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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?

From 1 December 2019 the new “Amazon Tax” came into play, adding GST on to all purchases from overseas. Previously, most small value items bought from overseas were free of GST.