Understanding Current Accounts

One topic clients are often confused about is current accounts and we're often asked to explain how these work. What are current accounts? They are how accountants record and report a business owner's investment in their business (and / or rental property). When a business first begins the owner usually invests some money to buy assets and stock, pay rent, spend on advertising and so on. For an e... More

Topics: Rental Property Business Drawings Guides

Posted 20/07/2015

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Email Server Outage - Please Read If Waiting For a Reply From Us

If you emailed us, requested a quote or otherwise contacted us via our website between about 7pm Wednesday 15 July to 4am Thursday 16 July - we will not have received your message. Our email server had an unfortunate hardware failure and we had to restore from a slightly earlier backup, therefore messages during this in between period became inaccessible. If you are waiting to hear from us and ... More

Topics: Kiwitax News

Posted 17/07/2015

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Due Dates for July 2015

PAYE: 1 Monthly PAYE return and any payment for June is due 20 July. FBT: Quarterly FBT return and any payment for period end 30 June is due 20 July. GST: 1 Monthly GST return and any payment for period end 30 June is due 28 July. Income Tax Return: Return for the last financial year is due 7 July 2015. Please Note this 7 July due date applies ONLY for people who do not have an extension of ... More

Topics: Due Dates

Posted 6/07/2015

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New Property Capital Gains Tax

In the recent budget the government announced that they are introducing a capital gains tax coming into effect in October, for properties that are sold within two years of being purchased. It is important to understand these changes will not impact your main family home and will only impact properties purchased on or after these changes come into effect. The changes are designed to ensure tax pay... More

Topics: Rental Property Tax Compliance

Posted 15/06/2015

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Due Dates for June 2015

PAYE: 1 Monthly PAYE return and any payment for May is due 22 June. GST: 1 & 2 Monthly GST returns and any payments for period end 31 May are due 29 June. Any questions please ask. More

Topics: Due Dates

Posted 8/06/2015

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What Does "Loss Carried Forward" Mean?

When a business or rental property makes a loss for the year (so expenses are higher than income) it results in a loss for income tax purposes. For Sole Traders, Partnerships or LTC Companies this loss can be offset against wages or other personal income for the year. It reduces the taxable income which reduces the amount of tax needed to pay. If a loss is made in a Trust or an Ordinary Company it... More

Topics: Income Tax Accounting

Posted 18/05/2015

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Due Dates for May 2015

PAYE: 1 Monthly PAYE return and any payment for April is due 20 May. GST: 1, 2 and 6 Monthly GST returns and any payments for period end 31 March are due 7 May (Normally 28 April but extra time allowed for Easter / ANZAC weekends). GST: 1 Monthly GST returns and any payments for period end 30 April are due 28 May. Provisional Tax Instalment: Final instalment of 2015 Provisional Tax is due 7 May... More

Topics: Due Dates

Posted 6/05/2015

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Mondayised Public Holidays - Employer's Guide

A change of law regarding ANZAC and Waitangi days now applies where if these fall on a weekend the following Monday will be a public holiday. Previously if these days were on a weekend and an employee didn't work then it was just like a normal weekend day. If these days fell on a weekday then a public holiday was observed. Here's a brief overview of how this now works for employers... Restrict... More

Topics: Employing Salary & Wages Guides

Posted 28/04/2015

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Record Keeping – Retail and Hospitality

A reminder that if you are running a till system for your daily takings, try and reconcile each day to the money received. Inland Revenue are increasing their review activity and one of the main source documents they ask for are the till receipts. They’re looking to see if the till receipt totals are significantly different to the amount of money banked – so just a heads up to be dilig... More

Topics: Record Keeping Tax Compliance

Posted 24/04/2015

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Kiwitax New Building

We're now in our new building at 38 Bridge Street, Ahuriri, Napier. There's still some construction happening around us as builders finish off so we're setup a bit temporarily but we are open and operating. Most of the signs are up on the exterior and looking great - you'll surely see us if nearby. If you're in the area please do call in and say hi - it will be great to see you! More

Topics: Kiwitax News Client Care

Posted 21/04/2015

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What are Schedular Payments?

If you are carrying out services in certain industries and are a soletrader or partnership, the person or business paying you is required to deduct a pre-determined percentage of your income and pass this onto Inland Revenue on your behalf. Schedular Payments are kind of a self employment PAYE where your employer is your customer. Schedular Payments used to be known as Withholding Tax. Your custo... More

Topics: Withholding Tax Schedular Payments

Posted 17/04/2015

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We've Moved!

Moving week went well and we're mostly kind of settled into our new office space at 38 Bridge Street, Ahuriri, Napier. There's still some building happening inside and painters busy outside. Hopefully signs go up Thursday. Things are set up rather temporarily for the next week or two but we are open so do come in if you're passing by. We're aiming for a client email later this week or early nex... More

Topics: Kiwitax News Client Care

Posted 14/04/2015

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Moving Week!

Moving week at last! Here's a couple of photos inside the office - some partitions and a floating ceiling still to go in over the next few days. The outside is being painted this week and hopefully signage will be up soon too. We'll keep you posted - especially via Facebook and Twitter. Reminder: we'll be closed Thursday 9 April and Friday 10 April as we relocate to our new space at 38 Bridge St... More

Topics: Kiwitax News Client Care

Posted 7/04/2015

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Due Dates for April 2015

PAYE: 1 Monthly PAYE return and any payment for March is due 20 April. GST: 1, 2 and 6 Monthly GST returns and any payments for period end 31 March are due 7 May (Normally 28 April but extra time allowed for Easter). Provisional Tax Instalment: Final instalment of 2015 Provisional Tax is due 7 May. Terminal Tax / Income Tax: Payment for year ended 31 March 2014 is due 7 April. Please contact u... More

Topics: Due Dates

Posted 7/04/2015

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We're Moving - More Info and Where to Find Us

Please note: Our move has been delayed by two weeks. New dates below! After 9 years working from Taradale Road our lease is expiring so we're moving to a fresh new office space in Ahuriri. We will be closed for two days... Thursday 9 and Friday 10 April ...as we pack, move and get up and running again. The former Big Save furniture building has been split into two parts - we're moving into the ... More

Topics: Kiwitax News Client Care

Posted 25/03/2015 – Updated 7/04/2015

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