There’s been a boom in direct share investments since the lockdowns of 2020 with platforms like Sharesies, Hatch and InvestNow seeing thousands of Kiwis join up to buy shares. These straightforward platformsRead More…
When you’re self-employed, you’re the one in charge of your KiwiSaver contributions. Without an employer to make contributions on your behalf, you need to decide how much you want to commit toRead 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…
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…
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…
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…
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 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…
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.
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…
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 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.
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.
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.
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.
Do you want to earn greater profits – and even find savings with vendors, staff and operating expenses?
Understand how the new Tax Reforms affect Contractors – Effective 01 April 2017
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?
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.
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.
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.
Allow Monteck Carter to quickly and easily complete your financial statements and income tax returns and we also offer a range of helpful services.
I am a partner in the firm of Monteck Carter and along with my Accounting qualifications I have a Masters degree in Taxation Studies. I have been a business owner myself now for many years and I also have been involved with hundreds of other small to medium sized businesses through my clients. The sorts of issues I can help with are :
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.
It is important that you choose the RWT rate appropriate to your level of taxable income. This ensures that the correct amount of tax is deducted. If you choose a rate that is too low, you will have a tax bill to pay at the end of the income year and there is really no need for this. What is RWT? Resident withholding tax (RWT is a tax deducted from a New Zealand tax resident customer’s interest income before they receive it. Where it is identified that you are using a rate that is not consistent with your marginal tax rate you need to advise your interest payer (banks and other financial institutions) to change your rate. You also need to make sure your interest payer has your IRD number.
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:
New rules for property investors These rules were intended to: Firstly reign in the house price increases in the Auckland property market Secondly to give further assistance to IRD to collect taxRead More…
Having a steady cash flow is a must for any startup as it keeps your business running and in the long run, it’s going to become a healthy base for client/customer management. Whether it’s a startup or an established small business, there are always some folks who forget to pay on time. When I
“The KiwiSaver scheme has been successful in attracting 2.5 million members. It also has considerable costs, with the Government spending over $850 million this year on two subsidies – the annual subsidy of up to $521, and the $1,000 kick-start payment for new members. To reduce this cost, the Government has decided to
New Zealand’s laws require people and organisations to pay tax. The IRD collect taxes on behalf of the Government, who use the money to benefit everyone here in New Zealand. If people don’t pay their fair share, everyone misses out. There has been a lot of negative publicity recently about “tax avoidance” and the public sees businesses who don’t pay their fair share as bad citizens.
The IRD have changed their policy on when payments will be considered to have been received on time. Payments made by post are now treated as made on the day Inland Revenue receives them; the date of posting is irrelevant. It’s therefore up to you to make sure you post your cheques in good time to reach IRD on time. There’s no guarantee that a payment posted on the 18th will reach Inland Revenue by the 20th.
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.
Research indicates that a lot of clients would rather pay some their professional fees on a monthly basis than pay it off as a single lump sum.
At Monteck Carter we listen to our clients and because we understand the needs of our clients, we knew something had to change. We offer clients an option to fund their professional fees over a six or twelve month period with Feesmart.
The time period for claiming donation tax credits has been reduced to four years, in line with other annual return filing periods. This means that a tax credit for a donation must be claimed within four years of the end of the year in which the donation was made.
There is a new way for determining the extent to which accommodation expenses, meals etc can be claimed as tax deductible due to the recent Tax Bill.
Glynis Carter, partner at Monteck Carter found a very interesting article from Gerry Rea Partners on ‘Why don’t liquidators sue the Directors?” and we thought this is a very insightful article.
Can I claim the cost of prescription glasses? One of the most frequent questions we get asked as accountants are “What expenses can I claim?“
With extreme weather becoming more common in many parts of New Zealand it may be worth remembering that tax relief and income assistance are available to people affected by extreme weather events. IRD have a range of measures to help, depending on the individual circumstances and the particular event.
“A (wafer-thin) surplus, more money for housing, education and exporters, a promise of tax cuts plus a sneaky tax surprise” were the Budget predictions.
With the holiday season fast approaching, now is a great time to take a closer look at your obligations around public holiday pay and annual leave entitlements. The most important requirement is that all employees are entitled to a paid day off on a public holiday if it would otherwise be a normal working day.
Cashing up annual holidays can only occur at the employee’s request and the request must be submitted to you in writing
Any clients will have the money now and are happy to pay their outstanding tax but for those that don’t The New Zealand Tax Trading Company is now offering instalment and deferred settlement arrangements:
Karen’s background is initially in industry working as a corporate and management accountant. Since 1997 she worked in the public accounting arena. She was a partner in Monteck Group until our merger this year with Glynis Carter from Corbett Carter. Experience in industry helps her to assist our clients within their businesses. Growing their business at the same time as
In recent months we have seen plenty of examples of the hurdles that have to be overcome when there is no existing shareholder agreement in place. The absence of shareholders’ agreements amongRead More…
During a typical investment negotiation process, the investor will conduct due diligence which will include reviewing the business plan, intellectual property strategy, market research document, debtors, inventory levels, management team, employees, etc.
Removal of these tax credits is effective from the current financial year, meaning the last year for their availability through an annual tax return will be the tax year ending 31 March 2012.
It’s no secret that the IRD are cracking down on the hidden cash economy. Cash trade jobs, under-the-table wages and online trading cost the Government an estimated $7 billion a year in lost tax and last year the government set aside $120 million in government funds to help the IRD combat tax avoidance.
QV’s residential property values for October, issued yesterday, show big increases since the start of this year. House values are 1.2 per cent up on last November and only 4.4 per cent below the top of the market four years ago. QV research director Jonno Ingerson said Auckland and Christchurch were the two regions driving the market.
If you are a small business owner, real estate agent or contractor, keeping your accounts in order can be onerous and expensive. That’s why Ezi Accounts was born, the brainchild of the Monteck Group, Ezi Accounts offers a quick, professional and affordable solution to your accounting needs all via their simple online system. The principle behind Ezi Accounts is to make it easy to do your accounting online,
Get up to date news and insights from Monteck Carter.