And what you need to do now for your business is to make some New Financial Year Resolutions…. Here are a few suggestions: 1. Do something about your accounting records – You may have been working with bits of paper and spread sheets up to now and in the back of your mind you know [...]

April 2013 marks the 8 Year Anniversary of Wise Advice Ltd and we’re celebrating by moving to a new office, further up Manukau Rd at No. 123. Like us, our clients are getting older and some have been struggling to make it up the 2 flights of stairs at 703A!  So you will all be [...]

I was trying to demonstrate how the accounting industry and accounting function in business has changed in past years so we came up with this illustration.(Copyright 2013. All Rights Reserved)

Do you rent out your holiday home or bach?

The new rules on mixed-use assets could affect you

From the beginning of the 2013/2014 income year, if you are using a property for mixed use, i.e. you sometimes live in it and sometimes rent it out, then the new formula for working out the effect on your income has changed.

What is a Fringe Benefit?

Fringe benefits are often called ‘perks’ and include most benefits given to employees in addition to their salary or wages.

As an employer, if you provide fringe benefits to your employees, or other people associated with your business, you must generally pay FBT on the value of these benefits.

Second Hand goods covered by the GST Act are defined as goods previously used and paid for by someone else – the ‘using’ is an important aspect as merely owning something does not make goods necessarily second hand. The Act also includes land as second hand goods.

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The big question facing property owners is whether or not they need to pay tax on the sale of a property. Income from Property/ is an area that can confuse property dealers. We do not as yet have a capital gains tax and speculators and dealers in property often treat their income from property as a capital gain and do not declare it as income.

The IRD published their 2012-2013 Compliance Focus document in August and it always makes for interesting reading as the Commissioner sets out the range of tax compliances that are under their current gaze.

There are numerous ways people avoid tax, none of which is a sensible approach because there are also numerous ways that the IRD can obtain information on avoidance to stop this practice in its tracks.