Call now: 09-272 8050
Email: info@ibbz.co.nz

Useful tips for Small Business

General update by IBBZ Accounting on latest tax news, business growth and technology tips.
SEP
11
0

Residential care subsidy and gifting explained

Residential care subsidy and gifting explained

Residential care subsidy:

What is it?

Residential care subsidy is a programme to help people aged 50 and over who need long-term residential care in a rest home or hospital to afford for the cost of care. You may be able to get the Residential Care subsidy if you:

Continue reading
  5447 Hits
SEP
11
0

IRD Audit targeting Trademe Sellers

IRD Audit targeting Trademe Sellers

 

IRD has recently launched an audit campaign on traders of Trademe. Together with Trademe, they are seeking and exchanging information of trademe traders who are ignoring their tax obligations. The most common problem we have seen is that traders started as a hobby, but with regular pattern of selling this was transformed into a business. 

Continue reading
  5308 Hits
MAY
21
0

Budget 2015 bring new property tax rules

Budget 2015 bring new property tax rules

Budget 2015 bring new property tax rules

The Government will give extra $29million to the IRD in Budget 2015 for the property tax compliance activities. This is mainly to ensure property speculators also pay their fair share of tax, which is currently by enlarge being avoided.

Continue reading
  4092 Hits
MAY
12
0

A Government attempt to make Tax Administration Simpler

A Government attempt to make Tax Administration Simpler

With the purpose of improving the current tax system, the Government has introduced some proposed changes to modernise New Zealand’s tax administration. These changes will make a huge impact on business, individuals and social policy customers in New Zealand.

Continue reading
  4499 Hits
NOV
06
1

Tax Audit: What are the rights of a taxpayer?

Tax Audit: What are the rights of a taxpayer?

A tax audit is an examination of your financial affairs to check you have paid the correct amount of tax and you are complying with the tax laws. It could be a small check of GST or a full audit check on your business.  IRD may choose random business to start the audit and in the audit, there are some certain rights of a taxpayer.

Continue reading
  4625 Hits
NOV
05
0

National policy for stable taxation accrues economic benefits

National policy for stable taxation accrues economic benefits

 

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.

Continue reading
  4066 Hits
SEP
29
0

Microsoft office 365: making it easier to do business

Microsoft office 365: making it easier to do business

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 reading
  4089 Hits
SEP
29
0

What is Director's Liability?

Companies 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.

Continue reading
  6859 Hits
SEP
29
0

Leadership in Small Business - How to Interact with Subordinates

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.

 

Continue reading
  4193 Hits
Tags:
SEP
29
0

Explaining Minimum Family Tax Credit

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).

 

Continue reading
  5196 Hits