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Tax Talk Newsletter Autumn 2021

Tax shakeup for business sales Proposals in the new tax Act will mean sellers of a business must notify buyers and Inland Revenue about the amounts they have allocated for various assets. If they don’t do this there will be rules about how this is to be handled. Also, Inland Revenue will be able to interfere with the figures, if it thinks the ...

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Tax Talk Newsletter Summer 2021

Be realistic with social media  expectations You’re starting out in business, or maybe you’ve been in business a while but everyone is saying you need to have a social media presence. If you agree, and if you’re a small business, you have to be realistic in what you can do with social media. The first rule is not to overdo the number of ...

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Tax Talk Newsletter Spring 2020

Boss burnout: Spot warning signs in yourself From workloads to wellbeing, the COVID-19 pandemic poses many challenges.As a small business owner or manager, it’s important to keep an eye on your stress levels. Learn to spot warning signs and pick up tips to improve your wellbeing. Your health and happiness - and your business - will benefit.No matter how COVID-19 ...

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Tax Talk Newsletter Winter 2020

Time to collect debts We all have a lot of sympathy for the many businesses destroyed by the Draconian measures taken to stamp out Covid-19 from New Zealand. We have suddenly moved into a new business environment. There are going to be those walking a tightrope to survival. Others will desperately try to trade with no real hope of their business recovering. ...

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Tax Talk Newsletter Autumn 2020

Working solo: Tips to stay mentally well  If you work alone or in a small team, it can be easy to neglect your own wellbeing. Here are some ways to keep you feeling well and connected. Working on your own Working for yourself can have its advantages. It can offer the flexibility to choose where and when you work, and the ability to ...

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Tax Talk Newsletter Summer 2020

Government Improving Protections for Consumers and Workers when businesses fail On Monday 4 November 2019, Minister Kris Faafoi released a statement announcing changes that will favourably affect consumers and workers of failed businesses. Changes to insolvency law announced by the Government on 4 November will include requirements to honour up to 50 per cent of the value of gift cards or vouchers ...

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TaxTalk Newsletter Spring 2019

Provisional tax changes   Safe harbour from use-of-money interest (UOMI) A law change for provisional tax modifying the existing safe harbour from UOMI came into effect from the 2018 income tax year. It may be affecting some clients provisional tax calculations. The changes increase the safe harbour from $50,000 to $60,000 of residual income tax (RIT) and extend the safe harbour to non-individual taxpayers. When ...

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Tax Talk Newsletter Winter 2019

Help Your Accountant, and Yourself   - Here are some of the problems we strike when preparing your annual accounts and what you can do to help us: Avoid supplying too much information – our questionnaire will list what we need. Too much information means we have to wade through it, in case there is something you intend us to see. Respond to our ...

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Tax Talk Newsletter Autumn 2019

  Get End of Year Right   - If you want to write off a bad debt & claim your loss in the current year, you must do this before your business balance date. Depending on your system of accounting, this could involve writing something like “debt written off by me on. . . Date signed. . . .” across a copy of an ...

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Tax Talk Newsletter Summer 2019

  Family Business Planning Over Summer   - The summer holidays offer a good opportunity to get together and discuss plans for your family business. But there are some rules you should follow to make sure it’s only the barbeque that gets heated! Dinner discussions: Why they're important Working in any family business – where two or more family members work in a business owned ...

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