Taxes have always been used by governments as a way of encouraging or discouraging behaviour. That is why a packet of cigarettes currently costs around $38 in NZ. Recent governments have used the tax rules to try unsuccessfully to curb house prices and the popularity of property investment in NZ. … Read More
Continue ReadingWith 31 March only several weeks away some business owners will be thinking about prepaying expenses to reduce taxable profit. But care is needed to ensure that a payment can be deducted for tax purposes. Purchase of Assets As mentioned last week, assets with a useful life of more than… Read More
Continue ReadingWith 31 March fast approaching its timely to check you’re ready for the 2022 financial year. Q2’s Checklist to ensure the next financial year’s financial and business goals are achieved: Strategic business plan in writing for next 12 months? Do you have a business continuance plan (Coronavirus specific), and is… Read More
Continue ReadingBefore 17 March 2020 any business asset with a useful life of more than 12 months, that cost more than $500 + GST had to be capitalised and depreciated. This meant that the tax deduction for those purchases was spread over a number of years, depending on the IRD’s assessment… Read More
Continue ReadingTerminal tax is a final tax payable when provisional tax (or PAYE) paid is insufficient to cover your full EOY tax payment due. 2020 terminal tax payments are due on the 7th February 2021 if: Your balance date falls between 31st March and 30th September, and You do not have… Read More
Continue ReadingIt’s February, the sun is shining, school is restarting, and another long weekend beckons… the Kiwi lifestyle at its best! Here’s an idea from James Clear (author of Atomic Habits): “Instead of working toward retirement, work toward your ideal lifestyle. There is usually a path to get there in a… Read More
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