The trust that your customers place with your business often revolves around the personal information that they have shared with you. Contact details, payment information, even their demographical data are…
Promoting a fair and equal workplace is not only a common concern for leaders of corporate giants but a challenge for small business owners as well. Your team is essential…
The easiest way to ensure that your business is receiving the payments from invoices without delay is to remain transparent with your customers throughout the process. Getting an invoice paid…
When you are first setting up a business, understanding exactly what you are setting out to achieve can be a daunting task. But a business plan takes some of that…
All businesses, at one stage or another, will have to go through significant change. During the last few years, it’s safe to say that many businesses have felt the impact…
Employer superannuation contribution tax (ESCT) refers to the tax that is taken from any cash contributions made to your employees’ superannuation accounts, including KiwiSaver. The rate of ESCT to deduct…
Preparing a business for sale is a complex and often long-term process, which requires a lot of preparation and planning. Yet few business owners are prepared when it comes time…
After the stress of the holiday period, there are plenty more times throughout the year that cashflow issues can become a recurring problem that you need to get on top…
Purchasing a home is a major financial decision that people take very seriously. Often, knowing exactly what it is that you’re looking for in the property and its surroundings can…
Since an employee’s retirement savings outcome is ultimately impacted by decisions made today, some employers may feel the need to help their employee’s find a fund that best suits their…
Are you thinking about creating your own small business, but trying to work out exactly how your niche talent could make it amidst the bustling competition of those around you?…
It might be tempting to put a lot of your purchases onto your credit cards. They’re an easy way to pay, but an even easier way of getting into debt.…
The KiwiSaver scheme allows you to voluntarily save up so that when you retire, you are financially secure. However, situations can arise during which you may find yourself needing the…
Taking care of invoices and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting…
You’ve found the perfect business for you to buy. It fits all your current requirements and you’re in a position where you can comfortably buy the business. So what comes…
As the end of the year approaches, you may be looking for a way to thank your hard-working employees for their work during this past year. The tax deductions you…
Payday doesn’t always have to mean a treat. While it can be tempting to temporarily boost your dopamine levels with a quick fix, planning for the long run when it…
If you’re someone employed in a trade, the next few months are likely to be among the busiest of your year. With the added pressure of the pandemic’s effect on…
Upcoming seasonal sales may bring about unprecedented sales on online platforms for many retailers. Major holiday shopping events, such as Black Friday and Cyber Monday offer businesses the chance to…
New legislation details regarding the government’s plan to limit and phase out property investors’ interest deductions also reveal other impacts to property investors. The move to phase out interest as…
If you find yourself unhappy with your current bank, you may be looking to move across to a different bank. This could result from rising interest rates, lower fees with…
Money is the lifeblood of business, and ensuring optimal cashflow keeps its heart beating and makes for smoother operations and its continuation. Sometimes, however, a business accrues debt during its…
The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when…
An income equalisation scheme is offered to businesses in farming, fishing, forestry, testing, construction and mining industries. It operates as a method for businesses to even out income fluctuations by…
If you find yourself in possession of additional funds, you may be looking for a way to put that money to good use. There are many valid ways in which…
Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best…
If you’re looking into making investments or purchases, such as a house, you may have been hearing a lot about interest rates. Interest rates are the fee that you are…
Many businesses may have found that their positions and practices have required a rethink. You might have noticed that your business is now situated in a more digitised environment, or…
The impact of COVID-19 may mean that there may be many New Zealanders who may have had to adjust the way in which their money is being spent. Most employed…
Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more…
Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more…
Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management…
Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management…
There are times when the money that you may have in your possession isn’t quite enough for a major purchase (such as a car, a boat or a house) and…
Partnerships and joint ventures are both valid structures for businesses, but there may be factors in place that prompt you to choose one over the other when it comes to…
Owning your own house may not have to remain a dream if you have been a KiwiSaver member for at least three years. Being able to purchase your first…
With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is…
Streaming subscriptions, grocery shopping, click and collect. There are so many ways now that your card or bank details can be used online to pay for goods and services. Those…
Starting a business needs a lot of preparation, time and effort. Therefore, running two businesses at the same time means that your workload is even greater, and will require even…
From petrol stations to hotels, to hair salons and fast-food chains and more, franchises are a common sight across almost every industry sector. With varying levels of complexity and market…
Afterpay was originally conceived as a new way to buy now, pay later. It provided people with the means to buy products if they did not have the currently available…
Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical,…
Looking to expand your business into the overseas market, or thinking about ways to increase your revenue? Exporting a good or service to customers or businesses outside of your home…
NZSuperFund was set up to reduce the tax burden on future taxpayers, regarding the cost of New Zealand superannuation. It invests Government contributions into investment opportunities to further grow the…
It’s one of the most inescapable costs of living that the average person may encounter. Whether you are renting, leasing or own your home, the energy bill is an unavoidable…
The new Purchase Price Allocation rules surrounding how business assets are valued when sold as a bundle have come into effect as of 1 July 2021. Applicable to the sale…
If you’re looking to go into business with someone, the chances are that you might be looking at using a business structure known as a partnership. A partnership is a…
For many, a home loan is a purchase that’s already been made, a regular expense that will stick with them for up to 30 years (depending on the home loan…
Businesses use negotiation in a number of different ways. You can negotiate in business for both informal day-to-day interactions and formal transactions. These could include negotiating for things such as…
There’s nothing better than a quick and easy marketing strategy that boosts your business’s visibility. But are you using all of the PR strategies that are available to your business?…
Known as an employee share purchase plan, share options or equity scheme, employee share schemes are used to attract, retain and motivate employees. Schemes can vary depending on the company…
Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure…
Family-run businesses form an essential part of the economy. Tradition, success and history along with their unique dynamic can create a thriving business that many may wish to see continue.…
Feel like your business is stuck in a rut? Unable to solve a problem that you know is going to cost you in the long run? It might not be…
Did you know that if you rent out your home to others, you will be required to file a tax return on that income received from the rental property, like…
With the end of the 2020 financial year rapidly approaching this month, many businesses will be reflecting on how they managed to navigate and meet the challenges of a turbulent…
To gain a foothold in the online community, it is becoming more and more important that small businesses take advantage of and develop a web presence that they can use…
Depreciation is calculated annually over the useful life of the asset as part of your end-of-year accounts. To calculate the depreciation, you need to know the asset’s value, your depreciation…
A financial adviser can assist you with making financial decisions and planning for your future. Advice from a financial adviser may include advising on budgeting, investing, super, retirement planning, estate…
The performance review process is an integral part of a business that ensures that all staff (old and new) know their roles and responsibilities and perform them satisfactorily. It allows…
The performance review process is an integral part of a business that ensures that all staff (old and new) know their roles and responsibilities and perform them satisfactorily. It allows…
Feedback is an essential element within the business sphere. It can be used to improve your business as a whole or help identify where you may make further improvements. It…
If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.…
Market research is an effective tool that can be used to boost your business in terms of sales, customer engagement and how your competitors may be performing. It allows you…
Gender gaps can affect superannuation funds as much as they can affect salary rates. With barriers to entering into fields, lower hourly rates of pay, less hours worked and more…
New Zealand’s tax system follows self-assessments concepts. This means that it is the taxpayers responsibility to ensure that they are correctly calculating their tax, and have taken the reasonable care…
If a business cuts costs, it’s usually to save on the money that is being spent. However, cutting costs too deeply may actually impact employee and customer satisfaction, and overall…
Paying off the mortgage may sound like a dreary trudge to the end of a marathon’s finish line. However, there are options available for those who currently have a debt…
When branding your business, it’s important to consider all aspects of marketing. Businesses should utilise their marketing and branding strategies effectively to promote not only their business but also the…
When a business cannot deal with the workload in house, a candidate or party outside of the business is often hired to assist in performing those services. This is called…
Digital cryptocurrency could be an investment option to consider for your KiwiSaver fund in the future if NZ Funds Management’s new approach to investing super pays off. As it stands,…
A new personal income tax rate is to come into effect on 1 April 2021, which increases the amount of gross income that the government deems subject to tax. This…
Every little bit of money counts in today’s economic climate, and for many, it’s about making what they have, work for what it is that they need. Money management is…
Business ethics are the system of moral and ethical beliefs that guides the values, behaviours and decisions of a business organisation and the individuals involved within that business. These ethics…
KiwiSaver contributions come from before-tax pay, at a set rate. The KiwiSaver scheme invests these contributions made by individuals so that those contributions can earn money straight away. This means…
An income equalisation scheme is offered to businesses in the farming, fishing, forestry, testing, construction, and mining industry. It operates as a method for businesses to even out income fluctuations…
Buying an existing business can be a great entryway into being a business owner – but it does come with challenges. Following these steps might make it easier for you…
When checking through your transactions, you might come across a transaction that doesn’t look right. If this is the case, you should get into contact with your bank as soon…
The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when…
Individuals should regularly check whether their Kiwisaver fund is right for them and not shy away from switching funds to a more suitable one if they are not appropriate. The…
Customers trust businesses with a lot of personal information and it is the business’ responsibility to maintain confidentiality. Businesses should take relevant precautions to ensure that the privacy and personal…
The following are some tips which will make it easier for you to stay on top of your credit card payments so that you can worry less and save more. …
Provisional tax helps manage income tax payment. Rather than paying a lump sum at the end of the year, you are able to make repayments throughout the year. There are…
Effective shipping is essential in a world where online shopping is so popular. Businesses can suffer if their orders are not being shipped on time or if they are not…
It can be tempting to treat yourself on payday, but in the long run, planning your spending will be more rewarding. Creating a payday routine will help you pay your…
Your super is often the money you rely upon during your retirement. Therefore, if you feel that you have enough funds for day to day life, you may want to…
The internet and social media have made it all too easy for customers to relay their feedback to businesses. This can be a great thing because it shows other customers…
Tax codes assist your employer in calculating how much tax should be deducted from your pay, benefit or pension. It is important to calculate your code and inform your employer…
Businesses can gain a lot from collaboration, regardless of the industry they are in. The following are some reasons why businesses should care about collaboration. Get inspired As a business,…
Maintaining healthy cash flow can be challenging; between ongoing expenses and bills, poor cash flow can severely impact your customers, staff and bottom line. Business owners need to understand the…
For businesses operating in a fast-paced and dynamic environment, the task of keeping records can fall secondary to everyday business operations. However, failing to efficiently keep up-to-date and comprehensive records…
The KiwiSaver scheme allows you to voluntarily save up so that when you retire, you are financially secure. However, situations can arise during which you find yourself needing the support…
As a business owner, you need to continually update various different skills. Improving these skills will enable you to improve all aspects of business operations. Financial skills Being an owner…
Self-employed individuals have to carry out all aspects of their business on their own. This includes anyone who owns a small business, works as a sole trader, or provides contracting…
Adopting sustainable practices for your business is a great way to contribute positively to the environment. These changes won’t significantly impact business operations, but will effectively reduce the carbon footprint…
Company culture has become an important part of how businesses are perceived. Businesses with a positive culture are more likely to attract clients and customers. Statistics also show that over…
Debt consolidation is a form of refinancing which involves taking one larger loan out to pay off multiple small ones. Although this might make managing repayments easier, you may end…
A business loan can give you the support you need to fund growth or temporarily relieve cash flow pressures. These are some things to know before applying for the loan:…
Employees need to discuss changing their contribution rate with their employer, or alternatively, fill out the required forms if they are self-employed. The default contribution rate is 3% of an…
There are several sorts of expenses that can be claimed during the end of year tax return. These include: The cost of an accountant or tax agent to file and…
It’s hard to know where to start when you decide to take control of your money. It can be helpful to know exactly how much money is coming in and…
Innovation doesn’t have to be a revolutionary and world-changing breakthrough. It can also be small changes you make to continually improve your business. Innovation can help in multiple aspects of…
This holiday season is not going to be like any other. Preparing for how your business will tackle the change ahead of time will help maximise sales. Maintain a human…
Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more…
Engage employees in the company vision It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an…
Taking care of invoice and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting…
Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time…
Understanding what organisational structure is can help with making decisions about your business in all areas. Organisational culture is multifaceted, it consists of the shared values, beliefs and norms in…
Set realistic and actionable goals Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals…
How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes…
The New Zealand government is attempting to make changes to reduce the debt that it has incurred in its efforts to stabilize the economy during COVID. The Labour party announced…
Individuals may choose to apply to withdraw money from their fund if they are suffering significant financial hardship. To qualify as suffering significant financial hardship, one or more of the…
The IRD has introduced a temporary loss carry-back scheme to provide financial support to businesses expecting to make a loss in the 2020 or 2021 income years. Under the temporary…
In response to continuing financially uncertain times for small businesses, the Government has extended the Small Business Cash-flow (loan) Scheme (SBCS) to the end of 2020. Applications for the Scheme…
The Government is making changes to NZ Super and Veteran’s Pension with the aim of modernising superannuation in New Zealand. The scheme originally planned to come into effect on 1…
New Zealand tax residents selling residential property (including overseas property) that they have owned for less than 5 years may be subject to income tax. To determine whether you will…
Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget…
When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be…
A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goalsWhat’s your business’ mission statement?…
Employees are paid their KiwiSaver contributions through their employers, however self-employed individuals have to do things a little differently. If you are self-employed, you agree to your contribution level with…
‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it…
Self-employed individuals (contractors, sole traders, partnerships, or company owners) running a business from their home can claim the parts of their home used for business as an expense. Any space…
Making a good first impression is key to establishing yourself in an industry and securing the interest of your potential clients and investors. The easiest way to get your foot…
Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt…
The bill you charge for your services can often make or break client relationships. Pricing is one of the most influential factors that encourage customers to buy your product. This…
Turning an idea into a business requires money, and securing this stable funding is not easy. Businesses have a variety of innovative funding options today, but before you pick one,…
New Zealanders who are currently receiving NZ Super payments, or are looking to apply need to be aware of the obligations that come with the scheme. It is important to…
Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money…
Businesses that have been impacted by COVID-19 may be finding it difficult to continue their research and development (R&D) plans on track. As part of the Government’s COVID-19 economic response,…
Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees…
In an effort to minimise physical contact during the global pandemic, most businesses are making the switch to cashless payments. While contactless credit cards and mobile wallet applications remain the…
Businesses working from home due to social distancing restrictions can take the opportunity to learn from the experience and consider new work structures coming out of COVID-19. This could mean…
Expanding your business to open in multiple locations can offer more opportunities and profitability. However, managing one location can be challenging enough, so it is crucial to examine and prepare…
Running a business is challenging enough, and having to deal with bad debts can add an unneeded layer of stress for you and your team. The easiest way to handle…
Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash flow forecast can help your business avoid cash shortages by allowing you to…
Small businesses coming out of COVID-19 may be looking to expand and grow as quickly as possible to prepare for a changing economy. One of the ways you can effectively…
As part of their COVID-19 response, the IRD has introduced a number of measures aimed at alleviating the financial pressure on those who are self-employed. Tailored tax rates and exemptionsSelf-employed…
With the current economic slowdown, now is the perfect time to review your business strategy and conduct a business “health check” to come out the other side improved and ready…
Supporting your employees during chaotic times as an empathetic leader will improve your relationships within your business and boost personal confidence. Here are some ways you can support your employees…
Inland Revenue has announced that those experiencing financial hardship as a result of COVID-19 may be eligible to withdraw their KiwiSaver funds early. In addition to applying for an early…
Businesses now working from home can take the opportunity for employers to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility…
Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures…
Marketing your products and services during a global crisis may not always seem appropriate. Not only is it harder to create content with COVID-19 restrictions on you and your staff,…
The Inland Revenue will provide all New Zealand-based businesses struggling to pay their taxes due to COVID-19 with various forms of tax relief. Here’s a breakdown of the key relief…
New Zealand’s national super fund, KiwiSaver, has most recently announced the move of their default super accounts from “conservative” to “balanced”. KiwiSaver default super funds have long been “conservative” due…
As part of the New Zealand Government’s $12.1 billion emergency COVID-19 stimulus package, the Government has reintroduced building depreciation deduction claims for property owners with commercial and industrial properties. The…
The COVID-19 pandemic is proving to be not only a major health concern for the global population, but also a huge financial concern for businesses and individuals alike. In a…
Starting up a business is expensive, and with expenses piling up and income being unstable, many entrepreneurs struggle with managing their finances effectively. Here are some tips to consider when…
As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to…
The Fair Trading Amendment Bill was introduced to parliament in December 2019 and has most recently had its first reading in February. The bill is closely centred around new protections…
Many businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another.…
NZ Super has recently been accused to be unfair in its operations, as soon-to-be retirees doubled as high income earners are receiving large amounts of super payments despite not having…
Gone are the days of your visits to the bank to check on your credit balances. With banks consistently improving their client services and moving to easily accessible platforms such…
With the outbreak of the coronavirus disease (COVID-19) being declared a Public Health Emergency of International Concern, IRD has provided a tax relief guideline for paying taxes during this time.…
A career mentorship program involves partnerships between employees to develop professional skills and gain industry knowledge. Career mentoring programs are often seen as powerful development tools for cultivating both leaders…
A fixed-term employment means that the employment will end on a specific date or when a particular event occurs. While this type of employment is appropriate for certain jobs, employers…
Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing…
A financial dilemma that is becoming increasingly common is finding a way to fund a comfortable retirement lifestyle without having to sell the family home. One solution to this is…
Managing a virtual team can offer challenges that you won’t experience in-person teamwork. It can be harder to schedule meetings, show demonstrations and build connections. However, having a virtual team…
When selling your home, there are many initial questions that will often come to mind – how much will you earn from it? Where are you going to move to?…
Updates to the Residential Tenancies Act were first passed on 30 July 2019 and came into effect on 27 August 2019. The amendment introduced and refined several areas of renting…
How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes…
Hiring an intern can sound like a win-win situation; the intern gets an opportunity to learn and boost their career, you get some extra help generally at a lower wage…
How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes…
Inland Revenue released a consultation document in October 2019 regarding the deductibility of holding costs for private uses. Holding costs are expenses including interest, insurance, repairs and maintenance. The document…
Better Later Life – He Oranga Kaumātua 2019 to 2034 is the Government’s plan to provide older New Zealanders with a better quality of living. The strategy was launched on…
Taking care of invoice and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting…
As the holiday season approaches, the workplace often gets more relaxed as things wrap up. However, closing the business for the holidays usually isn’t as simple as turning the lights…
A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup. It is used to agree in advance on how a couple’s property and other assets would be distributed…
Keeping track of KiwiSaver amounts for individuals and contributions for employers is key in ensuring you are receiving the money you are entitled to. Individuals can view contributions made through…
Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research…
Investment bonds are a practical investment option for those who earn a high income and seek long term tax efficiencies. Investment bonds, also known as tax-paid, insurance or growth bonds,…
Resident withholding tax (RWT) is the tax deducted on interest paid to New Zealand tax residents on their deposit accounts. Your bank, fund manager, or a custodian deducts RWT from…
Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and…
Whether you are struggling to keep up a steady income or wanting to grow your business, increasing sales revenue is often a central goal for businesses. Here are some strategies…
Running a business is hard enough without having to chase up payments from your customers. Here are some measures you can take to prevent yourself from having to deal with…
If an employee is a KiwiSaver member making contributions from their pay, employers must also make a contribution every time they pay their employee salary or wages. These compulsory employer…
In order to keep up with the growing demands of digital accessibility and convenience, many businesses decide to partially or completely move their business online. This can help with extending…
Online shopping is available 24/7, making it easy to indulge in retail therapy whenever you’re feeling low. With many consumers using PayPal or saving their credit card details on Google,…
This 2019-20 income year, the government introduced a new research and development (R&D) Tax Incentive that businesses can apply for. The government aims to encourage innovative businesses and a more…
At the end of July this year, KiwiSaver announced that savings accessibility will be changed for people with shortened life expectancies due to congenital health conditions. Under previous rules, savings…