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…
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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…
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?
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
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
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
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…
Mastering the art of email marketing
Putting together the perfect marketing email is a fine art. Here’s a six-step process to crafting the best customer messages to boost your sales. 1. Determine the goal of your campaignDon’t just put any message out there. Make it targeted and know your goal. Are you looking to educate or re-engage customers? Are you…
2023 Year End - Tax Planning Checklist
2023 Year End – Tax Planning Checklist For year ending 31 March 2023 Below is a checklist of matters relevant to all business entities which you should consider, some of which may help you reduce the amount of tax you have to pay. Provisional Tax Elections and Use of Money Interest and the 39%…
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 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…
Accounting for Buying or Selling a Businesses
Accounting for Buying or Selling a Businesses Buying or selling a business from an accounting perspective isn’t as straightforward as you may think. It is important to consider all aspects and ensure the details are correct from the beginning to avoid an unexpected tax bill once the transaction is complete. In particular it…
Tips to get your business ready for year-end and the year ahead
Tips to get your business ready for year-end and the year ahead The 2023 financial year-end is just around the corner. Now is the time to ensure you work through a year-end process (see below) to maximise your tax deductions and minimise your tax bill. Now is also a good time to finalise goals for…
Import supplies? Customs rules are changing
In the past, the New Zealand Customs Service has allowed businesses to combine the value of small shipments containing a number of low-value items, such as spare parts, when the value for duty of any item listed on an invoice did not exceed the equivalent of NZ$25. Historically, Customs allowed the items to be…
Get paid faster with eInvoicing
If you’re tired of chasing invoices and late payments, eInvoicing could make your life easier and save you money. With eInvoicing, digital systems talk to one another seamlessly over a universal network, ensuring payment information is exchanged more quickly and accurately. Businesses no longer need to generate paper-based invoices or email PDFs, and buyers…
Should your business go ‘remote-first’?
Since the last of New Zealand’s lockdowns, many businesses have ditched remote working for good. But what are the benefits of taking a ‘remote-first’ approach? Around the world, an increasing number of companies are making remote working the default option for staff, abandoning the office completely in favour of a more flexible model. With…
Beware of cyber scams
Digital tools can help your business become more efficient, save time, and win new customers, but there are also dangers to watch out for. Cyber-attacks and con artists could target any small business in New Zealand. Here are the latest risks: Facebook danger One sophisticated Facebook scam has ensnared 10 million users. Millions of…
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
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?
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…
Should you sell a stake in your business?
Like every plant needs water and sunlight to grow, every business needs financing. Starting a business or expanding an existing one requires investment, and it can often be confusing for small companies to weigh up their options. Is it time to sell a stake? As a business owner, you may struggle with the concept…
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
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…
What lenders want to know about your business
While getting a business loan from a bank can be painful (with reams of red tape to wade through), it’s not impossible. Here’s what banks are looking for. Motivation: Why are you in business, and what is your vision for the future? You should be able to explain this in a few short sentences.…
Why angel investors can be a godsend
If you run an innovative company offering the world something new, a partnership with an angel could be right for you. Angel investors are a great match for fast-growing businesses who want funding and are willing to hand over a slice of equity. In most cases, there are no collateral obligations to angel investors…
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…
GST Special Alert 2023
New rules on GST invoicing apply from 1 April 2023. These changes have been designed for 21st century business record-keeping and modernise invoicing rules in place since 1986, based on paper-based record-keeping systems. The rules are permissive, so businesses can issue current tax invoices without falling foul of the new rules. However, this doesn’t mean…
Top tips for running a thriving family business
There are so many upsides to running a family business: working together as a close-knit unit and sharing the good times together. However, being in charge of one can be complicated as you juggle company interests with those of your loved ones. Family is loyal and dedicated, but problems can arise when emotions get…
The key to succession planning success
So you’ve created your company from nothing, put years of blood, sweat and tears into its success, and retirement is just around the corner. What do you do next? If you’re one of the lucky people who have an exit strategy, congratulations. If you’re unsure what will happen, it’s time to think about succession…
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
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!
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
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,…
Could your business survive without you?
Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away? It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your…
Time is money - make the most of it
We’re all familiar with the phrase ‘time is money’ so why isn’t it tracked in the same careful way as our finances to maximise both? Remote working has brought with it a wave of disruption and time is a hot commodity. Here are four ways you can re-set and prioritise productivity. #1 Get your team…
Employment law changes, April 2022
From 1 April 2022, the minimum wage rate increases from $20 per hour to $21.20. Communicate the change with your employees in writing and if you have staff on salary, make sure their total remuneration meets the requirements.The Holidays Act is getting revamped bringing new ways of calculating holiday pay and other leave entitlements and…
Time to grow? A guide to attracting investors
If you don’t have the working capital to invest in significant expansion, it might be time to consider bringing investors on board. Pitching to raise funding can be a nerve-racking experience, so here are some tips to impress: Investors need to see evidence of an opportunity before they’ll part with their time and money. One…
Six financial myths busted
Those long-held beliefs holding you back from financial freedom need to be dispelled. Take a closer look at budgeting and money management. Myth: I need a credit card for emergencies. Reality Check: Someone who just lost their job won’t be able to pay rent or their mortgage with a credit card. That’s why having an…
Residential investment property: what you can claim for
If you’ve invested in residential property, you may be scratching your head over whether recent tax changes affect you. If you borrowed to acquire residential property before March 27, 2021, interest deductions will be phased out over the next three years. If you bought on or after March 27, 2021, you won’t be allowed…
Summer Staff Generation
A how to guide: Getting the staff you need over the silly season during a global pandemic is tough. If you’ve tried Seek, Careers, and Trademe with no luck, maybe it’s time to think creatively. And remember, while our unemployment rate is low, there are always going to be part-time workers looking for more…
Directors: Know your role
If you’re a director, make sure you’re up to speed on both company law and the accepted code of behaviour required for the job. If you ignore the underlying principles of ‘good faith’ and ‘duty of care’ you could be fined up to $200,000 or face jail time. Remember to: Maintain a consistently solid…
Six simple ways to make your business more sustainable
Assess your environmental impact. Look at your materials, emissions, and waste. Try carbon calculators Ekos or Toitu or the new Climate Action Toolbox. Put your green mission on paper. What does sustainability mean to your team, company, industry, and clients? Developing a short mission statement establishes your priorities and gets everyone on the same…
Residential Rental Property Tax
There are many tax implications when investing in residential property in New Zealand. Property investment and understanding the impact of current tax laws and their application is rather complex now, Please seek professional advice when you are unsure of the implications, as mistakes can be costly! The Brightline test For sale and purchase agreements that…
Employment Matters
Sick leave entitlement changes The recent passing of the Holidays (Increasing Sick Leave) Amendment Act increased the employee sick leave entitlement from 5 to 10 days per year. The change comes into effect on 24 July 2021. The day in which the employee’s sick leave increases is based on their next entitlement date and not automatically…
New Trust Disclosures
With the introduction of the 39% tax rate for individuals from 1 April 2021, the Inland Revenue is increasing the information it collects from trusts to assess compliance with the new tax rate and to monitor how trusts are being used. Trust disclosure obligations The additional information that needs to be included in a…
Purchase Price Allocation Rules
If you are planning to buy or sell a business, you need to be aware of the new purchase price allocation rules that apply to business asset sales as well as commercial property sales. The new rules took effect from 1 July 2021 and impact the way parties allocate the agreed purchase price between…
Reinstatement of Depreciation on Commercial Buildings
Since the 2012 income year the depreciation rate for commercial and industrial buildings had been reduced to 0%. Following the Government’s raft of Covid-19 support measures, depreciation can now be claimed on commercial and industrial buildings from the beginning of the 2021 income year. The reinstatement will mean commercial and industrial buildings are now…
Covid-19 Business Support
This lockdown was announced at 17 August 2021 and has triggered three of the government’s existing policies – Resurgence Support Payment, the Covid Wage Subsidy, and the COVID-19 Leave Support Scheme. The terms ’employee’ and ‘business’ below include sole traders and shareholder-employees. Some information and applications may not be immediately available, so keep checking…
Your step-by-step guide to meaningful customer feedback
Make a list of seven key clients or customers to call for feedback. Decide who is going to make the calls or split them between two staff members. Email in advance explaining how committed you are to improving your customer service and experience, that you value their constructive feedback, and would like to interview…
Does the new 39% tax rate affect you?
The new 39% marginal rate that applies to all employment income over $180,000 is now in force. Consider how the new rate will affect you and your business. The 39% tax rate and… Trusts? From now on, you’ll need to disclose a lot more information to Inland Revenue in your annual trust tax returns.…