Filing your GST with Xero has just got a whole lot easier with the ability to electronically send your GST return through to the IRD.
The ability to do this is incorporated into the GST process within Xero and your next GST return will be the first opportunity to use it.
However there are a couple of things that need to be setup so don’t leave it to the last minute to get your GST return done. Read More »
Advertising is an essential component of success for any business. Proper advertising ensures more sales, but if you choose the wrong options, it can be a very expensive proposition. Let’s look at five ways you can reduce your business’s advertising expenditure without affecting your results.
Check out this Xero blog post on invoicing tips to get paid faster.
If you are not using Xero invoicing and would like to find out the easier way to invoice click here to contact us and we will be in touch.
I came across this link to Google’s free online training on how to make the most of digital technology to grow your business ..
.. check it out here
Normally IRD scams have been via e-mail up until now BUT the latest is phone calling. We seem to have had a number of clients that have had the phone call or messages left for them which leads us to believe that the scammers are trolling the phone books!
What we can make out is that the phone caller will say that they are from the IRD legal department (in NZ is is called Collections so that is the 1st alert) and that you have tax overdue and unless you give them certain information that are going to put you in jail (2nd alert – they just can’t do that!). From the conversations the scammers are quite forceful.
So here is our advice .. Read More »
If you are self-employed and have Kiwisaver, the time is now to make your annual contribution if you want to receive $521.43 free from the Government.
All you need to do is make sure that you have contributed at least $1,042.86 to your Kiwisaver account before 30 June.
For more information, contact your Kiwisaver provider direct to find out their payment cut off date as it maybe before 30 June.
.. that is the 2016 Budget that we are talking about!
The budget, the 8th from Bill English, was one that kept to the same formula as the previous three .. Read More »
IRD have issued a new mileage rate to be used when reimbursing vehicle use. The new rate is 72 cents per km (down from 74 cents).
The new rate is effective for the 2016 financial year and onwards and applies to both petrol and diesel vehicles. It does not apply to motor cycles, hybrid and/or electric motor vehicles.
There are still the alternatives to using the above rate, which can be either using other published rates from reputable sources such as AA or calculating the actual running costs.
Remember this rate only applies up to 5,000kms per annum and any claim still needs to be justified via a logbook.
For more information, please contact us
Our recommendation hasn’t changed from last year .. click here to see it.
The IRD are very clear in stating that their Compliance programs are increasing and we are seeing evidence of that with more enquires from them. More importantly if you work in the construction or the hospitality industry then the IRD have put you on notice that those 2 industries are at the top of their compliance work program this year.
So if you were to have a review or audit and you would want us to deal with the IRD on your behalf, then we think the tax audit insurance is a no brainer. Other option .. run the risk!!
The Government has announced today that the minimum wage rate will increase as from 1 April 2016.
The minimum wage hourly rate will go from $14.75 to $15.25 with the starting-out and training going up from $11.80 to $12.20 per hour.
You need to ensure that all of your systems reflect the change from 1 April 2016. Also wage payments on automatic payment may need to be altered.
You may soon receive a pretty black & white e-mail from the IRD (see below) .. they are making sure everyone is aware so there will be no excuses if they find something!!
Make sure you are declaring all cash jobs, which includes those for barter!
|
It’s that time of the year when you begin to prepare your annual returns. Our records show your next GST return is due soon:
|
||||||||||
Xero has released their Xero Search .. a smarter, faster way to search and navigate within Xero.
Check out the release notes and video here
This post is to alert you that we have been advised that the IRD will be undertaking a compliance program of those that are in the “construction” industry. This is only the second time that we have received an alert prior to a compliance program starting .. the other one was for the “hospitality” industry which the IRD were very vigorous and proactive in auditing.
Their priority focus is on cash jobs however any review could span into other areas such as payroll compliance, GST and record keeping. You need to be aware that IRD are receiving information from a lot of sources now and they are getting smarter in using it.
Therefore you need to ensure that your house is all in order and please please please make sure all cash sales have a valid invoice made out and the money is banked.
Click here to check out our article on record keeping and here on our article on Tax Audit Insurance.
Any questions please contact us and if you feel that things may not be quite right then definitely contact us ASAP
This is cool .. let Xero do the reminding for you when an invoice is overdue or even a reminder before it is due.
Check it out here
If you incur expenses on behalf of a customer and then charge them on then this new feature in Xero could make your job a whole lot easier.
Check it out by clicking here
IRD have issued a new mileage rate to be used when reimbursing vehicle use. The new rate is 74 cents per km (down from 77 cents).
The new rate applies immediately to both petrol and diesel vehicles. It does not apply to motor cycles, hybrid and/or electric motor vehicles.
There are still the alternatives to using the above rate, which can be either using other published rates from reputable sources such as AA or calculating the actual running costs.
For more information, please contact us
Xero’s latest release made some changes to invoicing .. check them out here
If you are self-employed and have Kiwisaver, the time is now to make your annual contribution if you want to receive $521.43 free from the Government.
All you need to do is make sure that you have contributed at least $1,042.86 to your Kiwisaver account before 30 June.
For more information, contact your Kiwisaver provider direct to find out their payment cut off date as it maybe before 30 June.
Here are some tips for the end of financial year (EOFY) that may you reduce the amount of tax that you have to pay for 2015:
Read More »
If you haven’t received your insurance letter, please contact Anne at the office (anne@bizfitness.co.nz).
However we have fielded a few enquiries from client’s asking whether it is worth it or not. Here is our thoughts on it .. Read More »
