11 April 2018
1st April 2018 Tax Changes.
1. Student Loan repayment threshold has increased from $19,136 to $19,448 per year. This means any earnings over $19,448 will be subject to 12% student loan repayments.
2. ACC Earner Levy Maximum Liable Earnings has increased from $124,053 to $126,286. Any income over $126,286 will not be subject to the ACC Earner Levy.
3. The adult minimum wage rate has increased from $15.75 to $16.50 (before tax) an hour.
3 February 2017
Mileage rate for self-employed and reimbursing employees
Have you kept records of your actual motor vehicle expenses when making business related travel?
If you answered No then there is an alternative.
You have the option to select the 2016 IRD prescribed mileage rate of 72 cents for persons whose business travel is 5,000km or less in an income year. For example, if you have business related travel of 4,500km in an income year, you can claim $3,240 as motor vehicle expense.
Talk to us today if you think this option best fits your business situation.
19 January 2017
Thinking of taking a client/customer to a sporting event or out for a meal and drinks.
If so then there is a certain expense rule that limits tax deductions. The rule here is the 50/50 rule. This is where expenses provided for entertainment, food and drinks off business premises are subject to only 50% deductibility.
If you are unsure what deductions are allowed, please don't hesitate to contact your trusty accountant and they will be more than willing to help.
16 August 2016
There is a strong trend developing in the finance teams of SMEs towards a "Lean Finance" function.
|| Lean Finance Team Benchmarks
| Month-end reporting
|| Fast month-end by day three or less.
| Year-end accounts
|| Committing the auditors, your finance team, your
board and executive to a 45-working-day signed set
of annual accounts.
| Annual planning
|| Produce the annual plan in less than two weeks from
the rolling planning exercises. Eventually the annual
plan will be dropped in favour of a quarterly rolling
| Key performance
| Work with no more than 6 KPIs in the organisation.
| Excel ad hoc
| All spreadsheets over 100 rows replaced with a
robust solution using one of the modern planning
and reporting tools now readily available. Excel
being phased out as a budgeting and planning tool
in favour of specific forecasting applications.
| Streamlining the
chart of accounts
| Having over 50 account codes for profit and loss
(P/L) is unnecessary and leads to miscoding and is
9 August 2016
With the Auckland Unitary Plan about to be finalised property owners need to be aware of the effects of Section CB 14 of the Income Tax Act 2007. Where property has been held for less than 10 years the gain on the disposal of Land where 20% of the gain on disposal arises from rezoning or potential rezoning may be taxable. Land owners may reduce the taxable amount for each year the property has been held. Any clients looking to sell property affected by the unitary plan should seek advice.