In the small to medium sized business arena, lines between personal and business finances can often blur. This presents myriad challenges for small business owners. One important and overlooked aspect of financial is the practice of maintaining separate bank accounts for business and personal transactions. This article explains the importance of this practice. It highlights […] The post The Importance of Maintaining Separate Bank Accounts for Business and Personal Transactions appeared first on Bizadvice.co.nz ..read more

In today’s dynamic business landscape, the importance of a financial health check has never been more important.  Confronting financial challenges promptly has become a cornerstone for sustained success. Businesses grappling with tax-related issues often seek assistance only when faced with dire situations such as revenue losses, financial downturns, or mounting problems with banks, creditors, and […] The post The Importance of a Financial Health Check appeared first on Bizadvice.co.nz ..read more

New Zealand businesses have continued to face mounting economic challenges during the last few years. Earthquakes, cyclones, a pandemic, recession, and frequent official cash rate (OCR) hikes have taken their toll on many. Yet, in the midst of these hardships, IRD continues to demand its dues and case unpaid tax. Recent data shows New Zealand […] The post Unpaid Tax: Is IRD an ally or adversary? appeared first on Bizadvice.co.nz ..read more

[UPDATED 17 OCTOBER 2023] Failing to properly record company directors’ drawings can have disastrous consequences. Effective financial management is vital for a business’ success and sustainability.  And one crucial aspect of this management is properly recording directors’ drawings. If you’re a company director, you may be tempted to use the company’s funds to pay for […] The post Company Directors’ Drawings – Are You Recording Them Properly? appeared first on Bizadvice.co.nz ..read more

New Zealand’s general election on 14 October 2023 is fast approaching. As is customary, tax policies continue to be a prominent subject of debate as the election approaches. During the lead up to the election, the various political parties’ tax policies have been grabbing headlines. Some parties advocate for sweeping alterations to our tax system, […] The post NZ Minor Parties’ Tax Policies appeared first on Bizadvice.co.nz ..read more

Registering for GST is an essential step for businesses to comply with taxation laws. GST stands for Goods and Services Tax. It is a value-added tax levied on the supply of goods and services. Timing is crucial when it comes to GST registration. Failing to register at the right time can have significant consequences for […] The post Registering for GST: When is the Right Time? appeared first on Bizadvice.co.nz ..read more

Understanding your New Zealand tax residency status is crucial when living in New Zealand. It determines how much tax you need to pay and what financial obligations you have.  Knowing it will help you make informed decisions about your employment, business opportunities, and investments. So, while it may not be the most exciting topic, it’s […] The post Navigating New Zealand Tax Residency appeared first on Bizadvice.co.nz ..read more

Did you know some business-related home office costs are tax deductible?  Are you a small-business owner, contractor or freelancer and work from a home office? With the rise of flexible work arrangements, more people are working remotely and given up renting office space.  Consequently, the concept of a home office has taken on a whole […] The post Home Office Expenses and How to Claim Them appeared first on Bizadvice.co.nz ..read more

As the income tax year comes to an end, it’s important to start thinking about taxes and seek tax advice. Whether you’re a business owner or an individual taxpayer, there are several things you can do before the end of the year to help reduce your tax burden. It’s a timely reminder to spend a […] The post Seek Tax Advice and Reap the Benefits appeared first on Bizadvice.co.nz ..read more

Small businesses are the backbone of many economies, providing goods, services, and employment to local communities. As a small business owner, you’re likely to face many challenges and obstacles. Least of all, you’ll need to manage your finances, taxes, and other accounting-related tasks. This is where an accountant can come in handy. They can offer […] The post 4 ways an accountant can help you. appeared first on Bizadvice.co.nz ..read more