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Useful tips for Small Business

General update by IBBZ Accounting on latest tax news, business growth and technology tips.
OCT
31
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IBBZ Accounting Business and Tax Updates October 2022

Business and Tax Updates October 2022: IBBZ Accounting

Summary:

This October month has been colder than usual 2022 is still on track to likely be the fifth warmest year on record in most weather forecast.

In business updates: Phasing out hard-to-recycle and single use plastics from 01 October 2022, The Fair Pay Agreement has become a legislation and RBNZ has lifted the Official Cash Rate to 3.5%.
In tax updates: The bill Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) has been introduced.

Christmas break is almost upon us, we are working to ensure all tax returns are filed before the end of the year.

 

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SEP
30
0

IBBZ Accounting Business and Tax Updates September 2022

Business and Tax Updates September 2022: IBBZ Accounting

Summary:

Day light saving is upon us, so getting an extra hour would be nice. However, the concept of seasonally adjusted the clock has always been controversial. Some people love it, but other companies that it messes with your circadian rhythm and has negative health effects.

In business updates: Tips to improve mental health for small business owner, Things most lenders look for when applying a loan for business, RBNZ update for lifting OCR.

In tax updates: Deductibility of overseas travel expenses, Travel expense- deductibility of a companion travel cost and Income tax and GST - Treatment of meal expenses.

We are working to ensure 2022 tax returns to be filed on time.  

 

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AUG
29
0

IBBZ Accounting Business and Tax Updates August 2022

Business and Tax Updates August 2022: IBBZ Accounting

Summary:

The weather is getting warmer, and spring is not too far. In business updates: RBNZ lifted the OCR and more hikes are coming along, the use of 2 factor authentication is suggested, and having wellbeing policy at workplace is recommended. In tax updates: supply of portable units for residential use were held as taxable supplies for GST purposes. The IRD has published guidelines for cash basis of financial arrangement rules, Bright line guide, and depreciation on building.

We are working to ensure 2022 tax returns are filed on time.

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JUL
29
0

IBBZ Accounting Business and Tax Updates July 2022

Business and Tax Updates July 2022: IBBZ Accounting

 

 

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FEB
23
0

Use-of-money Interest (UOMI) Rules for Provisional Tax Payments

Use-of-money Interest (UOMI) Rules for Provisional Tax Payments

Summary: If the Residual income tax (RIT) is higher than the provisions, UOMI not charged to taxpayers who had used standard uplift method (105% or 110% uplift rule) and paid their three instalments on time and total tax liability is under $60,000.

Effective date: From 2018 Financial Year onwards

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NOV
19
0

Importance of Tax planning

Importance of Tax planning

Importance of Tax Planning

Often, most businesses focus so much on growth in revenue and minimization of costs that taxation becomes a secondary priority. However this is where many businesses stumble because if not administered carefully, tax debt can be a death knell for the business. Tax is critical in terms of cash flow planning, optimising costs, identifying product portfolios as well as to meet the social commitments of the business. Advantages of tax planning includes –

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AUG
27
0

10 Things A Business Owner Can Do to Safeguard Themselves from Covid-19 Financial Crisis

10 Things A Business Owner Can Do to Safeguard Themselves from Covid-19 Financial Crisis

 10 Things to Safeguard Yourself from Covid-19 Financial Crisis

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MAY
27
0

Tax Loss Carry Back Scheme: An Attempt to Improve Cash Flow

Tax Loss Carry Back Scheme: An Attempt to Improve Cash Flow

Loss Carry Back Scheme.

From 15-04-2020 almost all entities trust, companies, sole trader, partnership can carry back the anticipated losses to avail tax refund. The scheme is another measure taken by the Government to assist struggling New Zealand business to deal with economic impact of Covid-19. The bill Covid-19 Response (Taxation and Other Regulatory Urgent Measures) is enacted now.

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APR
04
0

COVID-19 Government Response: Changes to the Tax System

COVID-19 Government Response: Changes to the Tax System

The Government of New Zealand passed urgent bill (COVID-19 Response: Taxation and Social Assistance Urgent Measures) to deal with the economic turmoil created by COVID-19. This bill provides immediate response and relief to struggling businesses and individuals. The targeted measures aimed at providing relief to those that have been economically affected by the COVID-19 outbreak.

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MAY
16
0

Time Management for small business

Time Management for small business

Time Management

 

Time management is using a person’s time more effectively to accomplish tasks within a short period of time in order to improve both efficiency and productively of the task.


Managing time is one of the crucial skills for a small business to possess if wish to succeed. As many small businesses struggle to complete day-to day tasks within time, they end up wasting precious time which they should be using for growing their business. Once a small business start practicing good time management, they consistently improve their products and services.

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