Bean Blog

Get business costs under control

Smart ways to get your business costs under control

September 30, 2020

Cashflow has been a big issue for thousands of businesses this year, and when the money’s not rolling in, it can help to rethink your costs. To do it effectively […]

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Burning Questions NZ SMEs are asking

Burning Questions NZ SMEs are asking

September 30, 2020

This time last year, you might have been pondering Christmas bonuses or booking your summer holiday, but with a completely different business landscape in front of us, your head is […]

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Resurgence Wage Subsidy

COVID-19 Support Measures Refresh

August 28, 2020

There are three payments currently available from Work and Income to support employers affected by COVID-19; the Wage Subsidy Extension, the Leave Support Scheme and the new Resurgence Wage Subsidy.  […]

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GST Relif for AirBnB owners

IRD provides GST relief for AirBnB owners

August 27, 2020

The effects of COVID-19 have been brutal on the tourism industry and the owners of AirBnBs and other short-term accommodation are no exception. With travel restrictions in place and international […]

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Business Recovery Planning post COVID-19

Post COVID-19 Business Recovery – Planning for Business Success

July 20, 2020

  As businesses move through the recovery phase of COVID-19, business owners are looking at how they can continue to survive and adapt to the new ‘normal’, taking the opportunity […]

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GST Mistakes to avoid

GST Mistakes Small Businesses Can Avoid

July 20, 2020

The Goods and Services Tax (GST) is a complicated tax to come to grips with for those who don’t deal with it on a day-to-day basis. As Business Advisors and Accountants, there are a few common errors we see frequently made by businesses.

From the outset, the primary consideration small businesses and sole traders should have regarding whether or not to register for GST is a matter of their expected income. If you project income of over $60,000 over the financial year, then you need to register in order to be compliant in the eyes of Inland Revenue.  In the face of current economic circumstances, this is extremely difficult. Our recommendation to best project your revenue is by accurately reporting and tracking past income with robust online accounting software.

That being said, as Accountants we regularly come across other issues that might trip-up small businesses regarding GST, for which we’ve compiled a helpful list.

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New Zealand Budget 2020

Budget 2020 Highlights for Business Owners

May 19, 2020

  Titled “Rebuilding Together”, unsurprisingly, any hopes of a transformational economic shift were quickly squashed when the Minister of Finance, Hon Grant Robertson, delivered Budget 2020 on Thursday 14 May […]

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The small business chflow (loan) scheme New Zealand

The Small Business Cashflow (Loan) Scheme

May 12, 2020

The Small Business Cashflow (Loan) Scheme Extra funding administered by the IRD is now available for businesses with 50 or fewer full-time equivalent employees who are struggling because of a […]

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Wage Subsidy Audits for COVID-19

COVID-19 Wage Subsidy Audits

May 12, 2020

COVID-19 Wage Subsidy Audits As more businesses prepare to reopen under Alert Level 2 and others look forward to even greater flexibility in business operations, the spotlight is being shone […]

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FBT During Lockdown

FBT During Lockdown

April 17, 2020

As a result of the COVID-19 lockdown measures, although numerous relief packages have been put forward by Government, there are still a number of issues surrounding the fact that a […]

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