Mindset courses can help you develop the right psychological attitudes to achieve success in your field or industry. They’re all about cultivating the right mental and emotional attributes to achieve professional growth, overcome challenges, and maximise potential. Here’s what you’ll learn on a mindset course: Adopting a growth mindset You’ll learn all about adopting a…
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Property sales on IRD radar
Buying or selling a home? You’ll now need to provide your IRD number as part of the transaction process. The change will allow IRD to know who’s flipping owner-occupier homes on a regular basis, and better enforce the existing law that ensures people pay tax on the profit. The move won’t impact the rules…
Have you refreshed your website lately?
Have regular clients dropped off the face of the earth? Struggling to gain new business online? Your website could be the cause of your problems. The worst thing you can do with your website is to set and forget. Your site should be regularly updated to ensure it features prominently in search engine rankings. If…
The perks of tax pooling
Keeping a lump of cash aside to pay provisional tax on your Inland Revenue due dates can be challenging for any business, especially if you have cashflow issues and need money on hand. For some companies and sole traders, tax pooling is the perfect solution. What’s tax pooling? Being part of a tax pool provides…
Two courses to better your business
Continuous training and improvement can set your business apart from the competition, giving you new tools to take on challenges and attract talent and customers. The Icehouse Leadership Development Programme The Icehouse is one of New Zealand’s top providers of business training, and its Auckland-based Leadership Development Programme is aimed at professionals who want to…
Minimum wage set to change: what you need to know
The government has announced an increase to the minimum wage that will kick in from April 1. The adult minimum wage will rise by $0.45 an hour, taking it up to $23.15 an hour. This will mean additional costs for many businesses. Workplace Relations and Safety Minister Brooke van Velden said that “a cautious approach…
Mixed-use asset rule change explained
April 1 marks a significant change in the GST tax treatment of mixed-use assets. Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online. However, working out GST claims for expenses relating to both the income-earning and private…
What to know if you rent out your holiday home or provide services online
Do you rent out a bach on Airbnb or do some driving on Uber for extra income? Additional tax changes could affect you that need to know about. From 1 January this year, platforms such as Uber and Airbnb will collect information from their users including sales income and IRD numbers, and will be required…
Digital snapshot: The do's and don’ts of ChatGPT
Everyone is talking about the artificial intelligence chatbot ChatGPT, a new tool that can do just about anything, from generating letter templates to answering questions. ChatGPT is a fantastic free tool for any business. Here are some ways it can help you — and what you shouldn’t do with it. DO Use it to check…
Your 12-point checklist to stay ahead on tax
1. Contracts Have you invoiced retentions that don’t need to be paid until next year? If they are payable this tax year, they will be classed as taxable income for 2023-24. Unsure? Talk to us as your tax adviser. 2. Employee expenses and holiday pay Holiday pay, bonuses, redundancy payments, and long service leave owed…
Some common things businesses forget at tax time
Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expenses Dinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with us to see which meetings can be deducted. Bear in mind…
What policy changes might affect your business?
Our Prime Minister Christopher Luxon has his feet firmly under the table, so what major policy changes will affect your business? National outlined some of the headline changes it wanted to make within its first 100 days in power. The National-led coalition government have some well underway. Here are some of the major changes businesses…
What property investors need to know
At this early stage, there will always be unknowns as ministers assess new legislation and review existing policies. One key area to watch will be the tax treatment of property investors. National plans to shorten the bright-line test for property investors to two years from 10 years, returning the law to its 2015 setting. from…
Fringe Benefit Tax exemptions you may have missed
Last April, new Fringe Benefit Tax (FBT) rules came into effect that could be relevant to your business and employees. Here’s a summary of the three new exemptions that may have gone under your radar: Employer-subsidised public transport (mainly for the purpose of travelling between home and work). The provision of self-powered (bicycles) or low-powered…
How to deal with economic uncertainty
With political changes and an economic slowdown to contend with, we’re in pretty unpredictable waters. Here are some tips on managing your team in times of uncertainty: Support staff wellbeing Talk to staff about wellbeing regularly and openly. Let your team know it’s okay to feel stress or anxiety. Regularly remind your people where to…
Digital snapshot: the Xero app store
Whether your business is in retail, farming, or finance there’s no shortage of digital tools to improve efficiency, productivity, and performance. In a tough business environment, the right digital tools can give your company the edge over your rivals and take you to the next level. Innovative apps in nearly every industry have emerged over…
Your small business Christmas checklist
Christmas lists aren’t just for kids and Santa Claus. Before summer arrives, tick off our small business Christmas checklist to ensure you’re in the best possible shape for the year ahead. Plan cash flow Make sure your business has enough funds on hand to pay suppliers over Christmas and January, remembering your tax obligations in…
FBT vs PAYE vs Entertainment Expenditure
In the context of Christmas parties, gifts, and staff bonuses, various taxation rules come into play, namely the entertainment rules, PAYE, and FBT. The entertainment rules place a 50% deductibility restriction on certain expenditures related to recreational events, such as Christmas parties or corporate hospitality. This limitation is grounded in the recognition that…
What new migrant worker law means for your business
Do you employ migrant workers? You need to be aware of the Worker Protection (Migrant and Other Employees) Act, which comes into force on January 6. The law, which amends the Immigration Act 2009, Employment Relations Act 2000 and Companies Act, will introduce a tough penalty regime to deter the exploitation of migrant staff. What…
Your business leadership checklist
Great business leaders come in many different forms, from visionaries like Apple founder Steve Jobs to big personalities like Virgin’s Richard Branson and diversity champions such as former Facebook executive Sheryl Sandberg. A business leader should bring people together, have staff working towards a common goal, and keep people updated about where a company is…
Five ways to improve diversity in your business
Studies show that diversity and inclusion in the workplace can lead to better business results. Here are five ways to enhance diversity in your organisation: Cultivate an inclusive cultureEmployees should be encouraged to share ideas without fear of judgement. Create an open environment that celebrates different perspectives and backgrounds. Diverse recruitment strategiesIntroduce diverse recruitment strategies…
Time to review your health and safety plan?
Good health and safety (H&S) practice is a vital part of any business, but when was the last time you checked your company’s health and safety plan? Under the Health and Safety at Work Act 2015, both “Persons Conducting a Business or Undertaking” (PCBU) and workers (including employees and contractors) have health and safety duties…
Fair Pay Agreements - what you need to know
New fair pay agreements (FPA) law came into effect on December 1 last year, marking the biggest shakeup in New Zealand employment in decades. Six months on, how could your business be affected? What’s an FPA? The new fair pay agreements law allows employees to bargain collectively for industry- or occupation-wide minimum employment terms, such…
The difference between employees and contractors
Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently. Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned in the Employment Court or Employment Relations Authority, for example, the Employment…
Uber court case
Employees and contractors, Last October, four New Zealand Uber drivers won a landmark case against the ridesharing app, which has them as employees, not contractors. The decision enables these workers to claim rights and protections as Uber employees. The ruling has broader implications for Kiwi businesses and how staff are categorised. Employment status entitles workers…
Mastering the art of email marketing
Putting together the perfect marketing email is a fine art. Here’s a six-step process to crafting the best customer messages to boost your sales. 1. Determine the goal of your campaignDon’t just put any message out there. Make it targeted and know your goal. Are you looking to educate or re-engage customers? Are you…
2023 Year End - Tax Planning Checklist
2023 Year End – Tax Planning Checklist For year ending 31 March 2023 Below is a checklist of matters relevant to all business entities which you should consider, some of which may help you reduce the amount of tax you have to pay. Provisional Tax Elections and Use of Money Interest and the 39%…
GST and the new Airbnb/Uber Tax
GST and the new Airbnb/Uber Tax If you offer accommodation or ride share services in New Zealand via an electronic marketplace (e.g., Airbnb or Uber), new GST changes will impact on you from 1 April 2024, although the National Party has stated it will repeal the change if they are elected to Government in October…
Fundamental GST changes coming your way
Fundamental GST changes coming your way Ever since GST was first introduced in 1985, businesses have become very familiar with various aspects of GST which have been fundamental to meeting their GST compliance obligations. Under the guise of “modernising GST” the Inland Revenue is introducing a number of invoicing and record keeping changes that…
Accounting for Buying or Selling a Businesses
Accounting for Buying or Selling a Businesses Buying or selling a business from an accounting perspective isn’t as straightforward as you may think. It is important to consider all aspects and ensure the details are correct from the beginning to avoid an unexpected tax bill once the transaction is complete. In particular it…
Tips to get your business ready for year-end and the year ahead
Tips to get your business ready for year-end and the year ahead The 2023 financial year-end is just around the corner. Now is the time to ensure you work through a year-end process (see below) to maximise your tax deductions and minimise your tax bill. Now is also a good time to finalise goals for…
Import supplies? Customs rules are changing
In the past, the New Zealand Customs Service has allowed businesses to combine the value of small shipments containing a number of low-value items, such as spare parts, when the value for duty of any item listed on an invoice did not exceed the equivalent of NZ$25. Historically, Customs allowed the items to be…
Get paid faster with eInvoicing
If you’re tired of chasing invoices and late payments, eInvoicing could make your life easier and save you money. With eInvoicing, digital systems talk to one another seamlessly over a universal network, ensuring payment information is exchanged more quickly and accurately. Businesses no longer need to generate paper-based invoices or email PDFs, and buyers…
Should your business go ‘remote-first’?
Since the last of New Zealand’s lockdowns, many businesses have ditched remote working for good. But what are the benefits of taking a ‘remote-first’ approach? Around the world, an increasing number of companies are making remote working the default option for staff, abandoning the office completely in favour of a more flexible model. With…
Beware of cyber scams
Digital tools can help your business become more efficient, save time, and win new customers, but there are also dangers to watch out for. Cyber-attacks and con artists could target any small business in New Zealand. Here are the latest risks: Facebook danger One sophisticated Facebook scam has ensnared 10 million users. Millions of…
Looking to invest in R&D this year?
The Ministry of Business, Innovation & Employment has announced that businesses performing eligible research & development can access faster and more frequent payments of the R&D tax incentive this year. What is the R&D tax incentive? The scheme provides a 15% tax credit to businesses conducting ‘eligible’ R&D activities and has supported more than…
IRD increases visibility of sales data
From April 1, 2023, payment service providers (i.e. EFTPOS providers and online payment platforms) must provide information to Inland Revenue every six months on all transactions processed. Inland Revenue will compare this information with what businesses have filed in their tax returns. They will follow up on any discrepancies in these comparisons.
Could the Government help you grow this year?
Yes, here is how: Research & Development Funding If you are a small company investing in product development, check out what is available through Callaghan Innovation. Business advisory servicesThe Regional Business Partner Network can back small businesses, with advice, support, and access to funding for business growth initiatives. Capability development vouchersIf you employ fewer than…
Should you sell a stake in your business?
Like every plant needs water and sunlight to grow, every business needs financing. Starting a business or expanding an existing one requires investment, and it can often be confusing for small companies to weigh up their options. Is it time to sell a stake? As a business owner, you may struggle with the concept…
What does the Fair Pay Agreements Act mean for you?
New Zealand has a new system of employment bargaining with the passage of the Fair Pay Agreements (FPA) Act which took effect from 1 December last year. Fair Pay Agreements bring unions and employer associations together to bargain for minimum employment terms for all covered employees within a sector or occupation. Visit Employment New…
Your alternative funding options
An outright stake sale might not be the best fit for your company. Here are three different paths you could take: Asset finance: A loan to pay for a particular business asset, such as a vehicle or piece of machinery. Pros Interest rates can be competitive if you are able to go through a…
What lenders want to know about your business
While getting a business loan from a bank can be painful (with reams of red tape to wade through), it’s not impossible. Here’s what banks are looking for. Motivation: Why are you in business, and what is your vision for the future? You should be able to explain this in a few short sentences.…
Why angel investors can be a godsend
If you run an innovative company offering the world something new, a partnership with an angel could be right for you. Angel investors are a great match for fast-growing businesses who want funding and are willing to hand over a slice of equity. In most cases, there are no collateral obligations to angel investors…
Digital boost for SMEs extended
At the height of the pandemic in 2020, the government announced its free Digital Boost support package to help small businesses transition to a digital world. The scheme was such a success, the following five services will be available until the end of June. Real world video case studies, showcasing how small Kiwi businesses…
GST Special Alert 2023
New rules on GST invoicing apply from 1 April 2023. These changes have been designed for 21st century business record-keeping and modernise invoicing rules in place since 1986, based on paper-based record-keeping systems. The rules are permissive, so businesses can issue current tax invoices without falling foul of the new rules. However, this doesn’t mean…
Top tips for running a thriving family business
There are so many upsides to running a family business: working together as a close-knit unit and sharing the good times together. However, being in charge of one can be complicated as you juggle company interests with those of your loved ones. Family is loyal and dedicated, but problems can arise when emotions get…
The key to succession planning success
So you’ve created your company from nothing, put years of blood, sweat and tears into its success, and retirement is just around the corner. What do you do next? If you’re one of the lucky people who have an exit strategy, congratulations. If you’re unsure what will happen, it’s time to think about succession…
Why it’s important to define roles in a family-owned business
Whether you’re running a small family business or one that employs dozens of people, defining roles and governance is vital for any SME. The basic roles in a company include ownership, governance, management, and operational. Setting out a clear structure can bring long-term benefits and prepare your company for growth. Ownership, aside from literally…
The benefits of family advisory boards
Every business, large or small, deserves to be run as professionally as possible. By setting up the right structure you can give your family business the best chance of success. While the family knows your business inside out, it can be helpful to have independent parties on hand to provide an external perspective. A family…
GST invoicing changes are coming!
New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for…
Navigating the new world office
Pre-Covid, we never would’ve imagined working from home could be so welcomed and productive. The pandemic has pushed many companies to make the long-needed leap into the digital world, and as a result, remote working offers a lifestyle like never before. Now, your team can ditch the commute, gain more flexibility for family life,…