The onset of the Covid-19 pandemic had an immediate impact on businesses nationwide. Lockdowns and the border closure have caused massive disruption. For many this was temporary, for some, permanent. Inland Revenue has released a draft Interpretation Statement “Income tax and GST – deductions for businesses disrupted by Covid-19 pandemic”. The statement sets out Inland …
Classifying expenditure as either deductible repairs and maintenance (R&M) or non-deductible capital expenditure is not clear cut. It is a question of fact and no two situations are the same. But it is advantageous from a tax perspective to classify as much expenditure as possible as R&M, which gives rise to the risk of pushing …
Good corporate governance is often viewed as important for large companies with an established board of directors. However, the principles that underpin good corporate governance can benefit any organisation, irrespective of size. Why is it then that the term governance often raises alarm bells with small business owners? Perhaps it’s the fear of losing control …
Various tax concessions exist that can save significant time and money, but they are often overlooked. You may want to save this article as a handy reminder to take advantage of these options whenever possible. Business-related legal fees are tax deductible irrespective of whether they are capital in nature, provided the total amount for the …
Every year quad bikes are a major cause of death and serious injury in rural workplaces associated with accidental rollovers. An average of five people die in work-related quad bike incidents every year. WorkSafe strongly recommends that crush protection devices (CPDs) are installed on all quad bikes used for work. ACC has collaborated with WorkSafe …
If a company does not file its annual return with the Companies Office, it may be struck off from the Companies Register. This is sometimes used as a ‘short-cut’ method, rather than completing the short-form company liquidation process. However, this approach comes with some risks, for example, if a company is struck off the register …
Doing the books should be a slog – it should be an exciting opportunity to add value to your business! Here are a few of our small business accounting tips.
If you want to start a business in New Zealand, you need the help of experienced accountants to plan for long-term success. Here are three major steps to take.
The MBIE Labour Inspectorate have recently announced that they are going to prioritise employer compliance with the Holiday Pay Act. They expect businesses to calculate leave and holiday pay entitlements accurately. However, a growing number of non-compliance cases suggest that this is easier said than done, with both small and large businesses finding the rules …
