Creating a small business budget

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be...

Working from home expenses, reimbursements, and tax

Employees increasingly work from home, whether part- or full-time, or during lockdowns. It’s raised questions about how to reimburse employees for associated costs and whether businesses can claim deductions for reimbursements. Inland Revenue guidance on the tax...

Reimbursing employees for work use of phones, tablets or laptops

If you provide employees with mobile phones, laptops, or devices for work, which are used solely for work, you can claim the devices and usage plans as business expenses. Where employees use their own phones or devices for both work and private use, you may choose to...

Four tips to get you started with better debtor management

Think of great debtor management as the flip side of great customer service. Great customer service makes it easier for your clients to buy what you sell, nurtures strong customer relationships, and helps your bottom line. Great debtor management makes it easy for...

Which capital gains are tax free?

New Zealand does not have a capital gains tax. However, some capital gains are taxable. These include the gains made on some property sales, and sometimes on the sale of shares and other assets. Rather than listing which gains are taxable, it’s simpler to tell you...

Covid 19 Newsletter #2 – Update & Business Support Measures

Update Thankfully we are now in Level 2 and back to some kind of normality. We have plenty of space in our office to social distance so all of our staff members have returned to work. For client meetings we are going to arrange online meetings where possible but face...

Covid 19 Newsletter – Update & Business Support Measures

UPDATE AND BUSINESS SUPPORT MEASURES The transition into lockdown has been very quick and we’ve been working hard to keep our services up and running. Here’s what we’re doing … Our office is closed under Level 4 (and 3) requirements. Our team are fully operational and...

Avoid harm on the farm – cash back on quad bikes

Are you thinking about crush protection devices for your quad bikes but the cost is putting you off? ACC and WorkSafe can help ease the financial strain. If you’re self-employed or own a small-to-medium-sized farming business, you could be eligible for a cash back...

Understanding Your Statement of Cash Flows

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period. For each of the reporting categories, receipts and payments are listed (money in and money...

Claiming home office expenses

Are you a sole trader? If you do some of your work from home, you may be entitled to claim a tax deduction for household expenses related to earning income, such as rates, insurance, power, and mortgage interest. The amount you can claim is based on the area of your...
Creating a small business budget

Creating a small business budget

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be...

read more
Which capital gains are tax free?

Which capital gains are tax free?

New Zealand does not have a capital gains tax. However, some capital gains are taxable. These include the gains made on some property sales, and sometimes on the sale of shares and other assets. Rather than listing which gains are taxable, it’s simpler to tell you...

read more
Understanding Your Statement of Cash Flows

Understanding Your Statement of Cash Flows

The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period. For each of the reporting categories, receipts and payments are listed (money in and money...

read more
Claiming home office expenses

Claiming home office expenses

Are you a sole trader? If you do some of your work from home, you may be entitled to claim a tax deduction for household expenses related to earning income, such as rates, insurance, power, and mortgage interest. The amount you can claim is based on the area of your...

read more
Directors: Know your role

Directors: Know your role

Being a good director can help your company run well, achieve its goals, and maintain a good reputation. As a company director, you have obligations to your company and shareholders, responsibilities under the Companies Act 1993 and obligations under an ethical code...

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How to do a bank reconciliation

How to do a bank reconciliation

Bank reconciliation keeps your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. Bank reconciliation involves a comparison of your sales and expense records against the record your bank has. It can take a lot of time...

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Law changes that may affect you

Law changes that may affect you

This year there have been a number of law changes that may affect your business or investment property. Sick leave - The number of days an employee is entitled to will increase from five to ten days per year from 24 July 2021. Minimum Wage Increase - The adult minimum...

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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...

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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...

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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...

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