Blog

Hundreds of Kiwi business owners are enjoying the benefits of payday filing – are you? If not, you’ll need to be by 1 April when payday filing becomes compulsory. Now’s the time to work out how you’re going to integrate it into your payroll processes and save time on your tax obligations. Payday filing means […]

Delivering a high-quality, efficient compliance service is just a part of that. Helping you to develop, improve and grow your business is the next step. As a valued client, you can have one Complimentary Client Review (CCR) per year. A CCR stimulates strategic discussion and identifies burning issues, opportunities and challenges so that you can […]

Do your Christmas housekeeping! Chase up unpaid invoices to encourage payment before Christmas to get cashflow off to a good start for the New Year. Make sure your voicemail message and website mention closing date info and emergency contact details. Who’s responding to work related emails while you’re on holiday? Is payroll all set up […]

Many businesses start to worry about their bank balance around now. The holidays looming recall unpleasant memories of last year. All the regular expenses (wages, rent, suppliers and so on) are still due, but the people who pay you are either away on holiday or slow payers awaiting payment themselves. Instead of a relaxing break […]

Parties and gifts are all part of the festive fun but they can cost a small fortune. Here’s a list of the rules around entertainment expenses so you know what’s deductible and non-deductible before you fork out for your staff and customers. To claim 100% of your customer gifts, keep it non-food or drink related. […]

While the Christmas/New Year period is traditionally a slow time of year for business, you still need to meet your expenses. Ensure your bases are covered before you clock off for the year. 1. Plan ahead Do a budget to figure out how much you are going to need to cover your overheads. This is […]

With the recent increase in spam emails supposedly from the IRD, keep an eye out for the subject heading: “GST returns due in 5 days”. If you get one, delete it.  

Locking the doors is one thing but you need to take extra steps to ensure your workplace is safe and secure before you head away this Christmas.The last thing you want is for someone to access your work space and hurt themselves. Take time to check every square inch of your work environment, inside and […]

Blackmail, extortion and identity theft might sound like something straight out of a blockbuster movie but cyber crime is not only a reality, it’s on the rise and research shows the average Kiwi business isn’t prepared. Is New Zealand really under threat, we’re so far away! Unfortunately ‘out of sight, out of mind’ doesn’t apply […]

This month Balance had the privilege of being featured in the Annual Report of our professional body (Chartered Accountants Australia and New Zealand). Russell Bell CA (partner) who heads up our consulting division was featured in a short video presentation which we understand was also presented to the recent World Congress of Accountants in Sydney […]

Family trusts are a popular way to protect and manage your assets, such as the family home, for you and your family, now and in the future. They can have a valuable role to play, but they’re not suitable for everyone. Here are the pros and cons of family trusts to help you decide if […]

Up until now, a trustee’s job description has been clear as mud with many families getting into strife unaware of their trustee’s responsibilities. If the new bill comes into place, a trustee’s role will be clearly outlined, and include: Knowing the terms of the trust Acting according to the terms of the trust Acting honestly […]

Whether you’re thinking of becoming a trustee for your own family trust or someone else’s, it’s important to know your obligations under the current law before accepting the role. 8 things to know before becoming a trustee It’s a legal responsibility with a lot of work involved (most often voluntary) and you could end up […]

Planning a summer business trip with a personal holiday tacked on the end? Renting out the bach and unsure what expenses can be claimed? Whatever your situation, we want to make sure you’re getting the expense claim tax break you’re entitled to. Here’s the lowdown on legal costs for trust admin, travel expenses, mixed-use assets […]

Get your paperwork in order: Document your trust actions carefully (if you don’t already) and make sure they’re accurate. Revisit your succession planning: Talk to us to make sure your succession plans still make sense if this legislation goes through. Review your trust: There might be opportunities to improve your tax structure, reduce your risk profile and better […]

#1 Extending perpetuity laws At the moment, when you set up a family trust, it has a time limit of 80 years. Then you have to wrap it up and distribute the assets. The new legislation suggests extending it to 125 years, which may involve significant succession planning adjustments. #2 More information access for beneficiaries […]

  Do you have a family trust? Thinking of forming one as a way to future-proof your assets for you and your children? Take note – the Trustee Act is getting a makeover. While there are still a few parliamentary hurdles to jump, now’s the time to get your head around what the new bill […]

December’s mini-Budget allocated $2.1 billion for KiwiBuild to deliver 100,000 affordable houses across the country, including 50,000 in Auckland over the next 10 years. Budget 2018 commits more than $1 billion in new funding towards housing, including $369 million in new capital funding. This includes increased state housing and grants for heating and insulation. This […]

While the Government points out the Budget provision for $1.6 billion in new operating funding over four years is a 45% increase on last year’s Budget, most seem to agree that it still won’t go far enough. $395.8 million in new capital funding for better schools and hundreds of new classrooms seems to be a […]