What you can do to stay in Inland Revenue’s good books
Even in tough times, it’s vital to manage your tax affairs to stay on Inland Revenue’s good side. Here’s what you can do.
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How Healthy is your Business?
Let’s look beyond the numbers by taking a holistic approach to your business health. By looking at few factors you can identify areas of strength and uncover opportunities you may have previously overlooked.
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Why tax pooling is a flexible way to pay tax
Tax Pooling can provide a better interest rate and a more flexible way of paying tax without having to worry about penalties. Tax pooling will work for you if you’ve missed payments or if you’re making payments. Talk to us to find out more.
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6 Things to Consider This New Financial Year
Here are some key factors to think about this new financial year. 1. Higher income? Don’t forget provisional tax! 2022-23 was the first year in a while without Covid lockdowns or pandemic restrictions, meaning most businesses, especially those in the leisure or tourism sectors, enjoyed a better year. If you’ve earned significantly more this year than
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What are your tax obligations if you’ve been affected by the weather?
If you have been affected by the extreme weather, IR still want you to let them know when you reasonably can. There is also industry support available through Dairy NZ, Hospitality NZ, Restaurant NZ, Retail NZ, and our local business and growers associations.
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GST invoicing updates – What information do I need to keep?
The new rules on GST invoicing applying from 1 April 2023 may change your practice for GST invoices, including what records you keep.
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Entertainment Expenses – Income Tax and GST
As a general rule, if you provide entertainment for your team or clients, some of your business entertainment expenses are tax deductible. Download the guide to entertainment expenses.
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FBT – calculating the real cost of employee perks
Rewarding your team with vouchers or trips? Providing a car or a gym membership? FBT can be tricky, so make sure you’re calculating the true cost of employee perks. Fringe benefit tax is one of the trickier areas of day-to-day taxes for Kiwi businesses. What is fringe benefit tax? Fringe benefit tax, or FBT, is
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GST invoicing changes are coming
GST changes are coming in 2023, designed to support e-invoicing and electronic record keeping. All businesses need to be aware of the changes to ensure their business processes can manage the new requirements. New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to
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Should you have received the Cost of Living payment?
You may be eligible for the Cost of Living payment – even if it hasn’t arrived in your account. If you earned less than $70,000 between 1 April 2021 and 31 March 2022, you are eligible for the one-off $350 payment, paid over three months. It’s individual income, not household income The Cost of Living payment is
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