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 […]
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.
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 […]
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 […]
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 […]
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 […]
Disclaimer: This article is current as at 16 April 2020. In the sea of changes and new initiatives announced over the past few weeks as a result of COVID-19, […]
The financial impact that COVID-19 has had and will continue to have on businesses is only just unfolding. While some businesses will find new opportunities in the current climate, […]
How to Download a .QIF file so that you can send us your electronic bank statements. Part of going paperless means that data is now exchanged in different ways and […]
As we come to the end of the financial year ended 31 March 2020 and you start preparing your records to send to us to begin preparing your financial statements, […]