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Important Dates March - May 2016

Here's the dates you'll want to mark in your calendar for March - May of 2016. These dates apply to those clients for whom we prepare tax returns. Different dates will apply for those clients for whom we don't prepare returns. Please ask us if you'd like more information, 09 421 9020 ...

Mileage Rates

If you're self-employed you can use the Inland Revenue mileage rate to calculate the cost of using your motor vehicle for business purposes. Last year the commissioner reviewed the mileage rate for the 2015 tax year and decreased it from 77 to 74 cents per kilometre. If you have any questions or need templates to help calculate this rate, contact us on 09 421 9020 and we'll get you sorted....

Setting the Record Straight

Inland Revenue have signalled they will be looking at businesses' record keeping systems. Key targets will be that all jobs and all income are being recorded and that GST is being handled properly. Recent prosecutions indicate that PAYE records are another hot topic, along with the corresponding employment records. If sketchy records are a quick way to set off the IRD alarm bells, this could be a great time to do a sense check on your records and systems. As a business owner you're required by ...

Targeting the Cash Economy

Inland Revenue's crackdown on 'cashies' continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They've been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results. Inland Revenue acknowledge people trying to cheat on tax are in the minority but stress that they're a very expensive minority. The so-call...

Important Dates

Here are some important dates you'll want to put in your diary or plan in advance so that you aren't caught out over the holidays....

Flexitax - Cashflow for Christmas

Tax Management NZ (TMNZ) have come up with a new payment option to give businesses more flexibility to manage their cashflow and their tax. Businesses that owe provisional tax can pay variable instalments, based on their cashflow at the time. Businesses can pay in instalments for income tax for the current tax year or the one just gone. It wipes late payment penalties and reduces IRD interest costs. TMNZ charges the business interest calculated on the remaining amount of tax owed every month. An...

Housekeeping

If your business peaks during the holidays, have your marketing organised and plan your staffing. Is there a planned approach to when everyone is taking their holidays? Have extra business cards or other marketing giveaways on hand - it's a great season for networking. Magnetic car signs can attract enquiries as well. Everyone is used to being cash strapped in the New Year but no one ever really prepares for it. Follow up with debtors to encourage payment...

Great Christmas Movies

In no particular order because that would be like saying you love one child more than another. 1. A Christmas Carol - Any version will do. Our pick would be the Jim Carey version. Great classic story with modern CGI graphics. 2. The Santa Clause - And of course the sequels too! Tim Allen makes the red suit his own in this fun filled family trilogy. 3. Home Alone - What's a Christmas without Kevin and those two bungling bandits?!! 4. Elf - Probably one of the only Will Farrell movies you ...

Heads Up on Health & Safety

The new health and safety legislation has passed and we all need to start planning. Your business needs to be compliant by 4 April 2016, when the new Health and Safety at Work Act takes effect, replacing the Health and Safety in Employment Act 1992. A lot of information is still to come on how the Act will operate. Regulations will be released to clarify how it will work for different industries. WorkSafe New Zealand will provide guidelines to businesses and workers. The legislation has b...

Getting Great Summer Staff

Summer can be peak times for certain businesses, particularly if your in tourism, retail, hospitality or horticulture. Here's some help to make the job of taking on extra workers a little easier: Know what you kind help you're looking for. Fixed-term? Specific shifts? Casuals? Start looking and recruiting now. This will give you time to find the people you want and get any training or induction done. Getting in early also gives you access to a wider pool of talent. Remember the best ones ar...

World Cup Fever

New Zealand has a King and Rugby is his name. With games being played on the other side of the world you have to know Kiwi's will be up in the wee hours of the morning to pay homage to this beautiful game. How does the nations Rugby habit affect you and your business? What its going to be like when we get to the finals? Have a read of this excerpt taken from the business.govt.nz website: From March 2015, all employees have the right to request flexible working arrangements at any time. Empl...

Podcasts You Should Be Listening To Right Now

We have a saying in Texas, "Keep your saddle oiled and gun greased". So we rustled up a list of podcasts we like, listen to and believe can help you walk "in tall cotton". Too much Texas for you? Here's the boring business version: You want to make sure you stay prepared for whatever the future holds. We put together a short list of podcast we like, listen to and believe can help you achieve your goals in life + business:...

Buying secondhand goods and GST

In some situations you may have purchased secondhand goods to use in your business but didn't pay GST on the purchase because the seller wasn't GST registered. The good news is you can still claim a GST credit as long as the goods were located in New Zealand at the time of purchase and the details of your purchase have been recorded. You may consider buying secondhand items for your business to save money. Even if the seller isn't GST registered you can still make a claim for GST....

How Your Attitude Affects Your Business

About a year ago a company called Infusionsoft conducted research on SME's. They got feed back from over 400 companies that have 25 or fewer employees. Even when you take into account all the limitations of the experiment, the findings can be applied across the spectrum of small business in any country. Have a look and see for yourself. Are you a Freedom Seeker, Passionate Creator, Struggling Survivor or Legacy Builder? Each has its own strengths and weaknesses. We invite to discover yo...

Employment Standards

The Employment Standards Legislation Bill has been introduced to parliament, proposing changes to strengthen enforcement of employment standards. This will introduce tougher sanctions for breaches and greater accountability for people and entities associated with the employer — such as directors, senior managers, legal advisors — if they are knowingly involved when an employer breaks the law. The changes target unfair practices such as unreasonable deductions from employees' wages; or wher...

Tax Talk

We know that tax can be a riveting subject full of action and excitement...Ok, maybe not. But you still want to know important dates to mark in your calendar. All the dates and time frames for tax payments to keep you on track....

Health & Safety

The Health and Safety Reform Bill, which started its slow progress last year, took another step forward in late July with its second reading in Parliament. Meanwhile, tragically preventable accidents, particularly in high risk sectors such as quarrying, forestry, farming, manufacturing, transport and construction, keep the pressure on for better safety outcomes. The lengthy gestation period of the proposed legislation has aggravated employer uncertainty about the implications of the proposed le...

Directors, Dividends and Your Tax Position

Dividends, imputation credits...it's okay, almost everyone finds them hard to understand. So, we know it might not occur to you, if you log on to the Companies Office website to update your shareholder details, that you could have made your tax position more complicated by doing yourself out of tax credits. The Companies Office has made it really easy to update details on their website and that's great. Particularly for small companies, it makes it quick, easy and convenient. However, it's no...

Property Tax

After much debate and pressure from all sides the government made a move in an attempt to slow the overheated property market, particularly in Auckland. So what does it look like? What will it mean to you? Here are the Key Points: The tax will apply to properties sold within two years of purchase - and will take effect on 1 October. It won't apply to the family home, death estates or properties sold as a part of relationship property settlement. Unlike the current regime, the tax will not r...

19 Mini Money Hacks To Save You A Lot of Money

I am the last of 4 kids who grew up in South Texas raised by blue collar parents. My spending/saving habits today are informed by my experiences growing up. Going from the 'have nots' to 'haves' gives a certain kind of perspective and comes with a particular brand of tight fist. Inspired by the article by Kalen Bruce, I have put my take on Mini Money Hacks, and of course a little Texan inspired Kiwi flavour for good measure....

Battle, Bargain & Brains

This morning I had the privilege of listening to Malcolm Rands, Founder of EcoStore. He's a very likable guy and I love the way he shared the journey of EcoStore via a story. He began with telling us how one of his daughters, as a gift to him one Father's Day, made a comic book of his journey. In the opening frames she tells the story of how her Dad Battled, Bargained and used his Brains as he established his business. Watch the video created from this comic book below. ...

Look Up

I was at my son's basketball game last week. He's 14 and plays for the U17 team. (Ok, no more parent bragging, this isn't facebook). There's is a guy on his team, lets call him Sam, who has great defensive skills. He is fast. His balls skills are pretty good too. He is cunning. Good at stealing the ball and making the fast break to the goal end of the court. This happened many times in the game. What also happened was often a fellow team member saw the action and sprinted to the goal end to...

Keeping It Fresh At Your Desk

You can do many of these exercises while on the phone or working. It will not only assist in toning your muscles and burning calories, but you will keep your blood moving and you will be more alert. This will also de-stress you and allow you to breathe and get oxygen into your blood. 1. Take 10 deep breaths from your stomach - sloooooooooowly breathe out. 2. Lift both your feet off the floor so your legs are bent at 90 degrees and hold your tummy in for 30 seconds. 3. Lift one feet off the f...

4 Ways For You To Get Good Advice When You Need It Most

Good advice. Can't beat it. But how can you make sure the advice your're getting is good? We could create a list of snazzy looking points that would be helpful, but why reinvent the wheel? Below is an except from an article written by Rob Biederman, Co-founder and CEO of Entreprenuer.com that we think gives clarity on how you can make sure you are getting good advice: So how do you get good advice when you need it most? Here are a few tips:...

Parental Tax Credit

For babies born on or after 1 April 2015, the Government will increase the parental tax credit from $150 a week to $220 a week, and extend the payment period from eight weeks to ten weeks. How much you receive also depends on: your total family income before tax the number of dependent children in your care and how old they are the number of newborn children per year You can either receive PTC or paid parental leave. You can't receive both at the same time. And you can't receive PTC if you...