Maintaining and keeping records with Company Office

In addition to filing documents with the Companies Office, legislation requires every company to keep and maintain certain records.  This includes accounting records, the share register and other company documents. Company records A company must keep a variety of documents at its registered office in New Zealand, including (but not limited to): the constitution, minutes…

Changes to assessing provisional tax are coming

The new Accounting Income Method (AIM) is on track for delivery in April 2018. AIM is a new option for your small business clients to manage provisional tax through approved accounting software.  It offers significant benefits, such as automated refunds of overpaid provisional tax. With AIM, businesses with a threshold of $5,000,000 will only pay…

Changes ahead for PAYE

In April 2018, IRD will start collecting PAYE information in their new system.  This means that in time IRD can start pre-populating income tax returns. The Government is also proposing changes to rules around PAYE reporting.  The main proposal would require employers, or the people who manage employers’ payrolls, to report PAYE information every payday,…

Introduction to business finance

Finance is about managing your money — knowing what’s coming in and going out.   By understanding your business finances, you can make smart decisions about where to spend your money and make sure you’re earning enough to keep your business running. A big part of managing your finances is having visibility of what’s going on…

Hiring an employee

If you’re a sole trader, contractor, in a partnership or own a small business — or you advise any of these people — here’s where you’ll find tips, tools and visual guides to help with hiring, eg: who to hire and when how to interview what it really costs to take people on When to…

Business use of home

From the beginning of the 2018 tax year the rules for claiming for use at home are changing. If you are working from home the premises will have to be separately identifiable part of the house which is used primarily for business purposes.  Some people are interpreting this to mean that a room has to…

Say hello to new Xero Expenses

Expense claims are the simple truth of running most any business. From gas, flights, meals, supplies, and everything in between – there are countless expenses that need to be reimbursed to the folks who work at the company. But it’s amazing how the simple task of reimbursing employees turns into a paper-filled/process-filled/follow up-filled back-office nightmare….

Mileage rate for motor vehicles increased

For the 2016-2017 tax year, the mileage rate for petrol, diesel and hybrid vehicles has been set to  73 cents per km and 81 cents/km for electric vehicles. If you’re an employer you can use the above rates when reimbursing employees for the use of their private vehicle for work-travel for the current (2017-2018) tax…

Important Tax Payment Dates

Here are your important tax payment dates to remember for the rest of the Financial Year.  A great idea is to put them in your calendar so that you do not miss a payment and avoid any penalties. 28 August:         1st Provisional Tax Instalment, student loan repayments due, GST returns and payments due 30 September:  …

Do you know anyone who has had an IRD audit?

Do you know anyone who has had an IRD audit? Even if you have ticked all the boxes and think that everything is ok the IRD can still come and audit you at any time, and it is not fun! Currently the IRD is spending 1.5 billion dollars on upgrading all their systems and we…