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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Donating to charity

Posted on Apr 28, 2016 by editor

With so many charities competing for donations, it can pay to spend time researching to make sure your money is used for the cause you want to support. Just as important to making sure that the charity you donate to actually receives your donation. Here are some aspects to consider before you make a donation: Choose a charity wisely Regardless of what motivates you to support one charity over another, you should feel comfortable with your chosen charity’s activities and how it plans to use its donations. Donating directly to an overseas-based charity can be risky since it can be […]

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Seasonal marketing strategies

Posted on Apr 28, 2016 by editor

Since many businesses experience a boost in profits around holidays and special events, it pays to adjust your marketing based on seasonal sales opportunities. A marketing campaign that capitalises on current trends and upcoming seasons provides businesses with the opportunity to position themselves as an adaptive and quick-to-react business. Campaigns influenced by customer buying patterns help tailor to the specific needs of your target market and can further promote your brand. Here are some ways to maximise seasonal opportunities: Pick the right opportunities Ensure your marketing campaign meets the needs of your target market. Understanding your target market and their […]

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Managing flexible working arrangements

Posted on Apr 28, 2016 by editor

Small businesses operating in an ever-changing environment increasingly need to ensure they get flexible working schemes right. Finding the right balance can be mutually beneficial for both your business and employees. Business owners are responsible for effectively implementing and managing flexible working arrangements that ensure all employees are satisfied. Here are some things to consider when approaching flexible working schemes: Employer obligations Flexible working arrangements not only make commercial sense but employers are legally obliged to consider the arrangement where an employee applies. Therefore, consideration needs to be given to all employee requests and when assessing applications you must make […]

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Creating a culture of feedback

Posted on Apr 21, 2016 by editor

Waiting until the annual performance review to provide feedback can be detrimental to employee productivity and overall business success. Business owners may be reluctant to give meaningful feedback as they may want to avoid uncomfortable conversations or are simply too busy and forget. However, regular feedback discussions and ‘check-ins’ provide business owners with the opportunity to develop the skills of their staff and helps to serve as a positive reinforcement. Building a culture of continuous feedback requires ongoing commitment. Here are some ways to incorporate frequent feedback into your workplace: Make feedback normal If feedback only occurs at unusual times […]

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Hiring younger workers

Posted on Apr 21, 2016 by editor

Businesses that choose only to hire experienced staff are missing out on the energy, drive and creativity of youth. Many employers are reluctant to hire young people because they doubt their readiness to work, abilities and skill level. However, business owners need to realise that younger people do have plenty to offer, and in the right environment, will thrive. For example: Younger workers are keen and ready to work Many young people came into the job market during or after the last recession, which has had a continuing impact on the job prospects of young Australians. Young people want to […]

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Prime minister announces proposals to simplify business tax

Posted on Apr 21, 2016 by editor

Last week, the Prime Minister announced a business tax package that includes proposals to simplify business tax and reduce compliance costs for small businesses (which make up approximately 97 per cent of all businesses in New Zealand). The fast-tracked changes are expected to be introduced in August. While the proposals may not suit all taxpayers, some of the taxpayer friendly proposals include: Increasing the safe harbour threshold from use of money interest to $60,000 of residual income tax Extending the safe harbour to non-individual taxpayers Removing use of money interest for the first two provisional tax instalments for taxpayers using […]

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Confusion around Kiwisaver goals

Posted on Apr 21, 2016 by editor

A new survey has found many KiwiSavers have no idea whether they are saving enough for retirement with a large gap between retirement income expectations and the amount needed to save to achieve it. The research suggests around half of all KiwiSaver members think they know how much money they will need to get by in retirement, however, three-quarters have no idea how much they will actually have.   The survey shows 77 per cent of people do not know what their KiwiSaver will be worth when they retire and 55 per cent estimate they would need a retirement income […]

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Keeping an eye on cash flow

Posted on Apr 12, 2016 by editor

Every business owner wants to make more money. But surviving in business is not only about how much money you make, but when you make it and when you spend it. In other words, “cash flow.” If cash flow is out of control so is your business. To keep cash flow problems from turning into a tidal wave that drowns your business, you have to plan: 1. Understand the impact of timing All businesses have to pay money out before being paid by customers. In a services business this may be minor: expenses such as marketing materials and basic administrative […]

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Managing payroll for the holidays

Posted on Apr 12, 2016 by editor

Managing payroll is an important part of running a business, especially during the holidays. Employees may get bonuses, need to be paid overtime or hiring extra staff may be required to keep up with demand. Here are five ways owners can manage their payroll correctly and avoid unexpected surprises. 1. Account for correct employee deductions While most business owners understand that deductions are necessary, calculating them can involve many variables. Employers need to take special care that the right deductions are made and transferred to the right government agency at the right time. Failing to calculate the right employee deductions […]

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The five stages of small business growth

Posted on Apr 12, 2016 by editor

Categorising the problems and growth patterns of small businesses in a systematic way can increase owners’ understanding of the nature, characteristics and challenges of business. While small businesses vary widely in size and capacity for growth, they do experience common problems that arise at similar stages in their development. For owners and managers of small businesses, an understanding of these common problems can aid in assessing current challenges and help anticipate the key requirements at various points. Stage 1: Existence At this stage, the main challenges of the business are obtaining customers and delivering their product or service. The owner […]

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Latest news

Business tax bill is now law

Posted on April 12, 2017 by BDS Hughes

The Taxation (Business Tax, Exchange of information, and Remedial Matters) Act 2017 received Royal assent on 21 February 2017. The new legislation focuses on changes to business taxation to make tax simpler. From 1 April 2017, the threshold for self-correction of errors under section 113A of the Tax Administration Act 1994 has increased from $500 to $1000; the use-of-money interest will be reduced or removed for the vast majority of business taxpayers; and most RWT exemption certificates can now be issued for more than one year. For the 2017-18 and later income years: The 63-day rule for employee remuneration has […]

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