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Sale and purchase of a business – common tax issues

When buying or selling a business, tax is treated differently depending on whether the sale is an assets sale or a share sale. There are often tax implications if either party gets it wrong, so it's best to talk early with a professional tax advisor to make sure you get it right. The information here is a high level overview ...

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Pay-as-you-earn tax, with help from your accounting software

From April 2018, small businesses, sole traders and contractors can choose a new pay-as-you-earn option, rather than paying provisional tax in instalments several times a year. This signals a shift in focus for accountants, freeing them up to help clients make good decisions about their finances and future direction.   What's new What: Inland Revenue is introducing the Accounting Income Method (AIM) so your ...

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Laws that changed in 2017

From contractors’ tax to Easter trading, hazardous substances to ACC levy changes and more, it’s been a big year for business-related law changes. Here’s a summary — check it out to make sure you are across any new rules that apply to you. Each law change section has links to more information. Minimum wage rates rise When: 1 April 2017 What: The adult ...

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Claiming expenses when away on business

You can claim for lots of daily expenses when you’re travelling for work. If you take a holiday as part of the same trip, you can only claim for the parts of the trip that were work-related. What you can claim In general, when you’re away from home you can claim for: flights taxis, or mileage if you use your own car for business ...

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Smile, it’s good for business

What do Winston Peters, Jacinda Ardern and Bill English (and John Key before him) have in common? When they see a camera, they almost always smile. Smiling is most important when selling. And like all good sales people, politicians are constantly promoting their product. Here's an example of a winning smile. Jane’s father was dropping her off at school. She was ...

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How does your cyber security rate?

Cyber crime is rising and studies show many New Zealand businesses aren’t equipped to handle it. Take this self-assessment to see how your cyber protection stacks up — and get tips for fighting off attacks. Cyber risks rising More than a quarter of New Zealand businesses faced a cyber attack in the past year, according to Grant Thornton’s International Business Report survey. Number ...

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Contracting: Hidden costs and expenses

Many contractors overestimate what they can earn in a year. Make sure your contracting rate covers things an employer would normally pay for, eg holidays and time off sick. Here’s how to budget for the ebbs and flows — and the expenses — that come when you work for yourself. What to budget for Broken income: If you’re contracting, you may have ...

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Employment rights and rules: Free online training

If you are an employer or a worker, it’s important to know your rights and responsibilities. Not only is this a great foundation for an employment relationship, it’s the law. Get up to speed on these important rules with new online learning modules from Employment New Zealand. Employment 101 Choosing the correct working arrangements for each of your workers is an important step. ...

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Customer complaints: How to fix delivery problems

Step-by-step advice for sellers on what to do if a customer complains about a parcel damaged or delayed by a courier or other delivery service. Plus pick up tips on how to reduce this risk. What you must do It’s a common problem. You use a delivery service to ship a product to a customer. It’s in good condition when you pack ...

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Online trading: A hobby or your business?

If you regularly sell goods online, including on auction sites like Trade Me, you are “in trade”.This means you have the same tax obligations as any other business — income tax and possibly GST. And you must also follow consumer laws, eg the Consumer Guarantees Act and product safety rules. Frequency is key If you're occasionally selling your stuff on sites like ...

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