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Fringe Benefit Tax

Given the importance of keeping your PAYE and GST record-keeping and payments in order, it might be tempting to think that Fringe Benefit Tax, or FBT, is a relatively minor thing. But don’t be fooled. In 2017, Inland Revenue created a dedicated audit team to focus on this issue. One of the team’s aims is to ensure employers have the right business structures and documentation in place. And it turns out that many don’t. If this sounds like you, now’s a good time to put things right. Regar...

July 13, 2020

COVID-19 Business Support

Since late March, the Government has announced a number of measures to support small and medium-sized businesses get through the COVID-19 crises....

July 6, 2020

Livestock Values 2020

Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values as determined by a process involving a review of the livestock market as at 30 April....

June 30, 2020

Welcome Tania!

We are super excited to welcome Tania Brockelsby to our team this week! Tania has worked for accounting firms in the Waikato and Dunedin and comes from a Dairy Farming family. She loves to travel and is already impressing us with her techy skills! Tania will work in a newly developed role, designed to support our team of Chartered Accountants. Huge welcome Tania, we're thrilled to have you on board!...

June 25, 2020

Feel The Love: How Raving Fans Can Rock Your Business

You may have heard the term ‘raving fans’. It’s a passionate subset, usually about 10-15% of your customer base, who are so in love with your business that they shout it out from the rooftops. They keep coming back, not because it’s convenient, but because they want to. And even if you’ve had a bad moment, they’ll stick with you while others shoot out the door. These people are GOLD, and the very best ambassadors for your brand. So how do you go about reciprocating their loyalty and ...

June 22, 2020

Pricing Your Services

High, low or somewhere in the middle? Where to pitch realistic charge-out rates is a common conundrum faced by small trade businesses. In fact it’s probably one of the most difficult tasks. You have to be careful not to under price as this will reduce profits, but at the same time, overpricing for labour and material mark-ups could turn customers away. Setting charge out rates is just as important as market awareness, product development and advertising. You can do all these things excellently...

June 12, 2020

Debtors & Cashflow

If your business isn’t strictly ‘cash over the counter’ you probably already understand the work - and the pain - of chasing money from overdue payments. Sadly, profit means nothing if the cash is not flowing; cash is king. And with the current environment, managing cashflow has become one of the most important things to making sure your business survives the COVID-19 pandemic. Good debtor management can make a real difference to cashflow in your business. Poor debtor management can be a m...

June 5, 2020

Ways To Pay Your Tax

The Inland Revenue Department (IRD) has changed the way that you pay tax. This particularly affects those that usually pay their tax via cheque. If this was you, your new options are:  By cash or EFTPOS at Westpac You'll need to have a barcode to ensure that your payment goes to the right place.Barcodes are usually printed on returns, statements or letters from the IRD. You can also generate a barcode from the IRD website, which can be printed or shown on your device. ...

May 29, 2020

New Kilometre Rate for Claiming Motor Vehicle Expenses

Are you using your car for business purposes? It’s timely to outline the process for claiming tax on your work vehicle expenses.If you’re using a vehicle for business purposes, you can claim tax back on expenses. If you use the vehicle only for business, you can claim the full running costs. If you use the vehicle for any personal travel, you’ll need to separate the running costs of your vehicle between business and private use. There are two ways to calculate the business usage: Actual co...

May 22, 2020

Changes to Fonterra’s Advance Rate Scheme

Fonterra runs an advance rate scheme to spread some of the risk from fluctuating global dairy prices across the year. Payments to farmers are based on the forecast milk price. In recognition that cash is king and in line with their strategy, Fonterra has made the following changes to the scheme: The monthly payment date will move from the 20th of the month, to the 15th of the month.  Final settlement payments will be settled as soon as possible after year end. The October retro payment will...

May 1, 2020

2020 Provisional Tax - Payments Due on 7 May 2020

Many of you will have 2020 Provisional Tax payments due on 7 May 2020.  Please note that 2020 is the year that just finished on 31 March 2020 and not the year we are currently in (which may be significantly impacted by Covid-19). If you find that you are unable to make this payment of Provisional Tax due to the Covid-19 Virus, there are a couple of options that are available to you: We can contact Inland Revenue and advise that you are unable to make payment. Inland Revenue will allow you t...

April 29, 2020

Understanding the Provisional Tax System

Provisional tax is a way of managing your income tax by paying instalments during the year on the tax due for the coming year. COVID-19 and provisional tax This post sets out the normal rules for provisional tax. COVID-19 has created exceptional circumstances and some exceptional tax relief measures have been introduced: The RIT threshold for provisional tax increased from $2,500 to $5,000 from the 2020/21 tax yearDepreciation for commercial and industrial buildings is reintroduced from the 202...

April 24, 2020

COVID-19 Wage Subsidy

By now, many whose businesses have been affected by COVID-19 have applied for support through the wage subsidy. If you are one of them, keep in mind that the subsidy comes with specific conditions. If you haven’t yet applied for the subsidy and you are an employer, click here to apply. If you are self-employed, click here. We want to help you keep your business afloat and keep your team together. If anything changes that may affect your eligibility or entitlement to the subsidy, you must notif...

April 17, 2020

Cost Control

When you're looking at your profit and loss statement, it can be a challenge to see how all the elements inter-relate. You can see your bottom line but how did you get there? It’s a given that you’ll want to maximise your income. Sometimes, however, when factors outside your control are limiting your income, rethinking your costs might be where you can shift your outcomes. Why cost control? Cost control is particularly important in a downturn. With one or the other or both poor production a...

April 10, 2020 Posts 1-14 of 14 | Page