Quickly Find Information
Software to use in your business
Some software is better than others. These are the most used by my clients.
These links take you straight to the pricing pages so you can compare costs:
Accounting Systems
- https://www.xero.com/nz/pricing-plans/
- https://www.myob.com/nz/accounting-software/essentials#anchor-pricing
Payroll options
- https://www.thankyoupayroll.co.nz/pricing/
Starting a Business?
Already have a business name, but don't know if others have a similar name?This is a great resource to learn everything there is to know about your business and potential IP clashes you may be creating:- https://www.business.govt.nz/onecheck?gclid=CKqhqKnTyr0CFVWVvQoddz4AxQ
Then learn what your particular business requirements are:- https://www.business.govt.nz/tools-and-resources/
Companies Office (Search for your company or someone elses): https://companies-register.companiesoffice.govt.nz/
ACC Industry Codes (Find what Code your business "best fit" ): https://www.businessdescription.co.nz/#/home
When setting things up you might be needing a business plan. This tools is inexpensive and gives you a walk through document that generates a professional document with a thorough budget included:- https://www.liveplan.com/
If you need a database to do some Market Research for your Business Plan this is a good place to start: https://figure.nz/ and here of course: https://www.stats.govt.nz/
If you're submitting a Business Plan to your Bank, and want to check to see what your Credit Rating looks like before they start asking awkward questions, use a free credit check tool to give you a heads up. Google to see what the options are. One is here to compare:- https://www.mycreditfile.co.nz/products/my-credit-file
If you need to set up Health & Safety documents for your workspace, don't start from scratch:- https://wpb.business.govt.nz/workplacepolicybuilder/startscreen/- https://www.worksafe.govt.nz/the-toolshed/tools/
Employment Agreements are mandatory items. This tools allows you to build contracts for casuals, permanent staff, and add in all sorts of personalised options specific to your business:
- https://eab.business.govt.nz/employmentagreementbuilder/startscreen/
Setup or search for your NZBN here: https://www.nzbn.govt.nz/?gclid=Cj0KCQjw54iXBhCXARIsADWpsG9oFbYwip0hEY2lW_61Lut8JTzMz05YOcr3sbhiYvwlcLWrWLIbKx8aApXXEALw_wcB
Key Dates
The IRD creates an annual tool to print and follow for due dates/key dates
https://www.ird.govt.nz/managing-my-tax/make-a-payment/when-to-pay
Investments?
Accountants are not allowed to give advice on Investments unless they are registered Financial Advisors. This is something that became a big hot topic following the GFC in 2007. But that doesn't stop you wanting to be smart and know what is happening with your investments. This might be worth a read:
- https://www.fma.govt.nz/investors/kiwisaverandsuperannuation
Do it yourself
The IRD now does a lot more online/automatically. You can often do a lot of jobs yourself.
- Apply for an IRD number for a new entity here (Talk to us first to make sure it's needed)
- Apply to be GST registered when you know your business is close to the $60k threshold here
https://www.ird.govt.nz/gst/registering-for-gst
- Submit your Donations certificates to get your annual rebate here
Real Estate Agents
This is an area that has recently had focus by the IRD. Read here to get the best tips on what to know about your taxes and expenses as a Real Estate Agent:
Builders / Tradies
Tradies have been targeted by the IRD, read here to see what's been discussed:
Entertainment and Meals
We used to always rely on the Entertainment rules being applied to each entity,. Now the IRD have clarified these rules, and have different interpretations for Sole Traders vs Companies.
Read here to learn more on this:
Rentals
We always get asked what expenses can be claimed against Rental Income. With interest rates lower, and with the disallowed interest rules kicking in, most residential rental properties will be making profits. Check this list to make sure that you are making the most of your property and keeping good records, so that you don't miss out on expenses that can be claimed:
Offshore Income
As the world shrinks, and we all become more mobile, all of the tax agencies across the world have become distracted with how to ensure that tax doesn't fall in the cracks of people not be resident in the country that income is earned. As a consequence there is a well documented information sharing pact between the majority of countries around the world.
The NZ IRD have not been sitting back and waiting for things to be lead by another juristiction. See here for their recent publications on how you might be impacted if you have income or investments offshore:
https://www.ird.govt.nz/international-tax/individuals/compliance-focus-for-individuals
If you're from the UK you might be aware that the tax deducted from your UK pension can be reduced to $Nil (because the NZ IRD taxes that income here, and the tax credit process isn't always advantageous ). Read more here: https://www.gov.uk/government/publications/double-taxation-united-kingdomnew-zealand-si-1984-number-365-and-protocols-form-new-zealand-individual
Trusts
If you have a family Trust you'll have been contacted by the IRD about the new disclosure requirements. Some Trusts are exempt (typically Trust that don't have income, and only own the family home).
Before you get in touch with your Accountant or Lawyer, you can read these articles and see if they give you a better appreciation of things.
These are split into two sections:
The Trust Act 2019 brought in new requirements as explained here
The IRD raised the top bracket for income tax in 2021 to 39c, and immediately wanted to understand any "black hole" areas that high wealth earners might use to reduce their taxes. These new disclosure rules are openly for the sole purpose of learning about the wealth of people in NZ:
This website/consultant is worth her weight in Gold. She does a lot of training to Accountants and Lawyers, and we all highly recommend her for tricky situations or advice: https://mattersoftrust.co.nz/