ACC Levies - Options to Save or Increase Cover

ACC have a plan that allows self-employed people and non PAYE shareholder employees to negotiate the level of compensation (subject to ACC approval) called ACC Cover Plus Extra. This allows you to dial down your cover (or increase it if required) and you won't need to prove your earnings when making a claim, which is required with the standard ACC plan. ACC Cover Plus Extra can be really benefici... More

Topics: Business Tax Compliance Salary & Wages ACC Levies

Posted 26/01/2015

ACC Levies Explained

ACC levies for people in business and now rental property profits are payable based on the profit generated from your trading activities. They are also payable on the gross wages paid to your employees. ACC levies are compulsory to cover you and your staff for personal injuries. There are concessions though if you are only part time in your business. Once your income tax return is filed for a yea... More

Topics: Business Tax Compliance Guides ACC Levies

Posted 26/01/2015

We're Relocating to Ahuriri in Napier

We're moving our office to Ahuriri sometime in March. The lease on our current building is coming to an end so our new location will be in one half of the former Big Save furniture building on Bridge Street (the half closest to Vetro). Construction is well under way with holes being made in walls for windows and doors, framing going up and so on. We're being shown through the week after next - thi... More

Topics: Kiwitax News

Posted 15/01/2015

Debtor Payments Slow Coming In?

If you're finding your customers are taking too long to pay and it is creating cash flow headaches it could be worth investigating invoice factoring. This is when a third party pays you immediately a percentage of your invoice (around 80%), they then collect the funds from your client and pay you the balance less a commission once the client has paid. This way you are getting paid as soon as you ... More

Topics: Business Links Cashflow

Posted 15/01/2015

Have a Family Member Living in Your Rental Property?

If you have a family member or associated party living in your rental property, there are different tax rules that apply to this situation. Based on the arrangement you have with them, the following rules apply. If you're not charging them any rent - you don't need to declare this rental property in your income tax return and you can't claim any costs. If you're charging them less than mar... More

Topics: Income Tax Rental Property Tax Returns LTC Non-Resident

Posted 12/01/2015

Happy New Year 2015

Hi Everyone - Happy new year! We hope you've had a fabulous break where possible or if it's your busy season we hope business has been going well! A quick note to advise we're (mostly all) back at work now this week with the full team back on deck next week. It's great to be back and into the new year. If you've any accounting and tax questions please do sing out, we're always happy to help! More

Topics: Kiwitax News Client Care

Posted 8/01/2015

Christmas and New Year Holidays

We're closing for holidays soon - finishing up for the year around lunchtime Tuesday 23 December 2014 and re-opening Wednesday 7 January 2015. If you have anything come up requiring urgent attention over this holiday period the best way to contact us is to email and we'll reply as soon as possible. It's been a fun and busy year! An especially huge thank you to you for choosing Kiwitax this year ... More

Topics: Kiwitax News Client Care

Posted 22/12/2014

Due Dates for January 2015

PAYE: 1 Monthly PAYE return and any payment for December is due 20 January. GST: 1 and 2 Monthly GST returns and any payments for period end 30 November are due 15 January. Provisional Tax Instalment: Second instalment of 2015 provisional tax for tax payers who pay in 3 instalments during the year is due 15 January. FBT: 3 Monthly Fringe Benefit Tax return and any payment is due 20 January. GS... More

Topics: Due Dates

Posted 1/12/2014 – Updated 15/12/2014

Due Dates for December 2014

There's only one due date for December as the GST dates are extended through into January. PAYE: 1 Monthly PAYE return and any payment for November is due 22 December. Any questions please ask. More

Topics: Due Dates

Posted 1/12/2014

Kiwitax's 15th Birthday!

Today 15 years ago we started a tiny accounting business which eventually became Kiwitax. We're super grateful for all the wonderful people who have chosen us to work for them over these years - thank you so very much! More

Topics: Kiwitax News

Posted 23/11/2014

Due Dates for November 2014

Quiet month for due dates - just the usual one monthly GST and PAYE returns. PAYE: 1 Monthly PAYE return and any payment for October is due 20 November. GST: 1 Monthly GST returns and any payments for period end 31 October is due 28 November. Any questions please ask. More

Topics: Due Dates

Posted 17/11/2014

Thinking of Turning Your Home Into a Rental Property?

There are a few things to consider before you jump in and make this happen. Ownership structure, tax implications and debt allocation are the main factors - if you don't get these right from the start they can affect you negatively for several years, you could end up paying extra income tax when really there is no need to! By talking with us first, together we can work out: Whether you're bett... More

Topics: Rental Property Family Home Structures

Posted 30/10/2014 – Updated 22/12/2014

Hawkes Bay Anniversay Day

A quick reminder that tomorrow, 24 October 2014 is Hawkes Bay Anniversary day so we'll be closed for the day - and of course Monday too for Labour day. Hope you have a great weekend - have fun and stay safe! More

Topics: Kiwitax News

Posted 23/10/2014

Which Costs Are GST Exempt?

When preparing GST returns do note not all expenses have a GST component. Here's a quick list of the most common GST exempt outgoings... Bank Fees Interest Loan Fees Wages Drawings Credit Card Commission Non Deductible Entertainment Suppliers that are Not GST Registered Income Tax, GST Payments, PAYE Payments Inland Revenue Penalties Resident Withholding Tax on Interest Earned Incom... More

Topics: GST Claimable Expenses Record Keeping

Posted 22/10/2014

Can I Pay my Spouse / Partner Wages from My Business?

If you trade as a company there is no problem in paying your spouse or partner wages through the payroll of your business - however if you trade as a sole trader or partnership (that doesn't have your spouse / partner as an owner) you will need Inland Revenue approval to do this. If you don't get approval Inland Revenue can disallow any wage payments from being a tax deduction for your business. ... More

Topics: Claimable Expenses Employing PAYE Salary & Wages

Posted 21/10/2014 – Updated 22/12/2014