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Tax

How to pay less tax as a business owner

March 15, 2022

While there may be no way to avoid taxes, understanding how to manage your tax affairs as a business owner will help keep payments to a bare minimum.After many years in public practice accounting, I regularly get asked by business owners how they can pay less to the Inland R...

7 ways missing IRD returns and payments makes running a business ‘bad busy’

February 25, 2022

The challenges of running a business are often all-consuming, but if there’s one thing you can’t afford to let out of your sight, it’s taxes. Here’s why. Getting to grips with the admin commonly associated with the ‘back office’ side of a business isn’t for eve...

8 common ways to trigger an IRD audit

September 30, 2021

There are many things to avoid in business, and one of the most unpleasant is triggering an IRD audit. Here’s how it commonly happens. Having been involved in many tax investigations (on behalf of clients of course), I can confirm they are not very pleasant and can result ...

5 more small business GST mistakes to avoid

July 27, 2021

Many small business owners are rightly concerned about making errors with Goods and Services Tax (GST), so here are some of the more common and costly to avoid. As I wrote in my last piece on this topic, if you expect your business to bring in revenue of over $60,000 ov...

Does New Zealand have a Capital Gains Tax on property?

June 23, 2021

A hallmark of NZ’s taxation system has long been the absence of a Capital Gains Tax on the sale of property, but is that strictly still the case?A new client of mine is upset about having to pay tax at 39 percent on the sale of a property, saying that when he immigrated he...

5 common mistakes small businesses make with GST

June 18, 2021

The Goods and Services Tax (GST) is a tricky tax to come to grips with for those who don’t deal with it on a day-to-day basis, so here are a few items to make certain you get right. As a financial advisor and accountant, there are a few errors I see frequently made by busi...

Just how useful is the NZ Temporary Tax Loss Carry-Back Scheme?

March 3, 2021

It has its detractors, but is the Government’s tax loss carry-back scheme helping struggling NZ business owners?One of the responses to COVID-19 from the Government was a new temporary tax loss carry-back scheme.Some cynical commentators felt that the tax part of the SME R...

Claiming Private Expenditure Despite the IRD!

November 18, 2020

Are you a business owner trading via a limited company? Did you know that you can legitimately claim for private goods and services paid for by your company? Yes you can, and it doesn’t matter what you claim - flights, a hotel bill, a present for your kids (or yourself), a...

Free Money - Come & Get it - If You Can! Research & Development Tax Credits

July 23, 2020

I’m bound to upset someone with this picture - pale, stale and male - but such is life! Is it only old white boffin-like old guys that carry out research and development these days? No, most certainly not, there’s more around than you might think, and the New Zeala...

10 Things to Do Before the Tax Year End

January 13, 2020

What should we be doing as business owners before our Balance Dates or tax year-end, depending on what type of business we are in? There's no point in paying any more tax than necessary. If you have trading stock (unless it’s clearly not going to exceed...

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