Interest deductibility on property investments is now being phased in with 80% allowable from 1 April 2024
As of 10 March, the coalition government has confirmed the return of interest deductibility for property investors, with the phased-in changes taking effect from the next financial year. As a result, legislation is expected to be passed allowing you to deduct 80% of...
Some common things businesses forget at tax time
Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expenses Dinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with...
Minimum wage increases to $23.15 per hour
The Workplace Relations and Safety Minister has announced that the adult minimum wage will be rising to $23.15 per hour from 1 April 2024. - a 2% increase from the current hourly rate of $22.70. Brooke van Velden had initially proposed a 1.3% increase, while the...
What policy changes might affect your business?
Here are some of the changes businesses should watch for: 1. Reintroduction of 90-day employment trial periods The government has extended the availability of 90-day employment trial periods for all businesses, reversing changes made in 2018, which scrapped 90-day...
Happy New Year
Thank you for your business in 2023. For business owners, the New Year is often the time of year when you reflect on where you are at and think about your business goals for the year ahead. These could be lofty goals, or even setting out a plan to achieve some more...
What to look out for when buying a business
Buying an established business is a great way to enter into the business world, or to expand your existing business empire. But purchasing a company isn’t something to enter into lightly. Becoming the prospective owner of a new business means doing your homework,...
5 things to know when you’re applying for a home loan
Thinking of applying for a home loan? Here are some tips to help you prepare an application that’s more likely to be approved. You may need to go on a financial diet before you apply - When you apply for a mortgage, a bank will typically analyse the statements for all...
What will a National-led government mean for your taxes?
We don’t yet know exactly how the new National-led coalition government will be formed. But we do know that National pledged to make some major changes to tax if it came into power. Here are some of the changes that could affect you: Tweaks to tax brackets National...
Grow with the (cash) flow
Steady cash flow is the fuel that powers your business, but when you’re busy doing a million things at once it can easily slip to the bottom of the priority pile. Here are some tips to keep the cash flowing while you’re growing: Invoice quickly - good debtor...
Understanding your Financial Statements
You may be used to thinking of financial statements purely in terms of your annual tax return but for success in business they need to be much more than that. As a business owner/operator, it is essential that you understand your financial position. Understanding the...
Provisional tax – for business owners
As a new business owner, it's important you understand the provisional tax system as it affects your business. In your first year of business, you can receive a significant tax deferral. Your first year's tax bill is, in some cases, not payable until 7 April the...
Plain English guide to cashflow
Why is cashflow so central to good financial management? Here's our plain english guide. What is cashflow? Cashflow refers to the movement of money into and out of your business over a specific period. In the most basic terms, cashflow is the process of cash moving...
GST apportionment and adjustment
GST apportionment has been around for a long time, but it has changed over the years. You can claim input tax deductions on purchases of goods and services you use to make taxable supplies. Where assets are used both to make taxable supplies and for private use, you...
How to apply for a business loan
Need some extra cash to take your business to the next level, but daunted by the loan process? You're not alone. There's a lot of paperwork and number-crunching involved. Before you get started, remember that banks wants your application to succeed as the interest you...
What’s the difference between employees and contractors? And why does it matter.
Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently. Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned...
Five tech tools to digitise your farm
Apps and digital tools aren’t just for desk workers. There are plenty out there to help streamline your farming processes, saving you time and money. Xero: when you’re out and about on the farm, it’s helpful to manage accounts on the move. Xero enables you to invoice...
How humour can increase your bottom line
You want to be taken seriously as a business, right? But did you know that many customers and consumers actually want you to give them a laugh as well? 91% of people globally prefer brands to be funny, but 95% of business leaders fear using humour in consumer...
Which business expenses can you claim against tax?
Incurring expenses is an unavoidable fact of running a business. But which expenses can you claim tax deductions against and which don’t meet the tax-free criteria? Here’s our lowdown on which expenses you can claim against tax. Which business expenses can you claim...
Withdrawing a job offer – What are the rules in NZ?
What happens if, after you offer a person a job something comes to light that makes you change your mind? Whether that is the result of reference checking or changes within the company that mean you can’t take anyone new on. Can you just get in touch and say, “Sorry,...
Motor vehicle deduction rules for partnerships and sole traders
Partnerships and sole traders can use Inland Revenue’s motor vehicle deduction rules to claim income tax deductions for motor vehicle expenses for vehicles used to help earn income for the business. If the vehicle is not used exclusively for the business, you are not...
Provisional tax – for business owners
As a new business owner, it's important you understand the provisional tax system as it affects your business. In your first year of business, you can receive a significant tax deferral. Your first year's tax bill is, in some cases, not payable until 7 April the...