Accounting, Tax, Audit & Business Development

Helping You Achieve the Freedoms of Time, Money and Peace of Mind

 

Keeping your tax and expenses in check when you are self-employed

Michelle Thompson, CA, Practice Manager

October 2019

Working for yourself or running your own business? Set up a robust system for expenses and tax obligations so that you can focus on getting things done. Talk to us. We will take the headache out of your business accounting.

What’s in the forecast?

Chris Lynch, CA, Director Lynch $ Associates Limited

September 2019

You don’t go fishing without checking the forecast, nor should you run your business without an annual forecast! Don’t live in your raincoat, waiting to get soaked - take control and talk to us about your business forecast. We’ll help you create sunshine!

Changes to NZ GST rules for low-value imported goods

Becky Zhang, CA

In an increasingly disrupted world, the laws surrounding consumer processes sometimes need to play catch up. From 1 December 2019, overseas businesses selling low-value goods to consumers in New Zealand may need to...

Questions on GST? We can help

Michelle Thompson, CA

If your turnover (sales) was more than $60,000 over the past 12 months, or if you expect your turnover in the next 12 months to be more than $60,000, you must...

Dividends and paying yourself as a director

Chris Lynch, CA

As the director in a limited company, dividend payments are the usual way for you to take money out of the company – and see a financial return on your investment into the company.

The Trusts Act 2019

Chris Lynch, CA

The Trusts Act 2019, (No 38 of 2019) received the Royal assent on 30 July 2019. The Act takes effect 18 months after 30 July 2019. This transition period will allow trustees to review their existing trusts before the Act finally becomes effective.

Your GST return is due soon

Becky Zhang, CA

You need to file your GST return at the end of every taxable period (this may be monthly, 2 monthly or 6 monthly depending on the frequency you have chosen for your business - you can check this with us). 

Your income tax return 

Michelle Thompson, CA 

Preparing for your return. You’ll need to ensure that your business accounts for the 2019 tax year have been settled before you file your return. We can provide a guide to preparing for your income tax return, or contact us today for more information.

Pricing your product of service

Chris Lynch, CA 
Five factors to consider: Price elasticity is an economic concept that you should get to know. It is instrumental in understanding demand for your product and the price you can set for it.

NZ Budget 2019

Chris Lynch, CA 

The Government delivered its first Wellbeing Budget on 30 May 2019. In line with its strong focus on social policy, the mental health sector, child wellbeing and social welfare all gained significant increases in spending.

Registered Charities carrying on activities overseas

Chris Lynch, CA 

The Charities Act does not specifically deal with international charities and activities. They assess each application they receive on a case-by-case basis, based on the criteria set out in the Act.

The Tax on Capital Gains. Final Report.

Chris Lynch, CA

The TWG’s report was released on Thursday, 21st of February 2019.

It made the following key recommendations with regards to the New Zealand tax system:

Should I lease or buy my business vehicle

Chris Lynch, CA 
If you are looking at buying a new vehicle and require finance, the salesperson will offer you two options: lease or purchase.  We have an analysis sheet to help you crunch the numbers...

IRD's Mileage rates for 2018

Chris Lynch, CA

Motor vehicle expenses are generally deductible for income tax purposes, if the vehicle is used to help earn income for the business.

It is important to note that:

Not for Profits – Top Trends

Chris Lynch, CA

Why do we call “Not for Profits” by that name? 

Apparently it is to distinguish them from the “For Profit” sector. I read in the recent “Cause Report” published by JB Were the statement “One of the great difficulties in discussing the not for profit sector is definitions and seemingly synonymous terms.

Schedular Payments

Chris Lynch, CA
If you are a contractor or engage the services of a contractor, you need to understand the changes to the withholding tax rules which came into effect on 1 April 2017.

IRD's mileage rate increases for the 2017 

Chris Lynch, CA

The IRD's mileage rates for the 2017 income year for vehicles with business travel of 5,000 or less in an income year have been set as follows:

NZ Budget 2017-2018

Chris Lynch, CA

Budget raises tax thresholds to address bracket creep. 

Every taxpayer earning more than $52,000 will pay $1,060 a year or $20 a week less in tax from 1 April 2018. A taxpayer earning $22,000 will pay $560 or $11 a week less.

Tax Credits

Chris Lynch, CA
Many New Zealanders are able to claim Working for Families Tax Credits (WFFTC) to assist them in meeting their living costs. However, some situations catch people out or cause unexpected issues.

Working from Home? Claim your home office expenses

Chris Lynch, CA

If you have a home office for your business, you should be able to claim some of the running costs. It’s important to be aware of what you can and can’t claim, and the record-keeping involved in making a claim. How does it work?