Part 1 of our blog on investment property changes highlighted the recent law changes and provided a few tips on how to make the most out of your investment properties. Part 2Read More…
Recent tax changes will impact residential property investors. Here are some tips from business.govt.nz and Monteck Carter on how to make the most of your investment properties. What’s changing. For properties acquiredRead More…
The IRD has identified a trend with Real Estate Agents having high expenses in relation to income. To ensure you’re not penalised, here are some helpful tips and information to help youRead More…
Budget 2021 was all about big spending on benefits, health, and infrastructure. With some critics saying the Government was spending too little and others saying it was racking up too much debt,Read More…
New Zealanders earning over $180,000 a year will now pay a 39% tax rate, which came into effect on 1 April 2021. If this includes you, are you aware of how yourRead More…
Paying provisional tax can be tricky, because the amounts change from year to year, and bigger payments sometimes coincide with periods of low cashflow. If you underpay your provisional tax, you willRead More…
As the vaccination programme rolls out across New Zealand, you might be wondering what your obligations are as an employer. Employment New Zealand has released some guidelines to help employers understand theirRead More…
Whether you’re in full lockdown, restricted trading conditions or back to ‘business as usual’, there’s still real uncertainty for business owners. We’re trading in challenging times at present. And knowing what stepRead More…
Do you understand the story your Balance Sheet tells about your business? It’s important you understand the components of your Balance Sheet and the key ratios that measure the health of yourRead More…
Yesterday, the Government announced a range of measures which in their view address the supply and demand for residential properties (in addition to measures already in force such as the ring-fencing ofRead More…
New rules to keep cash flowing If money is a bit tight as the financial year draws to a close, here are four tax measures focused on providing and enabling cashflow thatRead More…
From 1 pm, Thursday 4th March you can apply for the March Wage Subsidy scheme. The eligibility criteria has been updated to read it is for ..”New Zealand businesses who have hadRead More…
The Resurgence Support Payment (RSP) is a payment designed to support businesses when alert levels rise above level 2 for seven days or more. The govt has activated the RSP and itRead More…
A new Covid-19 Short-Term Absence Payment (STAP) to support employers and self-employed workers is now available. This payment is available to employers for employees, and self-employed workers who: need to miss workRead More…
Improving your overall efficiency can have a huge impact on your profit and can free up time for you and your team. Increasing your app stack (your apps, systems, and process) canRead More…
The word ‘audit’ is one that business owners don’t want to hear when operating a business, especially when it involves the IRD. Unfortunately, it is something that a few of you mayRead More…
Lead your team by example Did you know the main reason people take time off work is due to poor mental health? So, it’s in your best interest to promote positive mentalRead More…
Ever handed out a business document for your team, only to find half of them abandoned at the table? Or discovered a staff member nodding off during a graphic, chart-filled presentation? ItRead More…
Celebrate the end of 2020 and download our free Christmas ebook! Have a chuckle, reminisce, and remember the year that was. We’re looking ahead to 2021. Read our 3 Freedoms – TimeRead More…
Software for the Small Business Xero recently announced changes to their Starter Plan. These changes were made with sole traders, contractors and freelancers in mind and make it an alternative to XeroRead More…
A few key points you might find of interest. Holiday pay sorted? Working out what an employee gets paid for taking a day off on annual holidays will depend partly on whatRead More…
The Government announced the following changes will be made to the Small Business Cashflow (Loan) Scheme: Currently no interest is charged if the loan is repaid within one year. This will beRead More…
An alternative to bank interest rates. Recently we have been getting asked the question ‘What do I do if I have surplus cash’? Although a great position to be in, we cannotRead More…
Don’t let GST trip you up GST can be a thorn in your side but if you understand when it’s due, what to pay, and make the most of your accounting software,Read More…
Modifying Employment Agreements during Covid-19 response and recovery For most employers, reviewing your staff and their employment agreements would have been done at some point this year. Regular employment law still appliesRead More…
Residential Tenancies Amendment Act 2020 Big changes to tenancy legislation are underway, with the 12-monthly limit on rent increases already in effect to help tenants struggling financially following Covid-19. Early next yearRead More…
ACC is requesting businesses that employ staff contact them if you have recently reduced or are forecasting a reduction in your payroll before they send you the 2020/21 provisional invoice. This isRead More…
If you have ever required a budget or forecast report prepared it is highly likely we would have used Spotlight Reporting. The ease of having data downloaded from Xero to provide thisRead More…
Hubdoc is in basic terms, a document storage hub. It is perfect for those businesses where you may have a lot of supplier invoices, receipts or emails you want to store inRead More…
The Apprenticeship Support Programme is a government response to help employers retain and bring on new apprentices while dealing with the effects of COVID-19. Employers and businesses will be able to accessRead More…
The Government has announced a new payment, the Resurgence Wage Subsidy. It’s a two-week payment for businesses who meet the criteria and aren’t getting the Wage Subsidy, Wage Subsidy Extension or theRead More…
Glynis has been a Partner at Monteck Carter since her firm Corbett Carter merged with Monteck Group in 2013 and brings many years of experience to the 10-strong team. She works withRead More…
Whether your business is looking for guidance or moving into recovery mode, Monteck Carter is a registered service provider of the RBP Network (Regional Business Partner Network). This means we can helpRead More…
What Trustees need to know The legislation The new Trust Act modernises trust law and makes significant changes to the way trusts are currently administered in New Zealand. The Act aims toRead More…
Commercial Properties and GST With all that has happened in our world since early this year, many property owners who previously had their properties in an Airbnb or accommodation business are lookingRead More…
Here is our second post on the important announcements from the 2020 budget. In some sectors, it is hoped to generate activity creating new jobs. Other sectors will see a jobs exodus.Read More…
New Criteria for the Wage Subsidy Extension Is your Revenue down at least 40% for a 30-day period in the past 40 days due to Covid-19? The Wage Subsidy Extension is availableRead More…
After reviewing the 2020 Budget we want to pass on the most important announcements for small business – here is the first one. The 2020 Wellbeing Budget’s one job is to helpRead More…
As part of the recent Budget announcement, a Wage Subsidy Extension payment will be available to support employers who are still significantly impacted by COVID-19 after the Wage Subsidy ends. The Wage SubsidyRead More…
As we prepare to move into Alert Level 2, here’s a recap of what you need to know. NZ moves into Alert Level 2 from Wednesday 13th May 11:59pm, meaning retailers, workplacesRead More…
On the 1st May, the Government made an announcement it will provide interest-free loans of $10,000 (and depending on the number of employees it could be up to $100,000) to small businessesRead More…
One of the measures that have been announced to assist businesses through this period of uncertainty relates to upcoming tax payments. If you have an upcoming tax payment then there is aRead More…
We’ve compiled a summary of a few tips on how to manage your cash during this time. If you’d like to discuss any of these points in more detail, please do notRead More…
Dealing with the Wage Subsidy and what you can and can’t do with it. We have to remember that the initial announcement of the wage subsidy was when the country went toRead More…
We are still here to help you. Our physical office is closed and our team are working from home. We remain available and have open lines of communication between our team and clients. IfRead More…
Inland Revenue is no longer issuing letters by post. This means that everyone must have a MyIR account set up in order to receive all communications and important information. Having a MyIRRead More…
Are you in the hospitality industry? The Inland Revenue has let us know that they will be contacting our clients in the hospitality industry. Why? They want to ensure hospitality business ownersRead More…
Michael Tobeck promoted to Associate at Monteck Carter.
Unfortunately, IRD are under no obligation to remit any charges or penalties due to “human error” on your part so please ensure that all details are correct before making a payment.
Working harder is not always smarter. Here are some useful ways to create a crystal clear line between work and the rest of your life.
Whether you’re a solopreneur or managing a team, the more balanced, flexible and diverse your business is – the healthier it will be….
Police Managers’ Guild Trust – They work to provide free information to New Zealanders on how to stay safe and avoid becoming a victim of crime. You can access that information either via their website – www.pmgt.org.nz or in 1 of their reference magazines
Manage your cash flow more effectively!
A ‘she’ll be right’ attitude towards health and safety won’t cut it. You’ve got to make a conscious decision to be safe and get everyone in your team thinking about health and safety every step of the way. Wanna do it effectively? ….Follow these steps…
Getting paid on time can be a real challenge for small businesses. Check out these tips for getting paid sooner.
New minimum standards will make rental properties drier and warmer. The healthy homes standards, which become law later this year, aim to improve heating, insulation, ventilation and drainage, reduce moisture and stop draughts.
Get an overview of law changes that came into effect in early 2019. Find out how these changes affect your business.
Keep good records to make tax time easier for you!
Keep thorough business records as you will have to provide accurate and complete records of your taxable business activity throughout the year. Not only might you miss out on claiming some expenses but you could face penalties.
You will no longer be able to offset against your other income to reduce your tax or to obtain a refund. If this is your current position please contact us now urgently to discuss your situation and if anything can be done to mitigate the impact before 31 March 2019
What business expenses can I claim? You don’t want to miss out on any potential tax deductions.
An additional option for calculating provisional tax known as AIM (Accounting Income Method) is now available for small businesses that use approved software to prepare their accounts with effect from 1 AprilRead More…
A nice article about our client MSugar in the Autumn issue of GETBA’s Focus magazine. Thanks for the mention Jay.
Close companies who provide a motor vehicle for the private use of shareholder-employees have been required to register and pay FBT on the value of the benefit provided. The value is basedRead More…
The Tax Working Group has been brought together by Government to consider the future of tax and is chaired by former Finance Minister Hon Sir Michael Cullen. Yesterday, Wednesday 14 March, theRead More…
Small businesses will be able to pay provisional tax based on their cash flow, rather than the previous year’s earnings or estimated earnings for the current year. This video explains how. TalkRead More…
Last Thursday, 15 February 2018, Revenue Minister Stuart Nash confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its wayRead More…
From April 2018, small businesses will be able to choose a new pay-as-you-earn option, rather than paying provisional tax in instalments several times a year. Inland Revenue is introducing the AccountingRead More…
As an employer, you play an important role in helping your employees save for their retirement. Employees who start a new job and meet the criteria for automatic enrolment must be enrolled in KiwiSaver, unless you offer an approved alternative superannuation scheme or have been granted exempt employer status. Do you understand what you need to do?
As the festival draws near you might be planning a Christmas function for special clients and/or suppliers and business contacts and you may be wondering what expenses you can claim. These expenses will come under the entertainment regime for purposes of tax deductibility.
Need an accountant who understands the Engineering world? Bruce Montgomery has been an Accountant for 20 years now, although his first introduction to Accounting was actually 24 years ago when he worked part time for his father, in his practice, while he was finishing his Engineering papers. After deciding he needed a career change he began working full time with his Dad and started his studies part- time. While most of his employment has been in the public sector he also spent time in the corporate world working as the Accountant for a Freighting Company and he also gained a good understanding of how small business operates while employed in various Engineering rolls. With his engineering background, he enjoys working with the trades as well as Manufacturing and Transportation firms.
Corporate firms use sophisticated transition plans to allow staff to get promoted, to leave and to retire. Does an SME business owner have the same options?
Monteck Carter knows a lot of “baby boomer” business owners are already working on planning their own retirement. Some won’t actually get to 65 for ten years but having a large number of firms come up for sale at the same time may mean prices get depressed.
No business is “ready for sale” overnight – it takes time, planning and careful management… Let Monteck help you reach your financial goals!
When you run a business or own a company it is important to give back to the community you are in. Helping the community around you offers a huge benefit for you and for your community.
“STICK TO YOUR KNITTING“ many business people do try to do too many things, wasting time and energy on areas of their business that they could pay others to do for them. This can give them more time to either increase their chargeable hours or to work on their business and improve their bottom line.
What you should consider when you want to move from employee to self-employed contractor status.
A Shareholders’ Agreement is a contract between the shareholders of a company. Without one, you risk a dispute at some point down the track when each shareholder has a different idea of who can do what, when they can do it, how it is done, and what was agreed at the outset. You do not really need one until you need one (at which time it is too late).
It’s the little things that make up the big things. Here’s a list of ten traits of some of the movers and shakers in the world today (and from the past).
Having a steady cash flow is a must for any startup as it keeps your business running.
Most parents, at some stage in their lives, consider what provisions they would like to make for their children on their death, therefore some thought should be given in order to establish that there is some protection around those funds to ensure that they are not lost.
Everyone seems to have a family trust nowadays – do you have one (or if you have) how do you know if it’s still relevant and appropriate for your individual situation? The answer depends on your circumstances. Trusts are generally set up to protect assets and look after dependent people. They can have a valuable role to play, but they are not suitable for everyone.
Finance Minister Steven Joyce has unveiled his first Budget. We believe it continues the Government’s focus on maintaining surpluses, reducing debt, growing the economy and supporting the most vulnerable in society via targeted ‘social investment’ spending.
A complex and growing global fraud is targeting New Zealand businesses …..The email compromise scam sees an email sent to a company’s accounts department from a seemingly legitimate client or colleague. The emails ask the accounts department to update or process a normally regular payment with a new or amended bank account number.
The main items that are excluded from the GST regime are….
Do you want to earn greater profits – and even find savings with vendors, staff and operating expenses?
If you receive a call with an offer that sounds too good to be true, it probably is. Online scammers and fraudsters use all kinds of tricks to steal from businesses. By taking sensible precautions you and your business can avoid becoming victims.
Understand how the new Tax Reforms affect Contractors – Effective 01 April 2017
Protecting vulnerable people – can they sign? A guest article by Murdoch Price Solicitors. A Power of Attorney is a document in which you ask someone you trust to act on your behalf as regards your personal affairs. The difference between an “enduring” power of attorney and an ordinary one is that the former continues even after..
Start your year fresh and be prepared for 2017! We suggest you keep thorough business records as you will have to provide accurate and complete records of your taxable business activity throughout the year. What should I keep?
Digital signing, versus the traditional “wet” signature, has become increasingly popular in recent years. It allows you to sign documents online directly from your PC, Smartphone or IPad. Hassle Free! More and more countries have endorsed….
With University starting soon the process can be rather overwhelming and when you need to apply for a student loan it can become even more daunting. Monteck Carter is all about making life easier…
“Inventive ways to pay off your student loan – Impossible you say? Not really….
Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to accounting mistakes that derail future growth. Protect your business and reduce your stress by avoiding these five costly accounting errors.
There are several aspects of business that can only be learnt through actual experience. One of them is negotiating contracts. Several people fear the negotiation process because it is an intrinsically uncomfortableRead More…
We know that developing successful relationships helps make successful businesses. Meeting your needs is our top priority! Having a strong relationship with your accountant who has a deep understanding of your individual situation gives you the most robust financial advisory support. We take care of your business bookkeeping, accounting and financial advisory needs. Whether this is as simple as preparing your annual financial statements and tax returns or more complex assistance with financial planning, budgeting and forecasting, Monteck Carter has an experienced team who can help.
Many of the business expenses you face can be deducted from your income when calculating your tax bill. Here are some steps you might be able to take to reduce the amount of tax you need to pay. File and pay on time. This avoids any risk of having to pay interest or penalties. Claim for Valid Expenses: At tax time, your total profit (the amount you need to pay tax on) is your income minus the expenses you can claim — so the more you can claim, the less tax you have to pay.
Monteck Carter is all about sharing information that will make your administration process easier for everyone and one of the software tools we utilise and recommend is Xero. They recently released the Business Performance Dashboard, a new way of giving you better visibility of how your business is performing.
Paper cuts don’t equal workplace hazards, and other myths around health and safety reforms debunked and demystified.
Paper cuts don’t equal workplace hazards, and other myths around health and safety reforms debunked and demystified. Myth one: The new health and safety (H&S) law won’t apply to small businesses.
We recently had a very valid question from one of our clients about business expenses incurred in Australia and the question was asked if there any guidelines available / or rules for claiming Australian GST for business-related expenses incurred in Australia – for example, Training accreditation undertaken in Australia, as well as related accommodation, food, travel etc. expenses?
Daniel Djain from Creative Property Services has been advising the Retail sector for many years. Frequently he is searching for new sites for large retail operators and has learnt that wherever you establish your new shop/store there is no room for improvisation.
Get up to date news and insights from Monteck Carter.