Author: Samantha Charman

Accountants, lawyers, architects and many other professionals charge for their time, so the best way to minimise any professionals fee is to reduce the time required to complete the work.  The number one rule for reducing accounting fees is to drop off clean, tidy and...

Your Statement of Profit & Loss, or Income Statement, tracks the overall performance of your business.  It begins with the Gross Profit from your Trading Account then lists all overhead expenses, giving you the Net Profit.  Some software combines the Trading Account and the Profit...

In 2011  The gift duty for dispositions of property under the Estate and Gift Duties Act 1968 was abolished, thus removing the threshold of how much could be gifted in any  year and the requirement to lodge paperwork with the IRD.   Unfortunately, at around the...

Your Guide to Trusts What are the new rules relating to Family Trusts? The Trusts Act 2019, which came into force on 30 January 2021, is the first major Trust law reform in New Zealand in 70 years.  Many of the key changes are aimed at making...

If you're a business owner looking to choose an accountant, it's important to understand that their work goes beyond balancing your accounting books. Nowadays, accountants are also business  advisors and can help you make better-informed decisions and grow your business. As a business owner, understanding the...

What are Trustees expected to do? Trustees are expected to know the terms of the Trust and act accordingly, act in good faith and for the benefit of the beneficiaries and exercise their powers for a proper purpose.  Unless specified in the Trust Deed, the Act...

From the 1 April 2022 trusts are required to provide more information on their annual returns for 2022 tax year onwards.   These changes apply to all NZ domestic trusts that derives assessable income more than $200 in a year.   If your trust is non-active, for...

Your Balance Sheet, or Statement of Financial Position, measures the net worth of your business at a point in time and shows if your business is solvent (if assets are greater than liabilities). It details assets, liabilities, and shareholders' equity (funds contributed by shareholders and accumulated...

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