Cross-border and remote workers tax changes

The way people work has transformed due to the Covid-19 pandemic, leading to an increase in remote work, including cross-border arrangements. This shift benefits employers by expanding the talent pool and employees by offering a better work-life balance, eliminating long commutes, and providing more flexibility. However, it’s crucial to be aware that working across borders can result in tax responsibilities for both employers and employees. These obligations may be unclear…  Read more

Tax considerations for short-term vs long-term residential rental income

Owning a residential rental property can be a lucrative investment, providing a steady stream of income for property owners as well as long term capital growth. However, when it comes to tax considerations, the type of rental income—short-term or long-term—can significantly impact your financial obligations. Whether you are a short or long-term rental property owner in New Zealand, you must report your earnings on your annual income tax return. It’s…  Read more

Budgeting and cash flow forecasting: key to your business success

If enhancing your business strategies is on your list of New Year’s resolutions, now is a good time to revitalise your approach and set the stage for success in the upcoming year. In the unpredictable world of business, finding a little certainty can make all the difference and tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from…  Read more

Strategies for boosting your startup’s cash flow

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

GST & Unit Title Bodies Corporate (UTBC)

The IRD has recently published an interpretation statement (IS 23/08) to provide guidance on how GST applies to different transactions between a unit title body corporate, its members, and third-party suppliers. A UTBC is a separate legal entity to its members.  It can decide whether to register for GST.  UTBCs are generally considered only making taxable supplies to their members in the form of members’ levies.  The value of supplies…  Read more

Setting your chargeout rate as a professional services provider

If you operate as a self-employed lawyer, IT specialist, architect, manage a firm or agency, or provide professional services in any capacity, your time is your most valuable asset. As such, it’s crucial to ensure that you’re charging appropriately for your services, not only to maximise your income but also to maintain fair wages for your staff and strike a healthy work-life balance for yourself. In this post we look…  Read more

‘No GST’ vs ‘zero-rated GST’ transactions

If you’re a business owner or taxpayer in New Zealand, you’ve likely encountered terms like ‘no GST’ and ‘zero-rated GST’ transactions. These terms refer to specific tax treatments under the Goods and Services Tax (GST) system in New Zealand. In this blog post, we’ll break down these concepts in simple terms to help you understand the difference. No GST transactions No GST transactions are those where the goods or services…  Read more

Tier 3 not-for-profit financial statements: a beginner’s guide

Many not-for-profit organisations fall under the Tier 3 standard which is a specific set of accounting standards designed for smaller entities, usually organisations with relatively simple financial structures and limited resources.  These standards are issued by the External Reporting Board (XRB) which is a Government Agency. The Tier-3 standard applies to Public Benefit Entities (PBEs) that do not have public accountability and have expenses less than or equal to $2…  Read more

Rising interest rates: impact on small businesses and mitigating those effects

In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. With the election out of the way, business people and mortgage holders are…  Read more

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