As the holiday season approaches, the workplace often gets more relaxed as things wrap up. However, closing the business for the holidays usually isn’t as simple as turning the lights off and heading home for a few weeks. There is often a lot of preparation and work that needs to be done before everyone leaves…
A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup. It is used to agree in advance on how a couple’s property and other assets would be distributed should their marriage or de facto relationship break down. The Agreement can cover financial settlement, spousal maintenance and any other incidental issues. BFA’s can be…
Keeping track of KiwiSaver amounts for individuals and contributions for employers is key in ensuring you are receiving the money you are entitled to. Individuals can view contributions made through their My KiwiSaver account. My KiwiSaver shows contributions when they have been processed through an employers payroll report. This can take up to three months…
Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research can allow you to boost your business’ success if you utilise the information to improve your product/service and marketing strategies. There are a variety of…
Investment bonds are a practical investment option for those who earn a high income and seek long term tax efficiencies. Investment bonds, also known as tax-paid, insurance or growth bonds, work similarly to a managed fund, except they are combined with an insurance policy. There is a ten year rule which allows tax free earnings…
Resident withholding tax (RWT) is the tax deducted on interest paid to New Zealand tax residents on their deposit accounts. Your bank, fund manager, or a custodian deducts RWT from your interest or dividend amount before they pay you. The amount of RWT you have to pay varies for each person depending on your tax…
Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and responsibilities is important for maintaining a healthy business relationship between partners. Here are some key areas to include in your partnership agreement: Name of partnership:…
Whether you are struggling to keep up a steady income or wanting to grow your business, increasing sales revenue is often a central goal for businesses. Here are some strategies you can consider when looking to improve profit: Redesign operations for maximum efficiency:If you really look at the operation processes of your business, you’ll often…
Running a business is hard enough without having to chase up payments from your customers. Here are some measures you can take to prevent yourself from having to deal with the profitability imbalance, negative client relation, and legal ordeals that come with chasing up owed debt. Research the customer:Before you enter into an agreement with…
If an employee is a KiwiSaver member making contributions from their pay, employers must also make a contribution every time they pay their employee salary or wages. These compulsory employer contributions (CEC) are at a minimum rate of 3% of the employee’s gross salary or wages. CEC is not compulsory if the employee is under…