Prime Minister Jacinda Ardern has outlined what life will look under level 2, including details on retailing, hospitality, sport, education and travel, if Cabinet agrees to loosen lock down restrictions next week. No decision has been made to move to Level 2 just yet but the government is keen to do so sooner rather than later and it would be a phased approach. Businesses like retail outlets and hairdressers will… Read more
The Government has announced a boost to cashflow support for small businesses to aid in their recovery from the affects of Covid19. The Small Business Cashflow Loan Scheme will provide assistance of up to $100,000 to firms employing 50 or fewer full time equivalent employees. The scheme is in the way of a loan from the government and will provide $10,000 to every firm and $1800 per equivalent full time… Read more
The Government has announced that New Zealand can safely move out of Alert Level 4 lockdown at 11.59pm on Monday 27 April. We are still in Alert Level 4 until then. We will hold at Alert Level 3 for two weeks, before Cabinet reviews how we are tracking and makes further decisions on 11 May. The shift to Level 3 is not hugely different for a lot of people, but… Read more
With continuous media coverage, unverified stories on social media and uncertain outcomes, it’s common to feel overwhelmed and worried about your’s, or your family’s health and wellbeing. While these feelings are understandable, if they start to interfere with your everyday life, you may be experiencing health anxiety. What is health anxiety? Health anxiety is a mental health issue characterised by feelings of worry, anxiety or fear about your health and… Read more
Economic Response Package Finance Minister Grant Robertson today outlined a $12.1 billion package to support New Zealanders and their jobs from the global impact of COVID-19. The global economic impact of COVID-19 on New Zealand’s economy is going to be significant, so we are acting now to soften that impact. The $12.1 billion package is worth 4% of GDP, a larger plan than that implemented in response to the Global… Read more
Panic creates panic. Mass hysteria will not make it any better, so we all need to remain calm in the face of this virus and do our bit to ensure it is contained. If your business financials feel volatile, you’re not alone. We end up in the way we show up. Choose to be proactive and lead with a clear plan & communication. Here are some other ways business owners… Read more
Have you received the latest update from Inland Revenue with ways you can now pay your tax? Read on to find out more… No more cheques – pay online instead From 1 March 2020 IRD will stop accepting payment by cheque, including cheques dated after 1 March. The safest and quickest ways for you to pay tax is online – either in myIR or through your bank. For more information on… Read more
Are you ready to take on the challenges in your business this decade? The start of the decade has been action packed already, with a lot happening both around the world and at home it can be difficult to set aside the time to reflect on what you achieved in 2019 and what your goals are for 2020 and the next few years. Starting your business is often an adrenaline… Read more
For most small and medium business owners, you go into business to do what you love doing – whatever that might be. We know better than anyone that you didn’t necessarily go into business to be number savvy (unless that’s your thing!) so how can you make life easier when it comes to managing your business and understanding how it is performing? How do you know what areas are improving,… Read more
Mental Health is a major topic of focus across New Zealand, with more and more Kiwis finding it hard to get by some (or most) days. Xero have recently announced that the Xero Assistance Programme pilot (XAP) is now available for 12 months to all of the Xero starter, standard and premium subscribers, as well as all bookkeeping and accounting partners. Following earlier success of the limited trial of the… Read more
As Christmas draws closer, here’s a quick list of five things as an employer you should be aware of when it comes to minimum legal employment rights. 1. Is closing down a workplace at Christmas legal? Yes. An Employer may close down a workplace if the processed is managed lawfully. Employees must be given at least 14 days’ notice of the closedown. An employer may have a regular closedown once… Read more
Wow! What happened to this year? Am I the only one who lost June to November? It seems every year goes by faster and faster and we are busier with life in general than ever before. Not such a good place to be mentally, with life rushing by we don’t get to stop and smell the roses along the way, unless we consciously make an effort to. The last few… Read more
IRD is looking hard at tax crime in the building sector – are you declaring all your income? Have you had a customer ask for a cash discount? You know – so it doesn’t “cost as much” because it doesn’t have to go through the books. Who really pays for that discount? Tradies around the country who do undeclared cash jobs, discounted for their mates or simply to give the… Read more
You may have heard or seen on social media the recent push by various agencies to ensure all business entities, including sole traders, have registered a free NZBN number. So why did everyone need to get one? The answer is; e-Invoicing! NZBNs are for all Kiwi businesses, regardless of whether you’re a national company or someone who runs a B&B out of their home. Many businesses already have a NZBN,… Read more
So you’re ready to hire your first employee, congratulations! You’ve had subbies working for you for years, so what’s the big deal? Most tradies will one day find themselves in the position that they’ve got a good crew of guys who do an awesome job and they want to keep them happy. This awesome crew might still subcontract back to the head contractor (the business owner), which is always a… Read more
Cyber security and ensuring you have the appropriate measures in place to keep your information safe online is becoming more imperative as time goes on and the world gets even more tech savvy. Unfortunately, not everyone out there is simply minding their own business – they might be trying to hack in to yours. You need to protect your data, your network, your customer information and your reputation online. So,… Read more
Inland Revenue and the Accident Compensation Corporation are calling ‘time’ on cheques. From March next year, IR and ACC will no longer accept payments by cheque from customers who are able to use alternative payment options. IR received more than 430,000 cheques last financial year, the largest number received by any public sector agency. ACC received approximately 25,000 cheques from business customers. Those numbers have been dropping by around… Read more
Recently, new legislation has been passed to add more levels of consumer protection around the credit industry. One of those changes removes the ability to pay for credit with credit. This means that finance companies, such as Fee Funders which Ontrack Bookkeeping Ltd uses to offer customers an alternative solution to paying off amounts, can no longer take payment by Credit Card. Does this affect you or the business you’re… Read more
From 1 December 2019, overseas businesses selling low-value goods to consumers in NZ may need to register for, collect and return Goods and Services Tax (GST) of 15%. Low-value goods are those valued at NZ$1,000 or less (exclusive of GST). Examples include books, clothing, cosmetics, shoes, sporting equipment and electronic items. NZ Customs will continue to tax goods sold for more than NZ$1,000 at the border as they come into… Read more
Cashflow is the lifeblood of any business but one of the most difficult things for business owners to control.