A 12-month plan designed for new business owners starting out, who may want some extra guidance around business structure, accounting software setup and training, and more.

We will provide you with guidance and support on what you'll need to do to establish and commence running your new business

We can provide advice on the best business structure for your needs and take care of establishment and registrations

Set up your Xero file so it's optimised for you and give you initial training so you start off in the right way

Preparation of a budget tailored to your business and input into Xero so you can track how you're going

Starter pack

We prepare your GST returns ready for you to review and pay. We also remind you of when and how much to pay, and even send an alert if you forget! Requires Xero.

Prepare GST

If you would rather be doing something else, let us do your bookkeeping for you. We love coding and checking and you can relax knowing it's all done right, and on time. Requires Xero.

Bank reconciliation

We'll set up your Xero file from scratch, then give you the training you need to use it to its full potential.

Xero setup & training

We set you up with the right Xero subscription and manage your payments.

Xero monthly subscription

We set up your Xero file so it is optimised for you and your business.

Xero setup

An hour of training on how to use Xero to it's full potential.

Xero training

Investment Boost is a new tax deduction aiming to stimulate the economy. Learn how it works and what qualifies.

EXPENSES  •  11 JULY 2025  •  1 MIN READ

Investment Boost lets New Zealand businesses claim 20% of the cost of new assets upfront. See how it works, what qualifies, and how to claim it in your tax return.

Investment Boost: New 20% Tax Deduction for Business Assets

Investment Boost is a new deduction for New Zealand businesses, designed to encourage productivity and economic growth.

The deduction allows businesses to immediately claim 20% of the cost of new assets, on top of standard depreciation.

If your business is planning to invest in capital assets, this new rule could mean a significant tax saving in the year you make the purchase.

When you buy an eligible asset for your business, you can claim 20% of the cost as a one-off deduction in your income tax return for that financial year. After that, you continue to depreciate the remaining value as usual.

This means you’re still claiming the cost of the asset over its useful life, but with a larger deduction upfront in the year it was purchased.

If you buy an asset for $10,000 and it will be depreciated over 5 years the difference with claiming costs over the asset's useful life is as follows:

With Investment Boost: $3,600 is claimed in year one (20% + depreciation), and $1,600 each year after that.

Without Investment Boost: you’d claim $2,000 per year using the straight-line depreciation method

The overall deduction is the same over the 5-year period, but you get more of the deduction earlier, improving cashflow and reducing your tax bill in the year you invest in the asset.

To qualify for Investment Boost, the asset must be:

available for business use on or after 22 May 2025, and

Common examples include machinery, equipment, and work vehicles.

Investment Boost also applies to buying new commercial and industrial property (that don’t allow depreciation deductions), improvements to depreciable property (not residential), primary sector land improvements, mixed-use assets, and certain petroleum and mineral mining development assets.

There’s no cap on what can be claimed. You can claim Investment Boost on any number of qualifying assets, regardless of their value.

Second-hand Assets - Assets that have previously been used in New Zealand

Residential buildings (including rental properties)

Fixed life intangible assets (such as patents)

Assets that are fully expensed under other rules (such as low-cost assets under $1000 that are fully deductible in the year of purchase)

Investment Boost will be calculated and deducted by your accountant in your income tax return in the year in which the asset was purchased (or the building constructed in the case of commercial/industrial buildings).

If you later sell the asset for more than its adjusted tax value, you may need to declare the gain as taxable income (primary sector land improvements excluded).

For more information, check out the IRD’s Investment Boost Fact Sheet or discuss any planned asset purchases with your accountant to see how this deduction could apply to your business.

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Investment Boost - the new tax deduction for businesses

Expenses

Learn how depreciation works, why it matters, and how it affects your tax, asset values, and financial reporting.

FINANCIAL LITERACY  •  11 JULY 2025  •  7 MIN READ

Learn how depreciation works, why it matters, and how it affects your tax, asset values, and financial reporting. Simple insights for New Zealand business owners.

What Is Depreciation? A Guide for NZ Business Owners

As a New Zealand business owner you’ll often buy assets to help run your business. For example, a laptop, car, office furniture, and machinery. These things all cost significant sums of money. While they’re all vital for your business operations, their value isn’t static. Over time they wear out, become obsolete, lose their original worth or get replaced.

In simple terms, depreciation is an accounting method that allows businesses to spread the cost of an asset over a period of time (also known as ‘its effective life’).

Instead of claiming the full cost of the asset as a deductible expense in the year it was purchased, you claim a portion of the cost each year based on its estimated lifespan.

For example, if you bought a piece of machinery for $50,000 and it’s expected to last 10 years, you might claim $5,000 each year for 10 years, rather than claiming $50,000 in 1 year.

Depreciation helps acknowledge that your assets contribute to your business’s income over its entire lifespan rather than only in the year it was purchased.

Depreciation might feel like just another technical term, but it's very useful in the world of business.

Reasons include: tax deductions, knowing the real value of assets, better reporting, asset management and planning.

This is often the most compelling reason for business owners to understand depreciation. In New Zealand, the cost of most depreciating assets is tax-deductible over their effective life. 

Of course, a lower taxable income often translates to a lower tax bill, freeing up cash for other essential business activities. What business owner wouldn’t want that?

A car bought for $30,000 isn’t worth $30,000 forever. Depreciation helps track how much it's worth now, not just what you paid for it. 

This is also known as its book value, which is the original cost of the asset minus any accumulated depreciation. 

Total accumulated depreciation (over the last few years): $20,000

Please note that book value does not always equate to market value, but does provide a close comparison.

Tracking depreciation can give you insights into the aging of assets. This can be extremely valuable for planning for replacements, upgrades or maintenance. It also helps ensure your operations remain efficient over time. Having an asset register that records this information is also useful for insurance purposes.

Accurate financial reporting and business health

Depreciation provides a more accurate picture of your business's profitability over time. By allocating the cost of an asset across a longer period of time, your financial statements will better reflect the true cost of running your business, rather than showing a massive expense hit in the year of purchase. This is crucial for internal decision-making, as well as for attracting investors or securing loans.

Having fixed assets on your balance sheet also gives a better representation of what your business owns, which helps third parties assess the overall health and worth of the business.

Generally, you can depreciate assets with a cost over $1,000,  that:

You own (or have leased under a finance lease arrangement) and have control over, 

Are expected to decline in value over time, and,

You can’t depreciate things like stock, land or residential and commercial buildings. (Land is generally not a depreciating asset as it typically doesn’t decline in value).

There are a few different ways depreciation can be calculated, but you don’t need to do all the maths yourself. That’s what your accountant is for.

Here are the two common methods that Inland Revenue allows:

You claim more in the earlier years, and less as the asset gets older. It’s like how a car loses most of its value in the first few years. With this method, you get a higher expense claim in the first years.

You claim the same amount each year over the asset’s effective life. This can be useful for tax planning purposes as the depreciation expense claim remains consistent.

The Inland Revenue determines what depreciation rate is used for different types of assets under each method.

How does depreciation work with the 20% Investment Boost?

The government released the 20% Investment Boost in its May 2025 budget as a way to encourage productivity and economic growth. The deduction allows businesses to immediately claim 20% of the cost of new assets, on top of standard depreciation.

Read more about it in our Investment Boost article.

Depreciation is more than just an accounting term. It’s a valuable tool that can impact your business's profitability and tax position.

Understanding how it works and why it’s important is useful for effectively managing your business assets, operational efficiency, and finances.

For tailored assistance on how depreciation applies to your business assets and to ensure you’re maximising eligible deductions, its always recommended to consult your accountant.

What is depreciation (and why does it matter)?

Financial literacy

Explore your options for keeping, closing, or selling your New Zealand company if you're moving overseas.

BUSINESS ADVICE  •  8 JULY 2025  •  5 MIN READ

Relocating abroad? Explore your options for keeping, closing, or selling your New Zealand company. A practical guide for business owners moving overseas.

Moving Overseas? What to Do With Your NZ Company

Are you moving overseas and weighing up what to do with your New Zealand company? Whether you’re relocating for lifestyle reasons or business expansion, it’s important to know your options. Do you keep it running, close it down, or sell it? And what are the tax implications?

Let’s explore your options to help you make a well-informed decision.

Keep your company operating in New Zealand

If you’re moving overseas but want to keep your company operating in New Zealand, you’ll need to consider the legal and tax residency requirements.

Will your company remain a New Zealand tax resident after you relocate?

To remain a registered company under the Companies Act 1993, you must have at least one director who is a New Zealand tax resident. If you are the sole director and moving overseas permanently, you either need to appoint a new NZ-based director (who controls the company from within NZ) or wind up the company.

In terms of tax residency, a company is a New Zealand tax resident if:

Its directors exercise control from within NZ

If your company still meets the criteria, it will continue to have tax obligations in New Zealand even after you move.  It’s possible that your company may also be considered a tax resident in your new country, depending on the local tax legislation of that country.

If the country you move to has a double tax agreement with NZ, it can get complicated with ‘tie-breaker’ rules that will determine which country the company is considered a resident of for tax purposes. Navigating double tax agreements can be complex, so getting professional advice is highly recommended.

In some cases, winding up your New Zealand company and starting fresh overseas may simplify your tax obligations.

Shutting down your company may be a straightforward option if you no longer plan to operate in New Zealand.

Sales of Assets - GST payable (if your company is GST-registered) on the sale of these assets, and potential tax liability if any asset is sold for greater than book value

Distribution of retained earnings via dividends to shareholders - tax implications including Dividend Withholding Tax, and personal income tax (if you’re in the top tax bracket)

Capital gains - this can generally be distributed tax-free during the company windup

Stop trading and repay all business debts

File final returns for all tax types (e.g. Income Tax, GST, PAYE, FBT) and cancel registrations

Pay any outstanding tax and request a ‘no objection’ letter from IRD

Apply to the Companies Office for removal from the register

Retain all business records for at least 7 years

As well as compliance and tax considerations, you should also be mindful of other costs involved in properly winding up the company e.g. potential legal or accounting fees, any terms of subscriptions or lease agreements the company is in.

Selling your New Zealand company as a going concern

If your business has ongoing value, selling the company as a going concern could be a viable alternative to shutting it down.

Selling a business can take longer than simply winding it up as you will need to find a buyer, agree on a sale price, and potentially assist with the transition process.

Business valuation - ensure the sale price is appropriately allocated between inventory, fixed assets (e.g. equipment), and goodwill as this has tax consequences

Shareholding changes - a change in ownership has an impact on the ability to carry forward tax losses as well as the use of imputation credits (for dividend declaration)

Costs of sales - factor in legal, accounting, and possible broker fees

Setting up your business in a new country

If you’re expanding operations or relocating for a fresh start, setting up a company in that country might be your next step.

Each country has different requirements for company formation, tax obligations and compliance. Reach out to an accountant in your new location for advice on local requirements.

If you’re moving to Australia or the UK, Beany can help

We have teams in both regions who can guide you through setting up a company, tax registration and provide info about your compliance obligations.

Deciding what to do with your New Zealand company when moving overseas depends on your long-term goals, tax implications and compliance requirements.  Whatever you choose, understanding the different legal and financial considerations is crucial. Each option has its own set of challenges and seeking advice tailored to your specific situation will help ensure a smooth transition. For Beany clients, we can provide guidance for whichever option you opt for. Get in touch with client support or your accountant.

Moving overseas? What happens to your NZ Company

Business advice

Confused by your ACC invoice? Learn how levies are calculated and what they mean for NZ business owners.

EXPENSES  •  8 JULY 2025  •  5 MIN READ

Understand how ACC levies work, how they’re calculated, and what they mean for your business. A clear guide for self-employed and company owners in New Zealand.

ACC Levies Explained for NZ Business Owners

Accident Compensation Corporation (known as ACC) provides no-fault insurance cover for accidents in New Zealand. To fund this, ACC charges levies to businesses and individuals based on income and type of work.

If you are self-employed, a shareholder-employee, or running a business, you will need to pay an ACC levy invoice each year once your income tax return is finalised with the IRD.

For employees, workplace accidents are covered by the employer's Workplace Cover, while non-work accidents are covered via a levy that is part of PAYE deductions.

Payment of ACC levies helps fund treatment and compensation for injuries at work (or outside of work). 

It is a compulsory cost of working and doing business in New Zealand.

The invoice you receive depends on whether you’re an employer, self-employed or a shareholder-employee. The type of invoice and ACC cover is clearly labelled in the top-right corner of the bill.

Your ACC invoice may include some or all of these levies.

Work Levy - cover for work-related injuries

Earner’s Levy - cover for non-work related injuries e.g. sports injuries or accidents at home

Working Safer Levy - supports WorkSafe NZ’s activities

Self-employed and shareholder-employees are typically invoiced for all three levies to cover both work and non-work related accidents. 

Employers are invoiced for the Work Levy and Working Safer Levy to cover their employees for work-related accidents. The Earner’s levy (for non-work accidents) is part of employee PAYE deductions, so does not feature on the invoice.

This is the standard cover type for employers and shareholder-employees. It covers employees’ rehabilitation and weekly compensation after an injury.

This is the standard cover type for self-employed individuals or contractors. If you’ve had an accident and can’t work, you’ll be compensated up to 80% of your taxable income (based on your most recent tax return).

This is an optional cover type for self-employed individuals or contractors. This allows you to choose how much of your income you want to be covered for if you have an accident and can’t work.

Reach out to ACC directly to discuss this option with them if you think you require more than the standard cover.

Please note: for this cover type, you will receive two invoices each year as the Working Safer Levy is charged separately once your income tax return is finalised with the IRD.

For more information on your specific invoice type, visit ACC’s website which explains each type in detail (including screenshots of a sample invoice).

Your industry or business classification (i.e. the BIC code used when registering for GST)

Your liable income (usually based on your most recent tax return)

Each business industry classification (BIC) is assigned a specific risk rating. For example, construction businesses pay a higher levy rate than office-based businesses because of the greater risk of injury. The Work Levy rate is determined from this classification.

The Earner’s Levy and Working Safer Levy are both fixed rates.

The current Earner’s Levy (for the 24/25 financial year) is $1.60 per $100 of liable income, while the Working Safer Levy is $0.08 per $100 of liable income (or liable payroll for employers).

The calculation of your total levy depends on whether you’re an employer, shareholder-employee or self-employed.

The easiest way to calculate your levy is by using ACC’s estimation tool.

Neither Inland Revenue nor your accountant can help with ACC invoices, so this tool is the best way of predicting how much your invoice might be.

There is no fixed date as it depends on when ACC issues your invoice.

For employers, invoices are typically issued from July each year based on liable payroll information that is filed with the IRD and then shared with ACC.

For self-employed and shareholder-employees, invoices are sent once your tax return is filed with the IRD and income info is passed on to ACC.

The payment deadline is outlined on the invoice, but is approximately 30 days from the invoice date.

For new businesses, you’ll usually not receive an invoice until your second year of trading, once your first set of tax returns are filed. This means your invoice will generally always relate to the prior year.

If you have registered a company and are taking a shareholder salary, you may receive a separate ACC invoice under your name.

Payment options include paying in full or setting up instalments directly with ACC. You can find payment methods and instructions on ACC’s website.

The Work Levy and Working Safer Levy are tax-deductible as they relate to your business or self-employed income.

The Earner Levy is not tax-deductible where it relates to shareholder-employees or sole traders as it's cover for non-work related accidents so is not considered a business expense.

If you’re GST registered and an employer, you can claim the GST on your ACC invoice.

If you’re GST registered and a shareholder employee, only a portion of the GST on your ACC invoice is claimable. The GST component of the Earner Levy is not claimable since this is cover for non-work related accidents.

If you’re not registered for GST, you can not claim GST since you do not file GST returns.

If you receive an ACC invoice that you weren’t expecting, do not panic. It’s a normal part of running a business in New Zealand. 

If you are unsure about your bill or if your business activities have changed, get in touch with ACC. They are responsible for calculating and issuing these invoices so can assist with any questions you might have.

Further reading if you’re self-employed

What happens if you’re injured and self-employed

ACC for Self-employed - CoverPlus vs CoverPlus Extra

Understanding ACC levies: A guide for business owners

Learn how to leverage PR in New Zealand: build credibility, earn media coverage, and boost brand authority.

BUSINESS GROWTH  •  1 JULY 2025  •  4 MIN READ

Learn how to leverage PR in New Zealand: build credibility, earn media coverage, and boost brand authority. Essential PR strategies for Kiwi SMEs.

How Public Relations Drives Growth for NZ SMEs

Why more New Zealand small businesses are investing in Public Relations

For many New Zealand small and medium-sized enterprises (SMEs), marketing starts and stops with social media posts and paid ads. But in an economy built on reputation, trust and relationships, there’s another, often underutilised strategy that delivers long-term value: public relations (PR).

Unlike advertising, PR isn’t about buying attention, it’s about earning it. A well-placed media article, a thought leadership piece in an industry publication, or expert commentary in a news story can build lasting credibility and customer loyalty. And in New Zealand, where word-of-mouth and local reputation still carry real weight, PR is often the growth lever that separates SMEs from their competitors.

Public relations can generate impact well beyond what most SMEs expect from traditional marketing. Here’s how:

Build credibility: Consumers are significantly more likely to trust an independent news story than a paid advertisement. PR gives your business third-party endorsement through reputable media.

Attract investors and partnerships: A consistent media presence builds confidence. For investors, strong PR coverage signals momentum, professionalism and market relevance.

Differentiate from competitors: PR allows you to shape your brand story in a way that resonates, beyond slogans and advertising copy.

Mitigate reputational risk: A well-prepared PR strategy helps businesses navigate crises quickly and transparently, preserving trust when it matters most.

Boost organic traffic and SEO: Earned media mentions are often indexed by Google, helping your business appear in search results without paying for every click.

The financial case for PR: What SMEs should know

For small business owners, PR offers a rare combination of high impact and long-term value. According to international research, earned media coverage can deliver up to 10 times the value of equivalent paid advertising due to its credibility and influence.

Unlike pay-per-click campaigns that stop delivering the moment you stop paying, media coverage lives on, builds authority and often improves your website’s SEO performance. 

Expert Tip: If you are considering outsourcing your campaign to a public relations professional, ensure it is a PR agency New Zealand businesses trust - such as Impact PR. Beany clients can also gain exclusive access to discounted PR packages. Just mention you saw this article when contacting them.

New Zealand’s media environment is far more accessible than in larger international markets, which is a significant advantage for Kiwi SMEs. But it’s also highly competitive. Journalists receive hundreds of pitches a week and will only respond to content that is truly newsworthy.

Know what makes a great story - whether it’s an innovation, community impact or rapid growth.

Pitch to the right outlets - news outlets, industry journals and business media are more receptive when approached with relevance.

Be available - media moves fast. Responding within the hour could mean the difference between being published or passed over.

Here’s a practical PR framework that small business owners can follow - even with limited budgets:

Every SME has a story worth telling. Whether it’s a founder’s journey, solving a customer pain point, or a niche innovation, authenticity makes you media-ready.

Don’t overlook regional outlets and trade publications. They’re often hungry for relevant SME success stories and product innovations that impact their readership.

Write opinion articles or offer commentary on current industry issues. This positions your business as a trusted voice and increases the chances of media exposure.

PR extends beyond traditional newsrooms. Tools like LinkedIn, blog content, influencer collaborations and online interviews amplify your brand across multiple platforms.

Every business faces challenges. Prepare now by nominating a spokesperson, developing holding statements and monitoring your brand’s online mentions.

PR is not a luxury - it's a growth strategy

PR shouldn’t be seen as a “nice to have” but rather as a core growth tool. Businesses that invest in telling their story effectively are more likely to build trust, attract partnerships and stand out in competitive sectors.

In an era where authenticity wins and trust is currency, PR delivers what paid ads can’t: earned authority, real connection and lasting brand reputation. It’s time New Zealand SMEs took full advantage.

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