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”
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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!)”
The Privacy Act 1993 The Privacy Act came into force on 1 July 1993. It relates to the collection, use and disclosure of information. An accounting practice is an agency that collects, uses and discloses information so we are bound to comply with the Act. The following Principles in the Act should be considered when …
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ITO Accounting has been my accountant for two years and over that time has provided an excellent service. He responds quickly to any query, communicates information in a way that is understandable to a lay person and has a very professional manner. For the first time in 20 years of business the amount of work …
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As one of the foundation clients of ITO Accounting, we continue to be impressed by the passion they show for making our accounting and taxation compliance work as simple as possible. The complex and dynamic nature of our business means we are constantly changing the way we do things – and the team at ITO …
From 1 April 2014, some payment rates increase based on the updated Consumer Price Index of 1.38%. The Annual General Adjustments include: rates and thresholds for main benefits, Student Allowances, Student Loan Living Costs and the Foster Care Allowance rates and thresholds for some supplementary assistance thresholds for the Community Services Card New Zealand Superannuation …
‘The only way to make sense out of change is to plunge into it, move with it, and join the dance.’ Alan Watts ACC Workers and employers will pay $387 million less in ACC levies in 2014/15. This affects the Earners Account (paid by workers) and the Work Account (paid by employers). The ACC …
Innovation is the ability to convert ideas into invoices. -L. Duncan
Superannuation: decisions, decisions If you have (or had) funds in foreign superannuation schemes, let us know. Recent changes to legislation and further impending changes may affect you. I transferred my Australian super to KiwiSaver. Is it taxed here? Transfers from complying superannuation funds in Australia into KiwiSaver won’t be taxed in New Zealand on …
