keeping in New Zealand? You’ve come to the right place! Managing a business in New Zealand involves careful planning, choosing the right structure, and maintaining meticulous records. This guide explores the most common business structures in New Zealand and provides practical tips on record-keeping to ensure compliance…
Read MoreHOW CAN I BUILD A FINANCIAL SAFETY NET?
How can I build a financial safety net? This is something that many investors and small business owners worry about. Both encounter distinct challenges, especially regarding financial stability in a volatile economic landscape. Establishing a strong financial safety net is not merely wise; it’s vital for your survival and growth. By proactively building this safety…
Read MoreCAN MY LTC BUY ME A COMPANY CAR? WILL I HAVE TO PAY FBT?
CAN MY LTC BUY ME A COMPANY CAR? WILL I HAVE TO PAY FBT? es. However, note that Fringe Benefit Tax (FBT) may apply, depending on the situation.
Read MoreUNDERSTANDING FINANCIAL STATEMENTS
It is a statement of what your business/company owns (assets) and owes (liabilities). Assets include things like bank accounts, inventory (stock) property, cars, computers, money owed to you (debtors) etc.
Read MoreTURNING SKILLS INTO MONEY AND A BETTER LIFESTYLE
“Success can be a double-edged sword,” he says. “I think as a business owner you have to stop working in your business long enough to see where it’s going, so you can work on your business. For me, I soon realised I needed to have a so-called exit strategy; ideally I’d like to get to the point where all I’m doing in the business is having cups of coffee with our clients.”
Read MoreCOVID-19 STRATEGIES FOR PROPERTY INVESTORS AND BUSINESSES
You might also want to look at a mortgage holiday. Be aware that this will increase the loan,^ but it will buy you some time, so in the big picture, may be worth it.
Read MoreWHAT BUSINESS EXPENSES ARE TAX-DEDUCTIBLE?
What business expenses can you deduct in your income tax return? It depends on your business structure, but includes things such as:ACC leviesaccounting feesbank chargescontractor costsdepreciation (wear and tear)entertainment (be careful!)home office expenseslease or rental costslegal feesmotor vehicle expenses e.g. WOF, registration, repairs, insurance, FBTpurchases (for business purposes e.g. stock, materials)travel e.g. fuel, parking, business travelstationery, printing and office costs […]
Read MoreCOVID-19 BUSINESS & TAX SUPPORT
If you are unable to pay this tax on time because of the effect of COVID-19 on your business, IRD expect that you will pay this tax as soon as practicable. In such cases our recommendation is that you contact IRD now to let them know you can’t pay the tax on time and negotiate a payment plan.
Read MoreARE TAX BENEFITS A GOOD REASON TO CHANGE COMPANY SHAREHOLDINGS?
Previously you both earned about the same, but now there is a child in the mix, and one of you is working less as a result, and earning less as a result.
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