Paying your taxes – filing and paying on time

We understand that many of you will have taxes to pay for the 28th of August 2021.   If you feel that this will impact your cash flow and wish to hold offRead More…

The 39 percent tax rate is now in effect

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…

GST mistakes to avoid

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…

Do you have a property on Airbnb?

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…

Upcoming Tax Payments and potential relief

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…

IR no longer issuing letters or accepting cheques

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…

Is AIM the right Provisional Tax method for you?

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…

Have your say on the future of tax

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…

Difference between a successful and unsuccessful business

“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.

Should I register for GST?

The main items that are excluded from the GST regime are….

Expenses incurred in Australia – Can I claim GST?

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?

Benefits of buying a car through your business – Part 2

We recently wrote about the benefits of buying a car through your business. And one of the comments we made were that“FBT adjustment needs to be done annually – this is put through the books at year end as a book entry. No monies are payable to IRD”

We don’t just do tax returns

Allow Monteck Carter to quickly and easily complete your financial statements and income tax returns and we also offer a range of helpful services.

  • We will Assist to Maximise your refunds by advising you on tax benefits.
  • Let us deal with the lRD & Keep you up to date with all compliance issues
  • Ensure special tax code declaration
  • We will Advice on tax benefits
  • Cashflow Forecasts

Should I be paying provisional tax?

Do you understand Provisional Tax, do you know when you need to pay and why you need to pay? Monteck Carter’s expert, Glynis Carter answers these questions for you. Provisional Tax is a way to pay personal and business income tax where you have not paid in full through the PAYE or Withholding Tax system. This only affects taxpayers that have more than $2,500 to pay in any one year.

What are the benefits of buying a car through my business?

We asked Karen Tobeck for her expert view and she gave us this advice. There are some benefits in putting the vehicles through the business.
To do this you need to:

Are you keeping FBT records for your motor vehicles?

Do you know what FBT is and how it applies to your firm? Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer. As a general rule, as long as you have a vehicle available for an employee to use privately, you will have to pay FBT whether or not your employee actually uses the vehicle privately. But there are certain exemptions from FBT – general and daily. To meet the requirements for fringe benefit tax on motor vehicles, or claim a general exemption or daily exemption on them, you must keep adequate records. Karen Tobeck explains what records you need to keep:

GST advice for a new Retail Business

I recently met with a client who is looking to set up a new retail business. They are quite well down the track with planning but needed some fine tuning with the accounting side of things. The main issues were around GST registration and the best method. As they

Changes to GST

A raft of amendments to GST came through in June and we want to clarify these grey areas and closing loopholes from some of the major changes of the last few years. In a broad brush, these include:

What is Fringe benefit tax?

The low-down on fringe benefit tax. FBT are exactly that – the perks of the job that aren’t salary or wages. Things like using a work car out of hours and employer contributions to your Super. As an employer, you have a few options with FBT. FBT in a nutshell. This is a tax on benefits employees receive through their employment, including benefits provided by someone other than their employer. Cash benefits are treated as normal salary and wages, with PAYE deducted.

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