Modern techs can save your time and give you edge over other competitors. Use of Facebook, LinkedIn, Google+ will be easy to reach large number of people. Dropbox or Google Drive can save your data in cloud so you don’t have to worry about losing your important data when PC crashes.
In November 2015, the Government released the fourth document in a series of discussion documents for public consultation planned for the next few years to support consultation on the Government’s proposals for modernising and simplifying tax and social policy administration in New Zealand.
You might think “I am in a small business, why I need a cash flow?” But small businesses are the most that require cash flow.
Many analysts stated that the main reason for small businesses not growing is because of poor cash management.
If you are a New Zealand resident for tax purposes, you will be taxed in New Zealand for all of your “worldwide income”. This includes income derived from New Zealand and from other countries.
“Cash is a king” you might have heard this many times. However, I must say the “Cash is Super King”.
Better managed cash flow is a very important financial tool that can change your business and push it to move forward. In simple terms, cash flow is money coming in to the business and money going out of the business.
What you need to know?
The Holiday act 2003 was enacted on 17-12-2003, it covers leave and holiday entitlements of an employee in his/her employment.
What is the Future of Accounting & Role of an Accountant?
Accounting is completely dependent on technology these days. Technology plays a vital role in today’s changing business environment. And there is no doubt accounting has been part of this. Over the past few years, there have been significant changes in accounting world. Yes, accounting wasn’t easier earlier than what we are doing these days with just one click.
In the article Making Tax Simpler “Better Administration of PAYE and GST”, the Government have introduced new proposals to improve the tax systems in New Zealand. Such changes relates to PAYE and GST.
The most significant improvement they want to make is to “use modern digital technology to provide faster, more accurate and convenient interactions with Inland Revenue”. This means that they want to integrate PAYE and GST filling process into accounting software.
Online GST changes and its impact on taxpayers.
According to the Revenue Minister, Todd McClay, the Government is looking at a way to charge GST on cross-border services, intangibles and goods with the focus on collecting GST from overseas suppliers of online products such as e-books, music and videos and GST on low-value imported goods. At present, there is no GST charged on overseas online- service provider and low-value of imported goods.
The purpose of this tax is to create a fairer competition for domestic suppliers and increase revenue for the government. Globalisation means the big world becomes smaller, as you can do business, buy and sell anything with people around the world. The number of New Zealanders buy goods and services from overseas have increased substantially over the last few years. Mr McClay claims that the GST foregone on overseas purchased is around $180 million a year and it is growing at around 10 percent each year. Moreover, the new rule is also fairness. Currently, overseas supplier is benefiting as there is no GST charged on their goods and services, so they can charge a lower price compared with New Zealand suppliers who have to include GST in the sale price.
From 1 October 2015, the Parliament introduced some changes to the property rules called as Bright-line test. The purpose of the test is to reduce the number of foreign speculators on NZ property and thus maintain positive housing prices of big cities in New Zealand. This rule only applies to residential properties bought on or after 1 October 2015. The idea behind the test is that taxpayer has to pay tax on the gain when you selling your property (with some exceptions). By taxing on the gain, it somewhat discourages speculators for housings as the profit is not as good as before.
