As you may be aware at the start of this year Inland Revenue is looking closely at real estate salesperson/agent-customer groups. They have identified that these groups are claiming a high level of expenses relative to their income. IRD’s records suggest some of these customers are claiming private expenses and are not keeping logbooks or …
Read more “Inland Revenue targets real estate agents 2021 – What to watch out for?”
The Government is proposing amendments to the Companies Act 1993 as another lifeline in the wake of the COVID-19 outbreak. The proposals are intended to keep affected companies afloat by: • Encouraging directors to keep trading through creating a “safe harbour” from insolvency breaches if directors consider, in good faith, that any debts could probably …
Read more “COVID-19: company law changes announced, 06 April 2020”
Chances are, you have a company vehicle used for both business and private. If you not sure what rate to use to claim your mileage expenses, use the rates listed below to calculate the allowable expense for using your vehicle for business purposes for the 2018-2019 income year. Using the Tier One and Tier Two …
Read more “Understand the Kilometre rates for business use of vehicles”
Are you conducting research and development on home turf? You could be eligible for a tax credit of 15% on eligible R&D expenditure. The Government have introduced legislation bringing in a new R&D tax credit effective from the 2019/20 income tax year (1 April 2019 for most taxpayers) to encourage more Kiwi businesses to invest …
The lead-up to the Wellbeing Budget has been well signposted even if the track’s been somewhat muddied by drama. It’s a bold step to try and quantify progress in other than strictly financial terms. The brief is to implement change and manage the country’s finances.The focus is on 5 priority areas:· taking …
Putting your nose to the grindstone and just getting more done? Being productive is about doing more of the right things. That means identifying key tasks and eliminating everything else. Here’s how to do it: Passion + proficiency = productivity Go through your tasks and projects, and rate your passion and proficiency for each of …
It’s taken 17 years to follow in the footsteps of Bangladesh, the first country to ban single-use plastic bags, but we’re finally there! From 1 July, single-use plastic bags can’t be sold or given away in New Zealand. It’s all part of the Government’s programme to reduce waste and build the foundations for our transition …
Read more “NZ says goodbye to millions of single-use plastic bags”
There’s been some confusion about proposed changes to the tax treatment of rental losses. Many taxpayers have been a bit panicky, under the impression that the changes are already in force. While it seems to be fairly certain that these changes will come in, until the law passes they are not in operation. The legislation to make this …
Answer To claim a tax deduction for payments to family members for services: the family member must provide services to your business; the amount paid must not be excessive; and if the family member is your spouse or partner, you must have the Commissioner’s prior approval for a deduction unless you run your business through …
Why apprenticeships work so well With New Zealand’s construction industry going ballistic, a lot of construction companies are looking to hire new staff. Do they stick with their subbies, bring in qualified builders or take on an apprentice? Stefan Cammell, owner of Cammell Projects in Queenstown believes it’s an employer’s responsibility to upskill the next …
Are your ideal customers adults? Then your business needs to be on Facebook because that’s where their eyeballs are. Time-poor or don’t have a clue where to start? Get some answers with these six most frequently asked questions. 1. Why should my business be on Facebook? Facebook is the most cost effective way to promote …
Read more “Facebook: Why your business needs it (and how to use it!)”
