Tax, Accountant, Chartered Accountant, Accounting, Business Plus One , Pukekohe, Auckland, New Zealand

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ACCOMPLISHING TASKS

Aimee Pivott
ACCOMPLISHING TASKS
ACCOMPLISHING TASKS

If you're back to reading this blog this week, we assume you've reviewed your debtor ledger, stock, and assets as discussed last week. Well done!


Do you use a part of your home for your business, such as a home office, garage, or workshop? If so, you might be eligible to claim a portion of your household expenses to reduce your tax burden. This applies whether you’re self-employed, in a partnership, or run a company. 


Since the 2017-2018 income year, the IRD has introduced the square meter rate option, which may be more beneficial for you. Please refer to our end-of-year questionnaires for more detailed information on this. If you have any questions, don’t hesitate to reach out to one of our advisors for assistance.


Additionally, do you pay your staff bonuses or expect employees to take annual leave within 63 days of the financial year-end? New Zealand tax legislation allows employers to deduct any bonuses or annual leave paid out within 63 days after the end of the financial year. Please make a note to review this situation six weeks after the balance date and report your findings to our advisors when you submit your records.

Link to Questionnaires

ANOTHER YEAR HAS COME TO A CLOSE

By Aimee Pivott • April 1, 2025
Today marks the beginning of a new financial year! We understand that the end of the financial year is a busy time. As you gather the information discussed in our previous blogs, please remember to conduct some final checks—such as reconciling your GST with your balance sheet. To avoid any unnecessary late GST adjustments when we review and complete your financial statements, feel free to contact one of our advisors if you'd like us to review your file before you submit your March GST return to the IRD.

TICKING OFF THE LIST

By Aimee Pivott • March 24, 2025
With 31 March just six days away, you can expect to receive important documents via email, post or for download. Please keep an eye out for the following essential information that we require dated 31 March:

GETTING READY FOR YEAR END

By Aimee Pivott • March 11, 2025
It’s that time of year again when we need to consider all the important tasks leading up to your balance date and gather the necessary information. In the coming weeks, we will remind you of what needs your attention. Today, we recommend that you review your debtors’ ledger to assess any bad debts. Consider how old these debts are, what actions have been taken to recover them, and whether they are recoverable. Deciding to write off a bad debt before balance date means you won’t pay tax on an amount you may never recover. If you do write off a debtor as bad and later recover a portion or all of it, the income tax will be addressed in the year you receive the payment. If you carry stock, have you scheduled your end-of-year stocktake? Remember that March 31st falls on a Monday this year. When was the last time you reviewed your asset register? Are all the assets still operational? Are there any that are no longer needed? The three tasks above are just a few of many for the coming weeks. Stay tuned for more updat
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