Take AIM

Business, News, Topical Tax Issues, Xero

Take AIM (accounting income method)

It’s sometimes rare for the public and private sector views on business (and tax!) to align.

However, Beany, Xero and the NZ government acknowledge the importance of small business to the NZ economy and also the technology changes that small business is adopting.  Here’s an excerpt from the recent IRD discussion document:

The AIM measure announced by the Government proposes that, accounting information prepared by a taxpayer for a period, be used as a basis for calculating the tax liability of the business for that period. The resulting amount would be payable by the taxpayer as a provisional tax instalment.

AIM payments will be generated by the accounting software and authorised by the user, whether a business or its advisors. The user will confirm the amount to pay and then activate the payment for both GST and provisional tax. The calculation and payment of provisional tax will become part of running the business instead of an extra process.” Continue reading “Take AIM”

Are you getting the best from the Kiwisaver Scheme?

Business, Topical Tax IssuesTagged ,

Are you getting the best from the Kiwisaver Scheme?

If you’re self employed then making contributions to Kiwisaver is that little bit harder than if you just get it clipped from your wage ticket each week. Even then, however, there are things to think about, like what type of scheme are you in? Continue reading “Are you getting the best from the Kiwisaver Scheme?”

Myth Busting on Buy vs Lease for assets

Business, Topical Tax IssuesTagged , ,

Myth Busting Around Asset Purchases and Operating Leases 

Quite a few misconceptions float around the question of whether to lease or buy an asset for your business.  Myths arise from what we want to do, as opposed to what’s best for our business – shiny new Ute, anyone? – or from what works best for the salesperson you’re talking to.   Continue reading “Myth Busting on Buy vs Lease for assets”