What a way to end the financial year! It feels more like the 89th of March, rather than the 31st. We’re sorry if you haven’t heard from us already but we’ve been overwhelmed with some clients struggling to keep up with booming sales while others are facing the very real pain of not surviving this. If isolation boredom has kicked in, you might actually be “looking forward to” getting your end-of-year tax records sorted and, if that’s the case, you’ll find a list of what to send us below. Another boredom buster you should be doing today is writing off your bad debts and doing your stocktake. If your inventory software isn’t reliable then a physical stocktake should be your first priority when lockdown ends.
Take care & stick together but obviously at a distance! ❤ [Checklist on Page 2]
Yes, it’s true. The IRD has started giving away free all inclusive holidays with your room, meals, beverages and even some sports activities included. To be eligible, you’ll need to stop filing tax returns and start specialising in cash-jobs. The most recent “winners” were in the building sector but that doesn’t mean they won’t open this up to your industry too.
On Friday the 13th a rather lengthy piece of legislation* went live and it created an entirely new tax. We won’t get into too much detail but the Act’s full name is below for any amateur tax boffins out there. Thankfully the new tax is unlikely to have much of an impact on your life unless you buy property, here in New Zealand, which is owned by someone offshore (or you’re an overseas person selling New Zealand property):
We’re thrilled to bring you part two of our tax guide to the party season (and yes we’ve continued with the pink theme much to the CEO’s disgust). What you’ll start to notice is that a lot of these things cross a number of areas of tax law so even if something’s fully deductible you may still need to pay dreaded fringe benefit tax on it! Hampers especially can be particularly sticky because you’ll generally need to record the food and drink separately from the other frilly bits and then the rules change depending on whether the hamper is for an employee or client.
The first of October is only days away and (apart from the usual pinch-and-a-punch) things are about to get a whole lot uglier if you buy and sell property regularly. We won’t bore you with the new legislation, which is mind bending and best left to Chartered Accountants, but practically speaking there’s a couple of smart things worth knowing:
This month we’re discussing wealth because locally there’s a lot of talk about a pensioner who just inherited numerous properties in a very prestigious street. With no desire to be a geriatric landlord, the properties went on the market only to find they can’t be sold until the will-makers cat dies!
Apart from dreaming about cat-free-inheritances and lottery wins, how much mental time do YOU actually invest in planning your wealth? If you don’t give it a lot of thought, then I’m sure you have some brilliant excuses Continue reading Will you be wealthy?
Be honest. Do you skip to the next story the moment the business pages start droning on about the IRD’s compliance focus? The thing is, once you know how to decode those words you won’t be so quick to ignore them. Why? Because ‘compliance-focus’ is simply code for who the IRD’s chasing. So who are they hunting and what new tactics are they pulling out? Read on to find out.
We always chuckle at the rumour that goes around about technology replacing Chartered Accountants. The real truth is that, for every technology advancement or tax simplification measure, good Chartered Accountants just get swamped with even more work.
Please click below to download our fantastic new checklist which covers absolutely everything you need to send to your Chartered accountant at the end of the financial year. For even more details you’re welcome to read our full article. And remember, giving your accountant everything they need in one hit saves you money because it uses less of your accountants time which means a smaller bill for you.