Business and Tax Updates August 2023: IBBZ Accounting

Summary:

As we embark on the journey through the second half of the year, we want to take a moment to express our heartfelt gratitude to you, our valued clients. Your trust in IBBZ Accounting as your financial partner is what propels us forward, and we are honored to have the privilege of supporting your business's financial success. At IBBZ Accounting, we believe in the power of personalized solutions that drive your business forward. We take immense pride in working alongside our clients. Without further ado, let's delve into the key highlights of this month. 

Business and Tax Updates July 2023: IBBZ Accounting

Summary:

As we step into the second half of the year, here are some highlights with key developments this month. 

Business and Tax Updates June 2023: IBBZ Accounting

Summary:

As June comes to a close, we're reaching the halfway point of the year. Let's dive back into key updates and developments for the month. 

Business and Tax Updates May 2023: IBBZ Accounting

Summary:

With the end of May approaching, lets revisit some key updates and developments for the month.

Business and Tax Updates April 2023: IBBZ Accounting

Summary:

The financial year 2024 has started. The Official Cash Rate (OCR) now is 5.25% demand still surpass the supply in many sectors thus inflation is still out of control. It seems the tightening of credit would continue, and there would be further increases to OCR.

Business and Tax Updates March 2023: IBBZ Accounting

Summary:

Financial year 2023 is about to end. The world economy and New Zealand economy is in weird situation. All the scholars and academics are pointing towards recessions but the impact/effect of it is yet to be seen.

Business and Tax New Year Updates: IBBZ Accounting

Summary:

We are already in March, couple of months in 2023 are gone. Not a great start of the year for all of us. Remote working has again been in full swing last month.

In summary business updates has some tips for newbies in business, Guidance for exporters and climate action toolbox. Tax updates contains cyclone relief, new GST rules for Air BNB, Income reporting among OECD plus some guidance towards buying property in Australia. IBBZ working at 2023 workflow and we upgraded our old website to a new version.

Importance of Tax Planning

Often, most businesses focus so much on growth in revenue and minimization of costs that taxation becomes a secondary priority. However this is where many businesses stumble because if not administered carefully, tax debt can be a death knell for the business. Tax is critical in terms of cash flow planning, optimising costs, identifying product portfolios as well as to meet the social commitments of the business. Advantages of tax planning includes –

 10 Things to Safeguard Yourself from Covid-19 Financial Crisis

Time Management

Time management is using a person’s time more effectively to accomplish tasks within a short period of time in order to improve both efficiency and productively of the task.

Managing time is one of the crucial skills for a small business to possess if wish to succeed. As many small businesses struggle to complete day-to day tasks within time, they end up wasting precious time which they should be using for growing their business. Once a small business start practicing good time management, they consistently improve their products and services.