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August 2019

Major Changes to Trust Legislation in New Zealand

August 6th, 2019|General|

New Zealand’s trust law has been updated and improved for the first time in more than 60 years.  The new Trust legislation was passed on 30 July 2019 and will come into force in 18 months’ time.  The 18-month timeframe is designed to allow trustees the necessary time to ensure that the trust will be [...]

June 2016

Changes to land sales could affect you

June 13th, 2016|General|

Changes to land sales could affect you Are you selling residential land? From 1 July 2016, a new withholding tax – residential  land withholding tax (RLWT) –may need to be deducted from a property sale/disposal where the property being sold/disposed of is in New Zealand and meets definition of 'residential', and the vendor: acquired the property on or after 1 October 2015, and has owned it for less than two years before selling or disposing of the property, and is an offshore RLWT person Obviously, this affects non-residents. Less obviously, an 'offshore RLWT person' includes New Zealand resident companies who have shareholdings of 25% or greater held by foreign [...]

New GST online filing 

June 10th, 2016|General|

New GST online filing The first steps towards tax simplification lie in the new option for taxpayers for online filing of GST returns. Inland Revenue has been working with two software providers to pilot a service so taxpayers can file their GST returns directly from their business software. At present this can be used for GST only returns or for combined GST and provisional tax returns, although this option is [...]

Setting the record straight

June 9th, 2016|General|

Setting the record straight Inland Revenue have signalled they will be looking at businesses’ record keeping systems. Key targets will be that all jobs and all income are being recorded and that GST is being handled properly. Recent prosecutions indicate that PAYE records are another hot topic, along with the corresponding employment records. If sketchy [...]

Targeting the cash economy

June 8th, 2016|General|

Targeting the cash economy Inland Revenue’s crackdown on ‘cashies’ continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They’ve been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results. Inland Revenue [...]

Underpaid income tax? 

June 4th, 2016|General|

Underpaid income tax? Underpaid provisional tax can cause a few headaches. Maybe you did not keep up with your provisional tax payments throughout the year? (oops) Perhaps you did not end up paying enough because you had a better-than-exepected financial year (yay! but damn, an increased tax liability). It could be that seasonality or volatility make it difficult to forecast your provisional [...]

October 2015

Five rules for managing your cashflow

October 16th, 2015|General|

Five rules for managing your cashflow Invoicing is only the start. To maintain a healthy cashflow, you need more than just strong revenue. You need to be able to collect that revenue too. Here are five rules for managing your cashflow and getting your invoices paid faster: Keep your books accurate and up to date [...]

5 Benefits of Doing Business in the Cloud

October 15th, 2015|General|

5 Benefits of Doing Business in the Cloud There is no doubt that there are exceptional benefits to be accessed by adopting cloud software in business. For many though, the ‘cloud’ is unknown and scary, and this can be a major hurdle to considering changes. With a bit of education and communication of key benefits, [...]

How to add a condition to an existing bank rule

October 14th, 2015|General|

How to add a condition to an existing bank rule Once the Bank Rule is set up, you still need to add new places you visit as a ‘condition’ to the existing bank rule you have already set up. Go to Manage Account on your dashboard and click Bank Rules Go into existing bank rule [...]

Xero Business Connect: accounting’s next revolution

October 9th, 2015|General|

Xero Business Connect: accounting's next revolution Importing and exporting data and invoices into accounting software is not the most exciting task. Let's be honest. So Xero are working hard to help its users speed up their data entry process with Xero Business Connect. The Business Connect ecosystem is still in its infancy stage with just [...]