Business
TURNING 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.
Read MoreSHOULD I GET THE COMPANY TO BUY ME A CAR?
SHOULD I GET THE COMPANY TO BUY ME A CAR? That’s a good question. It depends on whether your company is a Look Through Company (LTC) or not
Read MoreWHAT IS A SOLVENCY RESOLUTION?
WHAT IS A SOLVENCY RESOLUTION? A solvent company is one where the assets are more than the liabilities. An insolvent company is the opposite
Read MoreCHANGES TO FINANCIAL REPORTING REQUIREMENTS FOR SMES
ou might have heard of the Financial Reporting Act 2013 and the Financial Reporting (Amendments to Other Enactments) Act 2013. Maybe not. Anyway, changes which took effect on 1 April 2014 mean that entities that do not meet the large entity definition will no longer be required to prepare financial statements in accordance with NZ GAAP.
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