On 3 April, Inland Revenue issued a draft ‘Questions we’ve been asked’ (QWBA) covering the tax treatment of allowances and benefits paid or provided to farm workers. A key principle covering such payments centres on the tax treatment of ‘reimbursing...
Here is the final article in our 3-part series, “Understanding your financial statements”, and this month we’re looking at the cash flow statement (CFS). If you’d like to review Part One & Part Two in this blog series, you can...
Workplace wellbeing – how often have you found yourself vowing to improve your health or fitness? If you are anything like the majority, chances are at some point you have embarked on some fad diet or joined the latest fitness...
The bright-line test came into force from October 2015, introducing rules that a profit derived on the sale of a residential property is subject to tax if sold within two years of purchase, albeit subject to some exceptions such as...
Following on with part 2 of our 3-part series, “Understanding your financial statements”, this month we’re taking a closer look at the profit and loss statement. If you’d like to review the other parts of this blog series, you can...
Financial statements can seem daunting if you don’t understand what they mean and what they tell you about your business. As a business owner though, it’s important you know how to read and analyse these to get an accurate picture...
The end of the financial year is quickly approaching. Don’t panic, we’re here to help you. About now is that time of year when hundreds of business owners frantically pack a year’s worth of receipts into a box ready to...
As the backbone of all businesses, accounting is one of the most important tools that business owners use every day to make informed decisions. And while most businesses today rely on accounting software like Xero and MYOB to produce their...
The loss offset (and subvention payment) mechanism allows a ‘profit’ company to reduce its taxable income by utilising the tax losses of a ‘loss company’. The mechanism is a great tool that is commonly used. Before a loss offset can...
The Labour coalition made immediate changes when they were elected into government, starting with repealing National’s planned tax bracket changes. Labours new ‘mini-budget’ is intended to benefit low-income earners, middle-income families with children and lift children out of poverty. The...
When an asset, such as a bach or a boat, is used both privately and to generate income, prescriptive rules exist within the Income Tax Act that determine the extent to which a tax deduction is available. Expenses broadly fall...
You may have heard the term ‘internet of things’ (IoT) bandied about recently, but what exactly is it? IoT is the name given to interconnected devices that can communicate with each other via the internet, through the sending and receiving...
