The Holidays Act is changing – but you’ll need to comply in the meantime

A major overhaul of the Holidays Act 2003 is underway, which is welcome news because this is a notoriously tricky Act for businesses to comply with. Many businesses have been caught out over the years, including Bunnings, NZ Post and McDonalds. Even the NZ Police,...

How’s the forecast looking for your business?

Whenever we're going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading....

Residential Property – the bright-line test and tax

Property investors come in all shapes and sizes, from large scale professional operations and developers to so-called ‘Mum and Dad’ investors who wanted to save for their retirement with something they could feel was literally safe as houses. Changes to tax rules for...

Trusts and information disclosures

Big changes came through this year that affected trusts and trustee obligations. The Trusts Act 2019 introduced new presumptions that trustees will make basic trust information available to every beneficiary and provide further trust information to beneficiaries on...

Why employee onboarding is so important

Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth and comprehensive as possible. Onboarding (also known as induction) is a broad, structured process to provide a new team member with...

Self-employed? Get the full KiwiSaver contribution

When you’re self-employed, you’re the one in charge of your KiwiSaver contributions. Without an employer to make contributions on your behalf, you need to decide how much you want to commit to your retirement fund, if anything. If you’re self-employed, why contribute...

6 Reasons To Look at Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense...

BUDGET 2021: What’s in it for you?

Budget 2021 was all about big spending on benefits, health and infrastructure. With some critics saying the Government was spending too little and others saying it was racking up too much debt, Finance Minister Grant Robertson aimed to find a balance between the two....

Tips for getting paid on time – credit control mistakes to avoid

In an ideal world, you invoice a client, you get paid and you move on. But what happens when payment is elusive and you can’t quite figure out where you went wrong? Credit control is all about managing any factors that might get in the way of payment, limiting these...

Property and Tax update

On 23 March 2021, changes to tax rules for investment properties took investors by surprise. There has been widespread commentary with more to come as the detail unfolds. In overview: The bright-line test has been extended from 5 to 10 years for properties purchased...
Trusts and information disclosures

Trusts and information disclosures

Big changes came through this year that affected trusts and trustee obligations. The Trusts Act 2019 introduced new presumptions that trustees will make basic trust information available to every beneficiary and provide further trust information to beneficiaries on...

read more
Why employee onboarding is so important

Why employee onboarding is so important

Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth and comprehensive as possible. Onboarding (also known as induction) is a broad, structured process to provide a new team member with...

read more
Self-employed? Get the full KiwiSaver contribution

Self-employed? Get the full KiwiSaver contribution

When you’re self-employed, you’re the one in charge of your KiwiSaver contributions. Without an employer to make contributions on your behalf, you need to decide how much you want to commit to your retirement fund, if anything. If you’re self-employed, why contribute...

read more
6 Reasons To Look at Your Financial Reports

6 Reasons To Look at Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense...

read more
BUDGET 2021: What’s in it for you?

BUDGET 2021: What’s in it for you?

Budget 2021 was all about big spending on benefits, health and infrastructure. With some critics saying the Government was spending too little and others saying it was racking up too much debt, Finance Minister Grant Robertson aimed to find a balance between the two....

read more
Property and Tax update

Property and Tax update

On 23 March 2021, changes to tax rules for investment properties took investors by surprise. There has been widespread commentary with more to come as the detail unfolds. In overview: The bright-line test has been extended from 5 to 10 years for properties purchased...

read more
An overview of the new Trusts Act 2019

An overview of the new Trusts Act 2019

The Trusts Act 2019 came into force on 30 January 2021 - your Trust must now be compliant with the new Act. The aim is to make the law more accessible and easier to understand. Most of the changes relate to Trustee obligations and strengthening the ability of...

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Small Business Cashflow Loan Scheme expanded

Small Business Cashflow Loan Scheme expanded

The Government launched the Small Business Cashflow Loan Scheme (SBCS) in May 2020 to assist small-to-medium businesses affected by COVID-19. Since then, over 100,000 SME businesses have used the opportunity to access tap into cheap working capital. Around 6,500 SMEs...

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Provisional Tax – how does it work?

Provisional Tax – how does it work?

If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like paying progress payments on next year’s income tax. The amount you have to pay relates to your expected profit...

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The 39% tax rate – Your questions answered

The 39% tax rate – Your questions answered

New Zealanders earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how your tax obligations change when it comes to shares, property, FBT, superannuation tax, or trusts? The 39% tax...

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Tax shake-up targets property investors

Tax shake-up targets property investors

A surprise move to change tax deductibility on rental properties has come as a shock to property investors. Owners of investment properties can no longer offset loan interest payments against rental income when calculating how much tax they have to pay. This will...

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The minimum wage increases on April 1st 2021

The minimum wage increases on April 1st 2021

From April 1 2021, the adult mimimum wage will increase from the current rate of $18.90 per hour to $20 per hour. There are 3 types of minimum wage — adult, starting-out and training. The adult minimum wage - applies to employees aged 16 years or older. The starting...

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Accounting Information Method (AIM)

Accounting Information Method (AIM)

AIM could be helpful If you have seasonal income or will pay more than $60,000 of tax in the year, the new Accounting Income Method (AIM) could be good for you. From 1 April 2018 you're going to be offered another opportunity to avoid the interest charge on the...

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The Trust Issue

The Trust Issue

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...

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Farming – ACC & Passive Income

For farming clients who are in the process of moving away from the day-to-day farming activities, the question of whether they are still actively farming comes up annually when the ACC invoice arrives. This tends to affect older clients who may have employed a 50/50...

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