Selling Business Assets
The main advice we give to all our clients is that you talk to us before making any property transactions. Changes to the NZ Property Tax rules are yet to be finalised by law, possibly sometime in September this year. In the meantime, you are best to err…
Important Update on Bright-line Test
This is an important update for anyone who owns a property and is possibly looking to sell a property. Please contact us if you are thinking of selling and BEFORE you sell as your income tax may be affected depending on when the property was purchased or…
Getting Organised for the New Financial Year
Happy Financial New Year! Another financial year is almost over! Now is a good time to think about gathering the records together that your account manager will require to prepare your accounts. Ensuring that your records are complete can reduce the…
Xero Reminder of Financial Wellbeing & Support
As we find ourselves in Alert Level 2 and 3 depending on where you're based, Xero wanted to get in touch and highlight the financial support you can access for your business and your clients if needed.
Residential Land Sales - Getting you up-to-speed on the Bright-line Rules
REAL Chartered Accountants and Business Advisors are updating clients on changes to the bright-line rules which came into effect on the 1st of October 2015. Inland Revenue has advised that residential land sales will be a compliance focus in 2021.
Waihi Beach Gets REAL
We are pleased to announce our chartered accounting services will now be available to the Waihi community and businesses via our Waihi Beach office.
Advice for Liquidating a Company
The time may have come to close your business due to an asset sale, a business sale, a business failure, or possible liabilities in the future. It’s important to remember that a company continues in existence until it is removed from the company register.
Top Tax Rate Increase
As you are probably aware, as part of Labour’s the election campaign, they promised the top tax rate for individuals earning more than $180,000 would increase to 39%. While the details have not been announced we expect the new tax rate to be effective…
REAL UPDATE: Trust Act Changes
It is estimated that there are between 300,000-500,000 Trusts in New Zealand. Recently, there have been alarming headlines regarding changes to the new Trust Act and you may be asking yourself, should I be worried? The short answer is no. But now is the…
Christmas Expense Management Without the Tax Headache
As we move into your budget/spending for the silly season, here's a timely reminder of the rules around entertainment expenses so you know what’s deductible and non-deductible before you fork out for your staff and customers.
Holiday Pay & Public Holidays
Employment New Zealand published this excellent article on holiday pay for your staff and their minimum rights for public and annual holidays. Employees get a paid day off on public holidays if it’s an otherwise working day for them. If they work on a…
Small Business Cashflow (Loan) Scheme Update
The Government announced the following changes will be made to the Small Business Cashflow (Loan) Scheme: • Currently no interest is charged if the loan is repaid within one year. This will be increased to two years. • Currently the loan can only be…
What Makes Us Your Business Growth Partner
Our REAL Chartered Accountants team are so much more than an accounting and tax management service for our clients. Many already take full advantage of our in-house skills and experience in helping to grow their businesses sustainably and profitably.
Business Finance Guarantee Scheme - Loans for SMEs
Business Finance Guarantee loans available through participating banks can help small and medium businesses access credit for cashflow, capital assets and projects related to, responding to, or recovering from the impacts of COVID-19.
ACC Announces Updates to Help NZ Businesses
ACC has recently announced some changes to specifically support New Zealand businesses through these challenging times. From a dedicated support page to delayed invoicing and other online help. We cover it here...
Cashflow Forecasting & Budgeting
Did you know that we offer Cashflow Forecasting and Budgeting? Having a Cashflow Forecast is important for business planning. It can help you set financial targets, know where you are heading and help determine those periods where cash may be lean.
Protect Your Business with Audit Shield
We can now offer Audit Shield to anyone wanting peace of mind and protection if required to participate in an IRD or other government agency audit.
Xero Launches Xero on Air
Xero is launching Xero on Air - a brand new way to share information and connect with our accounting and bookkeeping partners, as well as small businesses around the world.
Low-value asset threshold for depreciation
The Government has recently passed legislation that temporarily increases the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the year…
Fully Funded Business Support Services Announced
We are proud to announce that as an approved service provider of the Regional Business Partner Network (an NZTE initiative), we are now able to offer two fully funded chartered accounting and business advisory services to help your business through this…
Our REAL Team on Working Remotely
We put the call out to the REAL Chartered Accountants team to share their thoughts with us on their experiences of working from home. The result was some interesting insights and a few great photos too which we share with you in our latest blog post here…
Maintaining Staff Engagement During Covid-19
One of the top engagement drivers for employees is seeing their work contribute to company goals. Businesses need to focus on employees’ emotions related to the coronavirus pandemic to restore productivity and belief in the business being able to achieve…
Hubdoc Added to Xero Plans
From 18th March, Hubdoc will be included in all Xero Starter, Standard and Premium Plans. A Hubdoc link will be available in your Xero dropdown menu where you can sign in with your normal Xero login details and follow the steps to get started.
2019 Trust Act - What you need to know and do!
If you’re protecting your family property in a trust, there may be changes you need to make before the new Trusts Act comes into force in January 2021.
Rental Property Losses - The New Ring-Fencing Law
Inland Revenue issued an official paper entitled “Ring-fencing rental losses” in March 2018 outlining the proposal to ring-fence tax deductions on residential rental properties so that they could not be used to reduce tax on other income. The new…
XAP - Xero Assistance Programme Pilot Extended
There’s a growing need for mental health support for small businesses in New Zealand as shown from the results of the Xerio 2019 Small Business Wellbeing Report. As a result, Xerio has recently announced it will be extending the Xero Assistance Programme…
IRD Tax Code Changes for Secondary Income
Those people who have used a Secondary Tax Rate (ST code) to help offset tax bills based on other income they receive, will no longer be allowed to do so under the new tax legislation, the Tax Administration Act 1994. Further information about this…
A lot learned from REAL Chartered Accountants Trusts Seminar
Mike Dorset from JR Legal joined the REAL Chartered Accountants team to share his knowledge and advice on Trusts as well as updating us on the new Trust Act 2019. We've outlined a quick summary of the key out-takes from his seminar here...
NZ Trusts Q&A
Last month we had Mike Dorset from JR Legal give us an overview of trusts in our 2019 Trust Seminar. Here is a short check list of the top points you need to know...
Trust Act 2019 – What it means for you?
The long-standing Trust bill has now become the Trust Act 2019 which comes into effect 30 January 2021. In the new act there is an important change to be aware of, as we outline in our blog here…
Google My Business - JUST DO IT!
In case you missed it, the online business world is now all about Google My Business (GMB). If you haven’t got your business profile page sorted by now then you could be missing out on business so just do it!VGMB is a free social media platform which…
Free Workshop - Xero for Intermediate Users
A special thanks to Johann Ryu and Ankur Baggan who came down from Xero Head Office in Auckland to host our August workshop, "Xero for Intermediate Users". We really appreciated them taking the time to share their knowledge & advice with us, and we had a…
Changes to IRD Use of Money Interest
Important note – due to new Inland Revenue rules, if you make a late Provisional Tax payment then you may be charged Use of Money Interest (UOMI) and will also be charged interest on Terminal Tax amounts not due until 7th of April - read more below to…
Bed tax would put Kiwis out of pocket, says tourism body
The prospect of a bed tax is polarising the tourism industry, despite both sides acknowledging local authorities need more support. The Productivity Commission's draft report found councils under pressure from tourism should be able to charge visitors…
Marketing Workshop All About Results
Both our clients & chartered accountant team were impressed with the Marketing Workshop facilitated by Chantelle Laurent from Formula One Results Ltd. A number of attendees commented that they now had a list of activities they wanted to do for improving…
Farewell to Graeme Cullen
It is with great sadness that I let you know Graeme Cullen passed away on the 2nd of May. It was a great privilege to know Graeme and experience his great “turbo-charged” enthusiasm for life and the people around him. Our deepest sympathies go out to…
Accountant warns accidental tax refund will likely have to be paid back
[As published by NZ Herald, 29-April] An accountant is warning people to be wary if they received an "accidental tax refund" over the Easter/ Anzac holiday period and says it is likely the money will have to be paid back to the tax department. Jason Topp…
New Tax Rules for Landlords Workshop
Presented by Graeme Carruthers, tax advisor & director of NSA Tax, our "New Tax Rules for Landlords" workshop was well-worthwhile according to the 40+ people attending this event.
WORKSHOP ANNOUNCEMENT: New Tax Rules for Landlords
We are pleased to announce leading tax advisor, Graeme Curruthers of NSA Tax, will be our guest speaker and presenter for our upcoming workshop on the new tax rules for landlords. If you own a rental property or rent out your holiday home then this…
Tax Working Group - Final Recommendations
The Tax Working Group’s report was released on 21st Feb, making key recommendations with regards to the New Zealand tax system on Capital Gains tax, Environment taxes, Company tax, Personal Income tax, Retirement Savings and Digital Services tax. We have…
REMINDER: 2019 Annual Work
If you have your records together then feel free to bring them in early even if you have been scheduled for later in the year. We will send out your annual checklist/authority form soon. It is a legal requirement to have them signed prior to starting your…
From 1 April 2019 employers must be set up to begin payday filing. This means that, for every payday after 1 April 2019, you will: File employment information every payday instead of filing an employer monthly schedule (“EMS” or IR348) on the 20th of…
Welcome to Rose - Our Customer Services Assistant
Many of you will have already met Rose or spoken with her on the phone. Having joined our team in May as our Client Services Assistant, Rose works at our front desk supporting both our clients and accounting team with a wide range of administrative tasks.…
Congratulations to Our Award Winning Business Owners!
We are very fortunate to work with many highly motivated, passionate business owners some of whom were recognised for their talent and successes at regional business awards events this year. A special congratulations to the team at Little Big Events and V…
Tax Update for Residential Property Investors
To cool surging house prices and level the playing field, rental property owners are about to face a number of issues through the combination of new IRD policies and law.
Xero Workshop for Intermediate Users
This workshop will help build on your current knowledge and enable you to make greater use of Xero's capabilities
ACC Online Access
ACC now offers online access to their billing system
Employers' Workshop Event - 14th June 2018
On the 14th June we had an Employers’ Seminar. The CEO of SmartPayroll Chris Partridge kindly flew up from Wellington to present some upcoming legislation changes, employers’ obligations and gave us a demo on how to use SmartPayroll.
Bright-Line Test - Residential Sales & Purchases
On the 1st of October 2015 the IRD introduced a ‘Bright-Line test’ for the sale of residential property.
This is a fantastic opportunity to hear more about recent legislation changes, IRD payroll requirements and an overview of SmartPayroll.
GST & Houses
Houses and GST can be a complicated and misunderstood area. It is important to understand when a house comes into and exits the GST net and what and when GST adjustments need to be made.
Is a Family Trust Right for Me?
Family trusts are a popular way to protect and manage your assets, such as the family home, for you and your family, now and in the future. They can have a valuable role to play, but they’re not suitable for everyone. Here are the pros and cons of family…
IRD have introduced Payday filing. This is currently voluntary, however from 1 April 2019 it will be compulsory.
Happy New Financial Year
Happy Financial New Year! Another financial year is almost over! Now is a good time to think about gathering the records together that your account manager will require to prepare your accounts.
International Tax Obligations
Have you recently moved to NZ from overseas? Are you aware of the current NZ tax laws regarding internationally-sourced income?
Holiday Opening Hours
Our offices will be closing on Friday the 22nd of December at 12pm and will reopen on Monday the 15th of January 2018. The staff here at REAL Chartered Accountants wish you all a happy and safe Christmas and a fantastic New Year and we look forward to…
SmartPayroll Software Offer - Free for 6 months!
Are you an ANZ business customer? If so, why not take advantage of 6 months free SmartPayroll to help administer your employee's wages. SmartPayroll's online system helps make processing your payroll faster, easier and with less paperwork. They will…
Claiming Expenses When Travelling for Work
You can claim for a lot of expenses when you’re travelling for work. If you take a holiday as part of the same trip, you can only claim for the portion of the trip that was work related.
Subdivisions and Developments
If you are planning on undertaking a subdivision or development, or are in the process of completing one, its pays to get some advice on your tax obligations. Unless your subdivision is on a very small scale (minor subdivision), it is likely to be…
Thank you for attending our Xero Seminars!
Thank you to all those that attended our two Xero seminars! We have received some wonderful feedback and it was great to see so many people enthused about accounting software!
New ASB App
Bank with ASB? Running a business? Using Xero, Vend or Shopify? Great news! ASB have launched a new App called ASB Plus. It brings all these business tools together into one easy-to-access place. Read more here:…
Due to an asset sale, a business sale, a business failure or possible liabilities in the future, it may be time to liquidate a company.
Winding up a Trust
When a trust is at the end of its life, no longer fulfilling the purpose intended or hopelessly insolvent it may be time to wind the trust up.
Motor Vehicle GST Apportionments
Change of Use and GST Apportionments on Motor Vehicles
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.
ACC & WorkSafe Seminar
We had a fantastic response to our ACC and WorkSafe Seminar held last week. Thank you to Kate from ACC and David from WorkSafe for their informative presentations. Below are copies of their slides as well as helpful links to the WorkSafe website:
Xero Courses for Business Owners
If you want to increase your knowledge in certain aspects of Xero, Xero has a fantastic series of short videos (2-4min) on just about every subject, and best of all, it’s free! Simply click on the link below and choose the topic you are interested in.…
Provisional Tax Installment due 28th August
The first Provisional Tax installment is due on the 28th August. Provisional Tax is a way of paying your Income Tax throughout the year instead of paying one large amount at the end of the financial year so it is important to budget for it. If your…
How to Maximize your Assets before Retirement with Tactical Investing
Risk tolerance, time horizon, and asset allocation – you’ve dealt with these factors for a good part of your life, but now, in the face of retirement, they take on a more urgent and significant role. These factors – particularly tactical asset allocation…
Attention KiwiSaver Members
In order to receive the annual government contribution to KiwiSaver (member Tax Credit) you need to have contributed at least $1,042.86 to your KiwiSaver between 1 July 2015 and 30 June 2016.
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Introduction to GST
GST is on the supply of goods and services in New Zealand, though there are some exceptions. We all pay GST when we make purchases such as groceries and fuel, though if you have a taxable activity and are GST registered, you operate in a GST neutral…
Do your receipts fade? Struggling to keep up with physical record filing?
Free storage on the Cloud!
Want free data storage?
Thinking of Employing Staff for the first time?
Same time on paperwork!
Xero Quick Tips
Need help with Xero? Browse their Xero Tips webpage to get some general tips and to help you navigate your way through the accounting software. Check it out at https://help.xero.com/nz/XeroTips
GST basis - Payments basis or Invoice basis?
Are you new to GST? Do you need help to decide which GST calculation basis to use?
Renting to Tenants - What you need to know
Income earned from rent is taxable and you can claim deductions for costs related to earning that income. Different tax rules apply depending on the circumstances. For tax purposes, renting to tenants is different from short-stay accommodation or that…
Budgeting and Financial Literacy
Having a budget in place gives you the knowledge and insight to eradicate wasteful spending and increase your profit. A budget will show what your sales need to be to cover your expenses, help you plan for investments which is where your personal…