What to know about public holidays
Following the introduction of Matariki in 2022, employees in New Zealand get 12 public holidays a year. But what happens if your business needs to stay open on a national holiday? When employees work all or part of a public holiday, businesses must: - pay staff at...
Tricky tax questions at Christmas time
No matter how well you’ve planned in advance of the Christmas flurry or whether you’re still taking care of last-minute items, be aware of what you can claim tax deductions for, or where you might be liable for tax. For instance, in a quick quiz, could you answer...
Giving gifts to clients (think about the tax)
The season of giving is on us. While the fun part is thinking about parties and presents, take a moment to remind yourself about the tax rules. If your Christmas giving includes gifts to clients, remember that some gifts will be fully deductible while others will be...
Quick guide to employment basics – sick leave and bereavement leave
As an employer, it is essential to understand the different types of leave and your employees’ entitlements, including sick leave and bereavement leave. Sick leave Your team members are entitled to 10 days of sick leave per year if they - have been continuously...
Trusts and information disclosures
If you have a family trust or are a trustee for one, be aware of your obligations. The Trusts Act 2019 introduced presumptions that trustees will make basic trust information available to every beneficiary and provide further trust information to beneficiaries on...
The value of cashflow forecasting for your business
Projecting your cashflow pipeline forwards is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash...
Managing Tax Debt
It’s always important to manage your tax so that – as far as possible – you don’t owe overdue tax and you aren’t incurring penalties and interest because of it. If any of these applies to you, it’s important to act quickly and talk to us: - if the due date is coming...
NZ Business confidence soars: how to ride the wave
[Business confidence soared in August], rising 23 points to +51, the highest level in a decade! Against the backdrop of dire economic outlooks and the [’Survive to ’25’] mantra that’s been so prevalent in business circles, this jump in New Zealand business confidence...
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 who do not work from home use their own phones or devices for both work and...
Farming law reforms
Duty-free dairy exports The turn of the year brought a welcome change for New Zealand dairy farmers: all New Zealand dairy products can now enter China duty-free. Duties on milk powder no longer apply following China’s decision to remove the safeguard duties on milk...
Farming of the future
Digitisation is transforming how farming businesses operate, leading to more innovation, efficiency, and productivity across New Zealand. The Internet of Things (IoT) is part of the puzzle, local networks of internet-connected devices and appliances that share...
Livestock Special Alert: Dairy farming businesses
The values for dairy this year have seen a very small fall in values on average across all female classes, but a small increase on average across all male classes. The largely stable values can be attributed to a flat dairy sector where total cow numbers continue to...
Budget Special Alert: Tax threshold changes and your business
The changes to personal income tax rates taking effect in July, as an outcome of the Budget 2024, have some consequences for businesses. The current thresholds apply for the first 3 months and 30 days of the 2024–25 tax year; the new thresholds for the remaining...
Resident withholding income and tax
Resident withholding income includes interest and dividends. Generally, resident withholding tax (RWT) must be paid on it. If you're a New Zealand tax resident earning income from interest and dividends from New Zealand bank accounts and investments, you will be...
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. There have been a lot of...
What to know if you rent out your holiday home or provide services online
Do you rent out a bach on Airbnb? Do some driving on Uber? If so, there are some tax changes you need to know about. From 1 January 2024, platforms such as Uber and Airbnb will collect information from their users including sales income and IRD numbers, and are...
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...