IBBZ Accounting
Chartered Accountants & Tax Specialist
General update by IBBZ Accounting on latest tax news, business growth and technology tips.
The National Party planned to introduce a stable tax system, without making drastic changes to the minimum wage. The level of minimum wage impacts the level of unemploymen in the economy. National considers a number of issues non-negotiable. Among them are (a) No Capital Gain Tax (b) No change in GST (c) Reduction in Company Tax Rate in the long run.Loss-making start-up companies are supported by new tax rules that help them to cash out all or part of their tax losses from R&D expenditure. Inland Revenue Department (IRD) has larger outlay to target property speculators and others avoiding tax, making the system become fairer for everyone.
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Office 365 is cloud-based office software developed by Microsoft. It is the same Office you already use every day, but powered by cloud.‘Cloud’ means the data is stored in remote storage centre and you can access to your files from anywhere with internet connection. Also, your software setting will be the same in every device.
Continue readingCompanies going into voluntary or forced liquidation may have limited liability (the extent of the money invested) but such limitations do not cover the taxes due to the Inland Revenue Department (IRD).
For instance, if a Company with $1000 as capital collapses, the liability of its Directors would be limited to $1000.
However, such limitations would not apply to IRD.
As a leader in a small business operation, your employees rely heavily on you for guidance and they also have a large stake in the success of your business. Nearly every employee-related performance depends on effective leadership. Ineffective leadership can disrupt the employer-employee relationship, making it harder to achieve business goals. Therefore, it is vital to have good leadership skills.
Minimum family tax credits are mainly available to low income earners. Minimum family tax credit is a payment made to families with dependent children aged 18 or younger, so they have a minimum income of $438 a week after tax ($22,776 p.a. from 1-4-2014).
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