Latest News 

If you stay in Airbnb accommodation for business purposes, there could be issues as to whether GST is claimable on this expense

There have been changes to New Zealand’s Privacy Act which came into effect on 1 December 2020

All employees working in New Zealand are legally covered by the Holidays Act 2003

During the Covid-19 lockdown, Inland Revenue produced a determination which allowed employers to pay their employees a tax free allowance, to cover expenses incurred while the employee was working from home

Recently the government announced changes and an extension to its Small Business Cashflow Loan scheme

Many of you will have GST and/or Income Tax due for payment on 15 January 2021

Tax pooling allows you to buy someone else’s tax overpayments, and use these to settle your outstanding taxes with Inland Revenue at the original due dates.  We use Tax Traders Limited, who are an Inland Revenue approved tax pooling intermediary, for this.  This can assist you with reducing interest/penalty charges applied by Inland Revenue or with cash flow relating to tax payments.

Previously companies which owned motor vehicles that were available for private use, had limited options for accounting for the private use of the business vehicle.  Recently the rules have changed and now if you purchase a vehicle through a company, you have several options on how to account for the private use.

Just a brief reminder for those who own residential rental properties.  Effective from this current financial year (the 2019/20 tax year) onwards, any rental losses you make can no longer be offset against other income earned.  Instead, these losses will be carried forward and applied against future residential rental profits.

The Covid-19 crisis has, and will continue to have an impact on many businesses.  The Government and Inland Revenue have put in place a number of initiatives to assist businesses and tax payers who are struggling because of the effects of the Covid-19 crisis.

So that you are aware, we have two boardrooms at our office which are available for clients to use for meetings if required. You may have a meeting that you either want to keep confidential, or hold away from your business premises, or you may simply not have the space needed at your premises. 

If you own residential rental property, the rules have changed from the 2019/20 tax year onwards, with regards to any losses made.

Rental losses (i.e. where your tax deductible rental expenses exceed your rental income) can no longer be off-set against other income such as business income, wages, interest and dividends.  Instead, rental losses will be carried forward to use against residential rental property profits in a future year.

Have you ever gone to enter a figure in Xero only to reach for a calculator to work out the amount first?  Did you know that Xero has an inbuilt calculator for basic calculations within transactions, invoices, bills and manual journals?