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What does it take to be a successful startup?

Starting a new business is both exhilarating and terrifying, especially with the failure rates of startups in NZ. Instead of focusing on those fear-inspiring percentages, let's take a look at how to launch your startup on the right foot and be one of those businesses that beats the odds and succeeds. Here are our top tips:...

Why your accountant is on your team (not against you)

A good chartered accountant is more than just a handy bean counter to call upon once a year at tax time. They are actually an essential part of your team, assisting with anything from day to day operations to strategic planning. Your accountant is there to help your business grow and succeed. Coming at it from a purely clinical point of view: if you fail, you have no need for an accountant! So it is in their best interest to help you thrive. An accountant who has a range of successful clients is...

What is a chartered accountant?

Running a successful business takes a great team of skilled experts. One of the most essential roles is that of a good accountant.  Support provided includes the obvious, that of tax compliance and bringing together the numbers.  Beyond the numbers is the key.  A good accountant will nurture, guide, offer the right advice around structure and tax planning in times of growth.  Most good accountants also work within a network of professional advisors that together, provide such...

IRD Business Tax Update – February 2018

The IRD release monthly Newsletters to support up to date and relevant tax issues that can affect those of you in business.  If you have any questions regarding anything on the pdf, please do not hesitate at all to make contact to us directly....

ACC – How effective is it?

Not very!  The chances of me ever having a work related injury at the office is pretty slim.   If I did, its very very likely that any injury I sustain will by viewed by ACC as a degenerative issue.  They won’t pay out on that, yet they are quick to take my money year after year.  Its not my insurance, its paying for someone else’s misfortune.Over time, with the assistance of our very capable broker, we have been pro-actively reviewing all insurances for each and every cl...

The Changing Face of Tax Residency in NZ

Changes to the Tax Residency Rules as they apply to individuals has become clear with the application of the rulings set out in a recent case, CIR (Commissioner of IRD) vs Diamond:An individual is a tax resident here in NZ if you have a permanent place of abode here in NZ.  It must be available to you and will be a question of fact.  A rental property owned by you or your trust is not necessarily enough to ground you as a tax resident.  As will all cases, it is a question of fact ...

Entertainment expenses – gifts of food and drink

The entertainment expense rules limit tax deductions for certain types of expenses to 50% of the cost. One type of expense covered is the expense of providing food and drink off business premises. This means that spending on things like chocolates or a bottle of wine to give as gifts to customers, clients or suppliers for example, is only 50% deductible.If the items are purchased as a gift basket or together with other items that aren’t food and drink, the expense must be apportioned between f...

Fringe benefit tax and work-related vehicles

Fringe benefit tax (FBT) doesn’t apply on days where a motor vehicle qualifies to be a work-related vehicle. To qualify, all of the following conditions must be met:the principal design of the vehicle isn’t for carrying passengersthe exterior of the vehicle permanently and prominently displays business signageyou notify employees in writing that the vehicle is available only for travel between home and work and travel incidental to business, eg, passing by the bank on your way home from work...

Salary exchange for private use of company vehicle

If you pay your employee a lower salary in exchange for them using a company vehicle for their private use, this will affect their Working for Families Tax Credits entitlements and student loan obligations as the salary reduction is treated as part of their income.You should make sure your employees are aware of this if you have this arrangement or are considering offering it....

What employers need to know about KiwiSaver

You play an important role in helping your employees save for their retirement. To help you get it right for you and your employees, we’ve created a summary of what you need to do....

The Construction Sector and the Hidden Economy

The IRD are continuing their focus on the hidden economy and undeclared cash. undeclared cash is a crime. Earlier this year, the IRD ran a campaign targeting the construction sector in Auckland and Queenstown with direct mail and advertising. Their latest advertising campaign will run from mid-September to mid-November, focussing on Auckland and Christchurch, continuing to build on their existing educational and enforcement action....