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.

Importance of Tax planning

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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 –

  1. Cash flow -
    Tax liability arises at various times of the year depending on the nature of the business. Cash has to be set apart to make payments for GST, provisional tax etc at these times, and falling short can lead to penalties and interests.

  1. Product portfolios
    Understanding the application of GST will sometime help you develop a good product mix of certain services or goods that may be zero rated on sale, thus making you eligible for GST refund on the expenses.

  1. Improve operational efficiency
    Having a solid tax plan helps you avoid last minute complexities and having the schedule in place means more time to focus on your core activities.

  1. Long term savings
    Good tax structure helps to improve the long term positioning of your business and assets and leads to improved wealth structure.


A good tax planning advisor will be able to help you understand your business and operations gambit thus minimizing the need to have to go through a cumbersome tax debt process in the future. In our line of business, we have been able to help many organizations understand the gaps and help them put in place a structure that seamlessly takes care of their tax responsibilities.

 

Get in touch with us to know how we can help you in your tax planning journey.

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Tagged in: Business Growth

Saurav Wadhwa

Saurav Wadhwa is the Managing Director of IBBZ Accounting. IBBZ Accounting is one of the finest tax consulting firm based in Auckland, New Zealand. IBBZ Accounting has multiple business awards. 
Saurav Wadhwa is Masters in Taxation and Post Graduate in Law. Has dual membership with New Zealand Institute of Chartered Accountants and CPA Australia. He has a passion for Helping New Zealand Businesses. 


 


Awards and Recognition


 


As of Aug 2020 total number of 115 businesses saved from tax debt associated problems. Their written testimonials and Google Reviews provides authenticity of these numbers.


2019 IBBZ Accounting was Finalist in two categories: Excellence in Customer Service and Excellence in Business Planning. Westpac Auckland Business Awards


2018 IBBZ Accounting was Finalist in Westpac Auckland Business Awards: Strategy and Business Planning 2018.


2017 Saurav was appointed as a committee member to New Zealand Public Practice Board of CPA Australia. 


2015 Saurav won the award of Best Accountant of the Year.


2014 IBBZ Accounting won the award of Best Small Business 2014. 



 


News Paper Articles.


Sunday Star Times -Fairfax Media -12-08-2018


InTheBlack Aug 2018 issue - CPA Australia In Practice Publication 


 


Contact us on info@ibbz.co.nz  or 09 272 8050

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Guest Sunday, 24 October 2021