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What is a mindset course, and how can it help my business?

What is a mindset course, and how can it help my business?

Mindset courses can help you develop the right psychological attitudes to achieve success in your field or industry. They’re all about cultivating the right mental and emotional attributes to achieve professional growth, overcome challenges, and maximise potential. Here’s what you’ll learn on a mindset course: Adopting a growth mindset You’ll learn all about adopting a…

Property sales on IRD radar

Property sales on IRD radar

  Buying or selling a home? You’ll now need to provide your IRD number as part of the transaction process. The change will allow IRD to know who’s flipping owner-occupier homes on a regular basis, and better enforce the existing law that ensures people pay tax on the profit. The move won’t impact the rules…

Minimum wage set to change: what you need to know

Minimum wage set to change: what you need to know

The government has announced an increase to the minimum wage that will kick in from April 1. The adult minimum wage will rise by $0.45 an hour, taking it up to $23.15 an hour. This will mean additional costs for many businesses. Workplace Relations and Safety Minister Brooke van Velden said that “a cautious approach…

Mixed-use asset rule change explained

Mixed-use asset rule change explained

April 1 marks a significant change in the GST tax treatment of mixed-use assets. Taxpayers can claim 100% of GST for expenses relating to the income-earning use of a mixed-use asset, for example, the cost of advertising a holiday home online. However, working out GST claims for expenses relating to both the income-earning and private…

What policy changes might affect your business?

What policy changes might affect your business?

Our Prime Minister Christopher Luxon has his feet firmly under the table, so what major policy changes will affect your business? National outlined some of the headline changes it wanted to make within its first 100 days in power. The National-led coalition government have some well underway. Here are some of the major changes businesses…

What property investors need to know

What property investors need to know

At this early stage, there will always be unknowns as ministers assess new legislation and review existing policies. One key area to watch will be the tax treatment of property investors. National plans to shorten the bright-line test for property investors to two years from 10 years, returning the law to its 2015 setting. from…

Fringe Benefit Tax exemptions you may have missed

Fringe Benefit Tax exemptions you may have missed

Last April, new Fringe Benefit Tax (FBT) rules came into effect that could be relevant to your business and employees. Here’s a summary of the three new exemptions that may have gone under your radar: Employer-subsidised public transport (mainly for the purpose of travelling between home and work). The provision of self-powered (bicycles) or low-powered…

Digital snapshot: the Xero app store

Digital snapshot: the Xero app store

Whether your business is in retail, farming, or finance there’s no shortage of digital tools to improve efficiency, productivity, and performance. In a tough business environment, the right digital tools can give your company the edge over your rivals and take you to the next level. Innovative apps in nearly every industry have emerged over…

FBT vs PAYE vs Entertainment Expenditure

FBT vs PAYE vs Entertainment Expenditure

    In the context of Christmas parties, gifts, and staff bonuses, various taxation rules come into play, namely the entertainment rules, PAYE, and FBT. The entertainment rules place a 50% deductibility restriction on certain expenditures related to recreational events, such as Christmas parties or corporate hospitality. This limitation is grounded in the recognition that…

What new migrant worker law means for your business

What new migrant worker law means for your business

Do you employ migrant workers? You need to be aware of the Worker Protection (Migrant and Other Employees) Act, which comes into force on January 6. The law, which amends the Immigration Act 2009, Employment Relations Act 2000 and Companies Act, will introduce a tough penalty regime to deter the exploitation of migrant staff. What…

Your business leadership checklist

Your business leadership checklist

Great business leaders come in many different forms, from visionaries like Apple founder Steve Jobs to big personalities like Virgin’s Richard Branson and diversity champions such as former Facebook executive Sheryl Sandberg. A business leader should bring people together, have staff working towards a common goal, and keep people updated about where a company is…

Five ways to improve diversity in your business

Five ways to improve diversity in your business

Studies show that diversity and inclusion in the workplace can lead to better business results. Here are five ways to enhance diversity in your organisation: Cultivate an inclusive cultureEmployees should be encouraged to share ideas without fear of judgement. Create an open environment that celebrates different perspectives and backgrounds. Diverse recruitment strategiesIntroduce diverse recruitment strategies…

Time to review your health and safety plan?

Time to review your health and safety plan?

Good health and safety (H&S) practice is a vital part of any business, but when was the last time you checked your company’s health and safety plan? Under the Health and Safety at Work Act 2015, both “Persons Conducting a Business or Undertaking” (PCBU) and workers (including employees and contractors) have health and safety duties…

Fair Pay Agreements - what you need to know

Fair Pay Agreements - what you need to know

New fair pay agreements (FPA) law came into effect on December 1 last year, marking the biggest shakeup in New Zealand employment in decades. Six months on, how could your business be affected? What’s an FPA? The new fair pay agreements law allows employees to bargain collectively for industry- or occupation-wide minimum employment terms, such…

The difference between employees and contractors

The difference between employees and contractors

  Does your business use both employees and contractors? It’s important to distinguish between them as they are paid and taxed differently. Despite what you may call the individual concerned, that description is not definitive. If the status of the worker is questioned in the Employment Court or Employment Relations Authority, for example, the Employment…

Uber court case

Uber court case

Employees and contractors, Last October, four New Zealand Uber drivers won a landmark case against the ridesharing app, which has them as employees, not contractors. The decision enables these workers to claim rights and protections as Uber employees. The ruling has broader implications for Kiwi businesses and how staff are categorised. Employment status entitles workers…

GST and the new Airbnb/Uber Tax

GST and the new Airbnb/Uber Tax

GST and the new Airbnb/Uber Tax If you offer accommodation or ride share services in New Zealand via an electronic marketplace (e.g., Airbnb or Uber), new GST changes will impact on you from 1 April 2024, although the National Party has stated it will repeal the change if they are elected to Government in October…

Fundamental GST changes coming your way

Fundamental GST changes coming your way

Fundamental GST changes coming your way Ever since GST was first introduced in 1985, businesses have become very familiar with various aspects of GST which have been fundamental to meeting their GST compliance obligations.   Under the guise of “modernising GST” the Inland Revenue is introducing a number of invoicing and record keeping changes that…

Looking to invest in R&D this year?

Looking to invest in R&D this year?

  The Ministry of Business, Innovation & Employment has announced that businesses performing eligible research & development can access faster and more frequent payments of the R&D tax incentive this year. What is the R&D tax incentive? The scheme provides a 15% tax credit to businesses conducting ‘eligible’ R&D activities and has supported more than…

IRD increases visibility of sales data

IRD increases visibility of sales data

  From April 1, 2023, payment service providers (i.e. EFTPOS providers and online payment platforms) must provide information to Inland Revenue every six months on all transactions processed. Inland Revenue will compare this information with what businesses have filed in their tax returns. They will follow up on any discrepancies in these comparisons.

Could the Government help you grow this year?

Could the Government help you grow this year?

  Yes, here is how: Research & Development Funding If you are a small company investing in product development, check out what is available through Callaghan Innovation. Business advisory servicesThe Regional Business Partner Network can back small businesses, with advice, support, and access to funding for business growth initiatives. Capability development vouchersIf you employ fewer than…

What does the Fair Pay Agreements Act mean for you?

What does the Fair Pay Agreements Act mean for you?

  New Zealand has a new system of employment bargaining with the passage of the Fair Pay Agreements (FPA) Act which took effect from 1 December last year. Fair Pay Agreements bring unions and employer associations together to bargain for minimum employment terms for all covered employees within a sector or occupation. Visit Employment New…

Your alternative funding options

Your alternative funding options

  An outright stake sale might not be the best fit for your company. Here are three different paths you could take: Asset finance: A loan to pay for a particular business asset, such as a vehicle or piece of machinery. Pros Interest rates can be competitive if you are able to go through a…

Digital boost for SMEs extended

Digital boost for SMEs extended

  At the height of the pandemic in 2020, the government announced its free Digital Boost support package to help small businesses transition to a digital world. The scheme was such a success, the following five services will be available until the end of June. Real world video case studies, showcasing how small Kiwi businesses…

Why it’s important to define roles in a family-owned business

Why it’s important to define roles in a family-owned business

  Whether you’re running a small family business or one that employs dozens of people, defining roles and governance is vital for any SME. The basic roles in a company include ownership, governance, management, and operational. Setting out a clear structure can bring long-term benefits and prepare your company for growth. Ownership, aside from literally…

The benefits of family advisory boards

The benefits of family advisory boards

Every business, large or small, deserves to be run as professionally as possible. By setting up the right structure you can give your family business the best chance of success. While the family knows your business inside out, it can be helpful to have independent parties on hand to provide an external perspective. A family…

GST invoicing changes are coming!

GST invoicing changes are coming!

  New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for…

Navigating the new world office

Navigating the new world office

  Pre-Covid, we never would’ve imagined working from home could be so welcomed and productive. The pandemic has pushed many companies to make the long-needed leap into the digital world, and as a result, remote working offers a lifestyle like never before. Now, your team can ditch the commute, gain more flexibility for family life,…