Follow these 'Tips for Reducing Your Expenses' to identify ways to help lower your expenses. These can be applied to both your business and your personal finances. Make a Plan You need to evaluate where you are at now in your business or personal finances where you...
It's hard to know if it's time to revise your pricing. Regularly reviewing your products, services and pricing as well as the competition is an important aspect of protecting and growing your business profits. Getting your pricing strategy right is one of the biggest hurdles...
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...
This 'Guide to Your Financial Reports - Part 5 (Statement of Changes In Equity)' records what happens to any profits for the year; whether they are paid out as dividends or kept in the business as retained earnings. Generally speaking, the higher the equity, the...
Our 'Guide to Your Financial Reports - Part 3 (Profit & Loss)' will help you figure out 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...
Is your Trust gifting up to date? 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...
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...
What to Look for in Accountant? 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...
There are some New Trustee Regulations and 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,...
Additional Reporting: NZ Domestic Trusts mean that 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...