IRD compliance (GST/PAYE/FBT) Archives

06 Jan 22

Master Your Business in 7 Easy Steps

Are you ready to become a grand-master in your business? Nobody said running your business would be a walk in the park. Yet you had the courage to decide to become the master of your own destiny and you’re now managing your own business. Well done. Nice work. Now you want to achieve even greater […]

26 Mar 20

COVID-19 GOVERNMENT SUBSIDIES

I hope you and your families are safe and well. On day 1 of our national lock-down, many of you are wondering how the New Zealand’s government’s wage subsidy will work. This article tries to give you a summary, although please don’t shoot the messenger as we are all trying to understand these new measures. […]

01 Jun 19

New GST Rules for Offshore Suppliers

The number of non-resident businesses selling products and services via the internet is increasing. Recently introduced legislation seeks to preserve a sense of fair play for Kiwi retailers. Kiwi retailers have suffered because many New Zealanders have bought goods and services from offshore suppliers free of GST. The “GST Offshore Supplier Registration and Remedial Matters” […]

11 Mar 19

End of Year Tax Saving Tips

The end of income tax year is fast approaching and will end on 31 March 2019. It’s an opportunity to remind you of some tax saving tips and strategies you can take to help minimise your next tax bill. Here’s a handy list of ways to save tax. The list is a summary only and […]

15 Jan 19

The Perils of Doing Your Own Accounts

Do you prepare your own tax returns? Are you a do-it-yourself (DIY) bookkeeper? To save money, you may have chosen to prepare your own financial statements and tax returns. But in doing so, it could cost you more than you imagined. The Inland Revenue Department (IRD) pays much closer attention to anyone who has […]

18 Dec 18

4 warning signs it’s time to swap accountants

How happy are you with your current accountant? Are you confident they know you and your business? Is it easy to contact them and do they overwhelm you with jargon? Choosing the right accountant for you and your business is a key decision. Choosing the wrong one could spell disaster. They should be competent enough […]

11 Dec 18

Tax Implications on Short-Term Accommodation Rentals

The rapid increase in internet holiday bookings using sites like Book-a-Bach and Airbnb, offers fast and viable opportunities to make some additional cash. Renting out your spare room or holiday bach has never been easier. These websites have significantly changed the accommodation. Much of the pain and time-consuming administration associated with advertising properties, screening potential […]

1 October 2010 GST rate change – a beginner’s guide

When the Government announced in the May 2010 Budget that Goods & Services Tax (GST) will increase, with effect from 1 October 2010, it probably seemed a long way off to you then. But with that date fast approaching, you’ll hopefully have begun to consider the impact that it will have on your business. These […]

29/04/2010
Mark
Accounting and Tax, IRD compliance (GST/PAYE/FBT), Tax
No Comments

If you are running a business in New Zealand, you are liable to pay tax on profits after deducting allowable expenses from your income. Many people have an irrational fear of tax issues but if you familiarise yourself with the process and the regulations and hire a competent accountant to help you with compliance and […]

15/04/2010
Mark
Accounting and Tax, IRD compliance (GST/PAYE/FBT)
No Comments

GST is a tax on the supply of goods & services in New Zealand by a GST registered person on any taxable activity that they conduct out. The current rate for GST is 12.5%, although it may be zero-rated for exports. Some supplies of goods and services are ‘exempt supplies’ and may include: > Some […]