Helping you find the motivation to pay tax

Okay, we get it.  It’s not easy finding the motivation to pay tax. But if you don’t pay, the motivation is definitely going to find you (as seen in the grisly pic below)!  Apologies for that Dad joke, but please don’t forget to pay today unless you enjoy a good IRD mauling.

Funny pic of bear chasing bike

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Boutique Financial Chartered Accountants & Business Commentators

Copyright © 2019 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer and does not provide an exhaustive statement of tax law.

Don’t forget pay tax today

tick tock clocksThe 7th of May is a rough day isn’t it.  All that money disappearing out of your bank account in a giant lumpy heap.  But the only thing that makes today worse is if you get so busy you forget to pay.  Even if you meant to pay and it completely slipped your mind the IRD will instantly ping you with horrific penalties which you have a ridiculously slim chance of ever escaping.  We’ve even had clients hospitalised with Heart failure and that wasn’t a good enough excuse for our beloved tax department.

Thankfully though we have a clever solution which lets you buy back-dated tax.  Okay, so there’s far more exciting things to buy than tax but buying back-dated tax puts money back in your pocket by killing off the late payment penalties.  Even better the price tag of tax-financing is generally less than what you’d pay in IRD interest so it’s well worth doing if you do somehow miss a chunky tax payment.

If buying tax seems like something that’d work for you, please let us know and you can either chat directly to our tax financing partners or pay us to do it for you because, if you’re honest, us taking care of everything will be a lot less painful than them firing questions at you which only we know the answers to.

Simply email us on info@boutiquefinancial.co.nz to book a consulting session or phone our Chartered Accountancy office on +64 9 632 1137.

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Copyright © 2015 Boutique Financial Limited Chartered Accountants Auckland All Rights Reserved. This publication must be read in accordance with the attached disclaimer.

Do I have to file tax returns if I live overseas?

17319360_s jetWhen you’re heading off to live overseas the last thing you want to think about is your New Zealand tax return.  That’s all fine and dandy so long as you never plan on returning to the land of rugby, pies and beer.

  1. At the very least, you’ll generally need to file non-resident tax returns in New Zealand while you’re overseas. They might not include very much (perhaps a little bit of interest from your NZ bank accounts) but you still need to file a return to keep things sweet with the Inland Revenue Department.
  2. At worst, you’ll continue filing normal tax returns which include every bit of your income from absolutely everywhere – it’s called your worldwide income.

Continue reading Do I have to file tax returns if I live overseas?

New tax exemption for children

19110294_sIt was all over the news.  The media went slightly crazy at the idea of children having to pay tax but most of them failed to mention the new tax exemption that was introduced for children from 2013 onwards.  With some careful planning your child might just be eligible.  Simply make sure they meet all of the following requirements:

Continue reading New tax exemption for children

Family Trusts under fire

016061344Did you happen to notice those sneaky little questions on your Census form about Trusts? It’s a sure sign that the Government is now ramping up its interest in Family Trusts (which you might recall, we predicted over two years ago). So, what does this mean for you? It means getting your Trust paperwork absolutely perfect to ensure that your Trust provides the protection you set it up for. Otherwise, you could be in for a rude (and expensive) shock.  To help you get started, we’ve attached links to some of our most popular articles about running family trusts properly. Enjoy! Continue reading Family Trusts under fire

Can I do my own tax return

8840178_sAnyone can do their own tax return but whether they should is the real question. It’s a bit like that 1980’s advert where two over-sized mice are debating whether they can get the cheese out of a giant mousetrap by themselves. In true kiwi style they decide it’s “worth a crack” and sadly, with a slam of the trap, it’s all over for poor Nigel the mouse.  Having a crack at your own tax return is just the same except you won’t see the traps.  The traps only become visible when you’re audited and by then it’s too late.  Continue reading Can I do my own tax return

Making money from tax planning

Dirk ErckenHaving a wodge of cash in your company bank account makes business a nice place to be. More than anything it gives you that mental time out on an otherwise dreary day. Typically I imagine getting all materialistic and spending those savings at least three times over (usually visiting the world’s best surf breaks, upgrading my wife’s scooter to a Range Rover Evoke and investing the money back into my business) so it hits particularly hard when, in reality, I end up having to spend it all on only one thing; dirty old tax.  Continue reading Making money from tax planning

Why PAYE wages are bad for business owners

Boutique Financial Chartered Accountants - Tax PlanningIf you read our articles regularly then you’ll be sick of us banging on about the dangers of business owners paying themselves PAYE wages. What we mean by PAYE wages is when you take wages (or a salary) just like a normal employee and pay the tax to the Inland Revenue each month.  From a financial perspective there’s a ridiculous number of reasons why this isn’t smart but for now we’ll share just nine of them with you: Continue reading Why PAYE wages are bad for business owners

What is provisional tax?

Provisional tax means splitting your total tax bill into chunks Let’s kick off by squashing a few wildly incorrect rumours about provisional tax;  It definitely isn’t tax paid in advance, it’s not  an extra tax and you don’t automatically get out of paying it in your first year of business.    Provisional tax is simply a way of paying tax and when used cleverly, with the help of a smart Accountant, there can even be opportunities to make money from it.  Yes really!   Continue reading What is provisional tax?