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

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TICKING OFF THE LIST

Aimee Pivott

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:

  • Bank statements
  • Loan and hire purchase statements
  • Investment certificates
  • Supplier statements (e.g., Farmlands, Farmsource, Fonterra, etc.)
  • Debtors Statements (summarised)
  • Creditors Statements (summarised)

To streamline your end-of-year record gathering process and avoid any unnecessary costs, it is crucial that you download and complete our end-of-year questionnaires. Although these questionnaires may seem daunting, they contain all the information we need. If filled out accurately, this will help ensure your job is processed smoothly through our system, reducing the time spent searching for information. (Link to Questionnaires)


We suggest that you check if your tax payments are up to date for the year. Do you need us to review your tax position before your final instalment of income tax is due on 7 May 2025? If so, please reach out to one of our advisors.

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.

ACCOMPLISHING TASKS

By Aimee Pivott • March 17, 2025
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.

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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