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Is your business ready for financial year end?

Financial year end is fast approaching for those of us with a 31 March balance date. Here are 10 quick tips to help you get ready for financial year end: 1) Start collecting key account statements for the period 1 April 2021 to 31 March 2022. For example, bank statements, loan statements, hire purchase statements and store accounts.  If you are using an accounting software system such as Xero or MYOB to record your transactions throughout the year, you may only need to collate statements th...

March 15, 2022

Got Sharesies? Don't forget your Tax-ies....

Online share investment platforms such as Sharesies, Stake and Hatch have made it easy to buy shares (or parts of them) for a no minimum starting amount. I've seen an increase in new share investors, thanks to the platforms, so thought it would be a timely reminder that share income may be subject to income tax. There are 2 main types of income that can be generated from shares:  Dividends, and Capital Gains (or losses). Dividends are taxable income and need to be included in your income ...

December 30, 2021

eInvoicing is here!

eInvoicing is a government initiative introduced to help speed up the processing and payment of invoices.  The function allows you to directly exchange invoice data between two accounting software systems.  For example, Xero (accounting software) users can create an invoice and select "send as an e-invoice"  to directly send the invoice to another accounts payable software for approval.  The other software system doesn't have to be Xero, just another system that has also...

November 30, 2021

Jess's Top 5 Software Systems to Help Run Your Small Business

With so many software systems available to help run your small business it can be challenging choosing the right ones for you.   Here are my top 5! 1) Xero - it's no surprise that I LOVE Xero! The online accounting software system makes invoicing, bank reconciliation, and GST preparation easy!  And that's just to name a few things. I could go on for ages about the amazing features of Xero (perhaps another blog), but here are my favourite 5 features: 1) Your bank transactions feed ...

June 14, 2021

COVID Business Support Announcements

COVID Business Support Announcements: Wage Subsidy Available to apply for from Thursday 4 March 1pm. AND ANOTHER Resurgence Support Payment for businesses affected by the change in COVID alert levels available to apply for from 8 March. Wage Subsidy Eligibility from the MSD website: "To qualify, your business needs to experience a 40% decline in revenue over a consecutive 14-day period between 28 February and 21 March, compared to a typical 14-day period between 4 January and 14 February 2021 ...

March 3, 2021

Keep on Top of Tax!

1) Run regular year-to-date profit and loss reports from your accounting system (eg Xero; MYOB) to help calculate your income tax. If you are not currently using an accounting system, consider getting one. 2) Use the IRD's Income Tax calculator to help estimate your income tax - Here's the link: https://www.ird.govt.nz/income... 3) Have you heard of AIM? - If you use an accounting system, such as Xero or MYOB, and your turnover is less than $5 million, you can pay your income tax throughout...

December 12, 2020

Small Business Cashflow (Loan) Scheme - Updates

The Government recently announced some changes to the Small Business Cashflow (Loan) Scheme. Key changes: - The interest free period has increased from 1 year to 2 years.However, it is key to note the interest free period is only applicable if the loan is repaid within the 2 years. If repaid after this 2 year period interest will be charged at 3% from the start of the loan drawdown. - You now have until 31 December 2023 to apply for the loan (if you haven't already). - Restrictions on how the lo...

November 25, 2020

Entertainment.... can I claim that?

With the silly season just around the corner, it's a good time to refresh on what entertainment costs are deductible for your business.  If an entertainment cost is completely related to your business it can be 100% deductible.  However, being "completely related" is not always easy to determine. Some entertainment costs do include a private element, in which case, this would make them only 50% deductible.  So how do you decide? The IRD have listed some examples of 100% and 50% en...

October 30, 2020

Are you making the most out of your Xero file?

Xero (small business accounting software), is constantly upgrading (for the better) and it can be hard to keep up with all the new changes.  If you have been using Xero for a while, it can also be easy to stick to what you know, and you may be missing out on key efficiencies the system can provide.  Recent changes to Xero's starter package, has allowed some users to downgrade to this cheaper version (only $27.50+GST a month) - are you still on the correct plan? One of the services I pr...

October 30, 2020

Low-value assets temporary threshold of $5,000

Did you know the low-value asset threshold has increased temporarily from $500 to $5,000? If you have purchased, or are planning to purchase any fixed assets between the dates 17 March 2020 and 16 March 2021, that are $5,000 or less, you can expense them in full in the period they were purchased. The threshold was increased by the Government to encourage businesses to invest during the Covid-outbreak, but is also a welcome tax break for small businesses From 17 March 2021, the threshold will be...

October 17, 2020

Wage Subsidy Extension

The Government announced a further 2 week Wage Subsidy on the 17 August 2020. "Applications can be made from 1pm on 21 August 2020 to 3 September 2020. It is open to employers throughout New Zealand. Who can get it? New Zealand employers who have had, or expect to have, a revenue drop of at least 40% because of COVID-19, for a 14 day period between 12 August to 10 September, compared to a similar period last year can get it. The subsidy is so businesses can keep paying their employees." https://...

August 19, 2020

Government support still available for businesses affected by COVID-19

"Government support is still available to businesses affected by COVID-19, ranging from low-interest loans to tax refunds. Find out what you qualify for and how to get it."https://www.business.govt.nz/news/covid-19-support-for-small-businesses/?fbclid=IwAR34j32Dmrp7fwZlekirJNdZa6psD44IR566RkkWv9BpP-krPSzyODN8j7g...

August 19, 2020

From the IRD: Recent changes to support businesses during this time

From the IRD:"In the last few months, a number of changes have been made to help businesses during this time. For more detail on each of the below, talk with your tax agent, or visit www.ird.govt.nz.- The provisional tax threshold has increased from $2,500 to $5,000. This means, if you expect to have a tax bill of less than $5,000 this year, you don’t have to pay instalments through the year.- The small asset depreciation threshold has increased to $5,000 for the 2020/21 tax year. This me...

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