Ouch it’s tax day

You’ve got to hand it to the tax department … welcoming you back to work by taking a nasty bite out of your bank account.  And they’ll be back for even more if you don’t pay on time so please don’t forget to pay your IRD bills today.




















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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.


Xero prices and plans

Bad news folks!  I guess Xero needs to pay for that flashy new building because we’ve just received word that both standard and premium plans will increase in price by $5 per month, from 28 September 2018.  Standard subscriptions will go up to $60 a month, while premium pricing increases to $75 a month (excluding GST). This pricing includes one active Xero Expenses user with subscribers paying an additional $5 per additional active user. To help keep your price down, we’d discourage you from using Expense claims.




Remember, many of you are still eligible for our 30% discount on Business Edition plans.  This requires us to act as the subscriber with you maintaining your own billing account, only available if payment is on direct debit or credit card, and is subject to a positive credit history with us.  Alternatively, rather than having the Partner act as Subscriber to the subscription, you may act as the Subscriber for Xero Business Edition subscriptions and invite the Partner into that subscription as an invited user (although our discount will not be available to you in this scenario).  The Subscriber to the subscription has the ability to control access rights and may be required to retain ownership of the file for insurance purposes.


IRD giving away holidays

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.

Continue reading IRD giving away holidays

Is the new tax option right for you?

Is the new tax option right for you?  Probably not!  Yes, I’m serious.  This new pay-as-you-earn option of paying your provisional tax almost got it right, but not quite.  The concept is good but it’s really not a whole lot different to the ‘Ratio’ method which crashed and burned a few years ago!

Continue reading Is the new tax option right for you?

The end of fringe benefit tax on company cars?

Yes, it’s true.  Sort of, kind of anyway!  Some of you are now eligible to have a company car without the sting of paying Fringe benefit tax (FBT) on it.  Nothing’s quite that simple though especially when it comes to the intricacies of tax legislation and there are, of course, a whole string of eligibility requirements.  We’ll cover a few of them below but this type of thing is complex and riddled with fish hooks so it’s well worth having your Chartered Accountant review your situation properly before you do anything rash.

Continue reading The end of fringe benefit tax on company cars?

Is there GST on …?

13544486_s (2)Have the GST changes ‘snuck’ past you?  The first time you’ll probably notice them is when you download music and are charged roughly an extra thirty-five cents per song. It’s not only iTunes and Spotify but also Kindle and Netflix.  How’s it work? Basically, you now have to pay GST on the online services you previously bought GST-free like movies, music streaming, e-books, overseas images and email through the likes of Microsoft.  Thankfully, fashion junkies don’t need to fret (just yet) because you can generally still buy low-value clothing, from overseas websites, without having to pay GST in New Zealand.  But (there’s always a but) it’s more complicated for the poor old business owner as you’ll see below:

Continue reading Is there GST on …?

Cashies a No No

201The thing about ‘cashies’ is that the business people doing them often haven’t graduated much past the level of cabbage maths.  They often wrongly believe that the equation is as simple as 1+2=3 but the smart business person knows it’s far more complicated than that.  Continue reading Cashies a No No

Ten Tricks for breezing through an IRD audit

A+ on your IRD auditWith the government currently pumping cash into IRD audits it’s what we call AUDIT SEASON so here’s some things you can start doing right now to help you breeze through an IRD audit if you’re ever unlucky enough to be targeted (and if you happen to be wondering why you were targeted then check out our Idiots Guide to getting an audit):

  1. Never ever throw away your bills or invoices and better yet store them in your xero accounting software.  It’s free off-site storage which we absolutely adore.  If that’s too ‘techy’ for you then keep them in a dusty old box somewhere safe for at least 7 years because that’s how long the IRD’s got to get you!
  2. Don’t even bother trying to claim personal things like Continue reading Ten Tricks for breezing through an IRD audit

Look through company traps (LTC)

New Blog Post Boutique Financial Chartered Accountants AucklandIf you’re the proud new owner of a look-through company (LTC) then this advice is especially for you because we’re going to chat, in a down-to-earth way, about the super important stuff you need to know.  Hopefully you’re up to speed by now and realise that your look-though company is a little different from a normal company.  The key difference is of course that a look-through company has ‘special-powers’ which in theory let you use the company losses in your personal tax return to hopefully give you a tax refund.  However, it’s incredibly easy to lose those ‘special-powers’ and cease being an LTC so make sure you talk to us first if you’re thinking about doing any of the following: Continue reading Look through company traps (LTC)

Idiots Guide to getting an IRD audit

IRD auditIf you’re a bit of an adrenaline junky and looking for a new business thrill then try an IRD audit. Some Inland Revenue audits even come with surprise raids of your home and may involve taking photographic evidence of your knicker drawer as Dragons’ Den star Paul Webb recently found out.  So if for some reason you’re a bit of an idiot and really keen to hit the IRD’s radar then here’s a few things that’ll help you succeed on your mission:

  1. File your returns late or don’t even bother filing them at all.
  2. Don’t pay your PAYE. This is a goody because it makes you look like a real criminal stealing from your staff.
  3. Be nasty to anyone you’ve done ‘cashies‘ with so they’ll dob you in. Continue reading Idiots Guide to getting an IRD audit