With 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 ReadingLife is perfectly balanced and cyclic: night follows day summer, autumn, winter, spring sowing, growing, reaping, sowing intense periods followed by rest periods. A life well lived involves balancing the “mighty eight” – physical, financial, business, lifestyle, mental, spiritual, family and relationships. We feel stress if we try to do… Read More
Continue Reading2020 saw many changes that few predicted. Pandemics, lock downs, political instability, Capitol riots, Brexit, Megxit… to name a few. Jeff Bezos of Amazon has this to say about change: “I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very… Read More
Continue ReadingAnecdotally a recent small business survey asked respondents if they wanted to grow their business and the majority responded negatively. I suspect that if the survey had asked the same small businesses if they wanted to grow their profits and cashflow the majority would have responded affirmatively. My conclusion is… Read More
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