Changes to IRD penalties and interest
Great news! The IRD has changed the safe harbour threshold before UOMI (Use-Of-Money Interest) applies to be increased from $50k to $60k for individuals and non-individuals alike.
Proposed Changes to Schedular Payments
There may be changes coming in relation to schedular payments. The Taxation Bill is expected to be passed in March 2017 and if enacted, this will change obligations for contractors from 1st April 2017 onwards. Instead of the existing tax code declaration…
The Holidays Act was amended in January 2014 to enable Waitangi and ANZAC public holidays to be Mondayised if they fall on a weekend day that an employee would not otherwise have worked. For employees who would not otherwise work on that Saturday or…
2017 End of Financial Year Information
It’s that time of the year again when you need to start getting your records ready for us to prepare the annual financial statements and tax returns. Ensuring that your records are complete can reduce the amount of time we spend preparing your accounts.
Childcare in NZ more costly than most of the world
Childcare in New Zealand is more expensive than almost every other country in the western world. The OECD says Kiwi families are spending almost a third of their household income on childcare. The only county ahead of us on the list is the UK, where it…
ACC Cover Plus Extra
ACC CoverPlus Extra CoverPlus Extra is an optional product that lets self-employed people negotiate a pre-agreed level of cover. This way you will know exactly how much money you will receive if you have an accident. The differences between ACC…
IRD GST is changing on 7 February
The IRD are in the process of improving how customers manage their GST through myIR Secure Online Services. All of IRD services will be unavailable from 3pm Thursday the 2nd of Feb until 8am Tuesday 7th of Feb (Waitangi Weekend) while they make their…
How Accounting Software Can Increase Profits
Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what…
Tax Season Tips for Small Business Owners
Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And…
KiwiSaver for the Self-Employed
If you are self-employed, you are not required to contribute a percentage of your income.
AIM - Accounting Income Method
By now you may have heard about the new AIM system that IRD have in place for small businesses. This is the new provisional tax option to help small businesses with their cash flow where they only pay tax when the business makes a profit
If your business has specific accounting/reporting needs that is outside the usual, Xero has a number of fantastic add-ons that can integrate seamlessly with Xero.