IRD educating construction industry
Inland Revenue has notified tax agents that they will be conducting a ‘construction industry education campaign’. This focuses mainly around cash jobs. It’s not illegal to do cashies, but you…
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Can GST be claimed on second-hand assets?
Yes, the general rule is that you can claim back the GST on your purchase. If you don’t have an invoice, you’ll still need to record the following: name and…
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What’s your accountant talking about?
Like most business owners, we love it when clients understand what we do and want to know more about our world. Our aim is to help business owners interpret the…
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What do businesses need to do at the end of each financial year?
Being a business owner carries an annual obligation. You must file a tax return with Inland Revenue. Most “tax years” in New Zealand run between 1 April and 31 March…
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GST – special transactions
You may have encountered some transactions where you weren’t sure about the GST treatment. If you haven’t (yet), you may in the future. The GST transactions and our explanations outlined…
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The basics business owners need to know about GST
GST (Goods and Services Tax) is a tax on most goods and services sold by businesses. While it feels like a tax on businesses, it really isn’t. Instead, it’s ultimately…
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What’s up with the new property rules?
The Government has just announced a plan which it believes will help stabilise the housing market. First-time house buyers will be most benefited by these changes. The significant changes are…
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How business owners should pay themselves
We’ll start with the best method to transfer money from the business to your personal account. Then we’ll touch on tax. ▶ How you should pay yourself ▶ Income tax…
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Now registered for GST and using Xero?
If your organisation was previously not registered for GST and is becoming GST registered, you’ll need to make some changes. If you were using Xero Cashbook you’ll need to upgrade…
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IRD and the Real Estate Sector in 2021
In the beginning of 2021, the IRD notified tax agents that they have a “new campaign for the real estate sector”. They believe real estate agents are claiming a high…
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