{"id":2510,"date":"2024-02-01T12:01:05","date_gmt":"2024-02-01T00:01:05","guid":{"rendered":"https:\/\/accelerateonline.blog\/?p=2510"},"modified":"2024-03-08T16:04:43","modified_gmt":"2024-03-08T04:04:43","slug":"your-12-point-checklist-to-stay-ahead-on-tax","status":"publish","type":"post","link":"https:\/\/www.bdsaccountants.co.nz\/insights\/your-12-point-checklist-to-stay-ahead-on-tax","title":{"rendered":"Your 12-point checklist to stay ahead on tax"},"content":{"rendered":"\r\n\r\n\r\n

1.<\/strong> Contracts<\/strong><\/p>\r\n\r\n\r\n\r\n

Have you invoiced retentions that don\u2019t need to be paid until next year? If they are payable this tax year, they will be classed as taxable income for 2023-24. Unsure? Talk to us as your tax adviser.<\/p>\r\n\r\n\r\n\r\n

2.<\/strong> Employee expenses<\/strong> and holiday pay<\/strong><\/p>\r\n\r\n\r\n\r\n

Holiday pay, bonuses, redundancy payments, and long service leave owed to employees can be claimed this year if you have committed to them at year-end and pay them within 63 days of the balance date.<\/p>\r\n\r\n\r\n\r\n

Also, ensure holiday pay has been calculated correctly to avoid time-consuming revisions once the tax year is over. Find more information here <\/a>or visit the Employment NZ website.<\/p>\r\n\r\n\r\n\r\n

3.<\/strong> Credit notes<\/strong><\/p>\r\n\r\n\r\n\r\n

Take stock of credit notes issued to customers after the balance date. You may be able to apply them to the current tax year and reduce your taxable income.<\/p>\r\n\r\n\r\n\r\n

4. Expenses<\/strong><\/p>\r\n\r\n\r\n\r\n

Find out if you can prepay expenses before March 31 for items such as stationery, postage, and courier charges to claim deductions sooner.<\/p>\r\n\r\n\r\n\r\n

5. Debtors<\/strong><\/p>\r\n\r\n\r\n\r\n

Before the end of March, review your debtors and make a list of any outstanding bad debts. Ensure your records show you\u2019ve taken reasonable steps to recover bad debts. Bad debts written off before March 31 can often be claimed as a deduction.<\/p>\r\n\r\n\r\n\r\n

6. Fixed assets<\/strong><\/p>\r\n\r\n\r\n\r\n

If you\u2019re not using some of your assets, you may be able to write them off.<\/p>\r\n\r\n\r\n\r\n

7. Tax losses (carryforward, offsets and subvention payments)<\/strong><\/p>\r\n\r\n\r\n\r\n

Set to make a loss in the current financial year or have tax losses from prior years? Talk to us as soon as possible about carryforwards, loss offset elections and subvention payments.<\/p>\r\n\r\n\r\n\r\n

8. Discounts for prompt payment<\/strong><\/p>\r\n\r\n\r\n\r\n

If you\u2019ve offered prompt payment discounts over the tax year and maintain a discount reserve, this might be deductible. Make sure you keep clear records about any discounts.<\/p>\r\n\r\n\r\n\r\n

9. Repairs and maintenance<\/strong><\/p>\r\n\r\n\r\n\r\n

Thinking about doing repairs or maintenance? Get it done before the year-end to ensure you get your deductions sooner. Consider software development and improvement costs as part of this.<\/p>\r\n\r\n\r\n\r\n

10. Dividends and imputation credits<\/strong><\/p>\r\n\r\n\r\n\r\n

Review your dividend payments for the year by March 31. Imputation credit accounts mustn\u2019t have a debit at the year-end, or you could be hit with penalties.<\/p>\r\n\r\n\r\n\r\n

Also, review deemed dividends (for example, overdrawn shareholder current accounts with no interest charged).<\/p>\r\n\r\n\r\n\r\n

11. Stock<\/strong><\/p>\r\n\r\n\r\n\r\n

Dispose of obsolete stock by year-end or write it down to its net realisable value (the lesser of cost or market value).<\/p>\r\n\r\n\r\n\r\n

If your stock is worth less than $10,000 and your turnover is less than $1.3 million for the year, you won\u2019t need to include stock movements for tax purposes.<\/p>\r\n\r\n\r\n\r\n

12. FBT<\/strong><\/p>\r\n\r\n\r\n\r\n

Review all FBT items. Have you taken account of possible exemptions? The FBT March quarter return is the year\u2019s last quarterly return and will most likely require a wash-up calculation.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

1. Contracts Have you invoiced retentions that don\u2019t need to be paid until next year? If they are payable this tax year, they will be classed as taxable income for 2023-24. Unsure? Talk to us as your tax adviser. 2. Employee expenses and holiday pay Holiday pay, bonuses, redundancy payments, and long service leave owed …<\/p>\n","protected":false},"author":2,"featured_media":4109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[489,686,493],"tags":[689,42,690,691],"yst_prominent_words":[285,266,296,162],"yoast_head":"\nYour 12-point checklist to stay ahead on tax - BDS Chartered Accountants<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bdsaccountants.co.nz\/insights\/your-12-point-checklist-to-stay-ahead-on-tax\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your 12-point checklist to stay ahead on tax - BDS Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"1. 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