IBBZ Accounting
Chartered Accountants & Tax Specialist
Useful tips for Small Business
General update by IBBZ Accounting on latest tax news, business growth and technology tips.
Saurav Wadhwa
Saurav Wadhwa is a Principal Accountant at IBBZ Accounting Limited
M Bus (TAX) PG Cert (LAW) CA CPA
Membership and Qualification:
- Masters in Professional Business Studies (Taxation) with Distinction from Auckland University of Technology
- Post Graduate Certificate in LAW, Law School at Auckland University of Technology
- Chartered Accountant(CA), New Zealand Institute of Chartered Accountants (NZICA)
- Certified Practicing Accountant(CPA), CPA Australia
- Bachelor of Commerce, Grad. Cert. in Business from Auckland University of Technology
Saurav has many years of practical experience in tax & accounting services and is the co-founder of IBBZ Accounting Limited. He is qualified both in law and accounting. Saurav has worked in various tax & accounting specialist roles for large corporates in New Zealand. He loves to work with Small Businesses.
His key focus is on:
- Tax advisory for small and family operated businesses on a wide range of taxation issues.
- Legitimate tax saving structures.
- Advising on range of new business issues.
- Ensuring business growth is attained.
- Effective cash flow planning.
Saurav specialises in Tax Disputes resolution, Tax Relief applications, Tax Debt resolution/management, and representation in Tax Audit. Saurav can represent you in Taxation Review Authority, in Tax Dispute Court Cases or he can represent you during Tax Audit Investigations.
Blend of skills in Tax laws and accounting, makes him perfect advisor for small businesses and individuals like you. Saurav understands how to safeguard your business from creditors risk, maximise the business growth and pay low taxes. He can be your good strategic and business partner. He is of a friendly nature and easily approachable.
Saurav understands the numbers very well. He is a qualified Chartered Accountant and registered with highest professional accounting bodies of Australia and New Zealand. He can help you to plan for the future to satisfy all your financial needs.
Consumed by a hunger for knowledge, Saurav has never stopped furthering his education or expanding his pool of knowledge. Nothing gives Saurav more satisfaction than assisting his clients to achieve their financial goals. His diligence, passion and accuracy has earned him a reputation as a reliable professional who strives to serve his clients above and beyond the call of his duties.
Saurav was nominated for the Best Accountant of the year and the Young Entrepreneur of the year, and his company IBBZ Accounting won the award of Best Small Business 2014. In 2015 Saurav won the award of Best Accountant of the Year.
In 2017 Saurav was appointed as a committee member to New Zealand Public Practice Board of CPA Australia.
Saurav is a dedicated family man. Saurav is very fond of outdoor activities and enjoys pretty much all outdoor activities: running, bike, motorbike, snorkel, fishing, skiing etc. Saurav, is also a self-confessed workaholic, spends some of his free time thinking about his client’s affairs and forecasting their financial future.
He can be contacted on saurav@ibbz.co.nz or 09 272 8050
in Tax updates
How to understand trust and how it is taxed:
What is a trust?
Trust is not an entity; it is just a relationship between the settlor and the trustee. There are three important parties in a trust. They are settlor, trustee and beneficiary. Settlor is the person who set up the trust. Trustee is a representative of settlor who manages the trust and is the legal ‘face’ of the trust. The Trustee is liable for the trust’s tax and legal obligations. The Beneficiary is the person who is benefits from the trust income.
One of the important elements of a trust is that the trustee looks after the property (assets) for the benefit of beneficiary. The Trust can be started with a sum of $100, and later family home, investments, and other assets can be gifted to the trust. A trust, other than a charitable trust has a maximum life span of 80 years. The rationale is to promote the liquidity of assets in the society, otherwise assets can always be locked into trust and the general public may not have access to that.
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Are you a money rich but time poor business?
In a fast paced environment of this cutting edge business world, do you find yourself trapped into multiple things? Is your business doing financially better but you have a no time for leisure activities, if your answer is yes then you are suffering from Money Rich but Time Poor Syndrome.
Business owners, especially small business owners do well with making money but at a cost of devoting their personal leisure time into the business. They are actually ‘Money-rich, time-poor’. If you are a business owner, ask yourself:
1. Do you constantly feel rushed?
2. Do you take few breaks or holidays?
3. Do you feel stressed all the time?
4. Do you feel that your days fly so quickly
in Tax updates
New financial reporting framework easing the reporting burden for overseas companies
It is now easier for overseas businesses to operate in New Zealand. New financial reporting standards simplify audit requirements for overseas companies.
Currently if New Zealand business is owned by the Overseas Shareholders (company incorporated outside of New Zealand) the financial statements of the company must be prepared, audited and filed with the NZ Companies office. The auditing of financial statements does add financial burden especially on a small business, and this could be up to $8,000. The law itself had been quite stringent on all overseas investors so regardless of size of the business all financial statements must be audited with the exception of non-active status of the business.
However, from 01-04-2014 these requirements have been changed, and the new requirements making it simple for Overseas Companies to operate in New Zealand. For example, A New Zealand business which is owned by overseas shareholders will benefit from this exemption. The benefit would be mainly for businesses small in size i.e. less than $10 million in revenue or $20 million in assets.