The New Zealand government is attempting to make changes to reduce the debt that it has incurred in its efforts to stabilize the economy during COVID. The Labour party announced a new top tax rate (39%) which would apply to those earning over $180,000 – this would bring in 550 million dollars each year. However,…
Individuals may choose to apply to withdraw money from their fund if they are suffering significant financial hardship. To qualify as suffering significant financial hardship, one or more of the following criteria needs to be met as per the official government website: Cannot meet minimum living expenses Cannot pay the mortgage on the home you…
The IRD has introduced a temporary loss carry-back scheme to provide financial support to businesses expecting to make a loss in the 2020 or 2021 income years. Under the temporary loss carry-back scheme, businesses can carry losses made in 2020 (or predicted to make in 2021) back to the preceding income year to offset them…
In response to continuing financially uncertain times for small businesses, the Government has extended the Small Business Cash-flow (loan) Scheme (SBCS) to the end of 2020. Applications for the Scheme opened on 12 May 2020 and can now be submitted up to and including 31 December 2020. What is the SBCS? The SBCS was introduced…
The Government is making changes to NZ Super and Veteran’s Pension with the aim of modernising superannuation in New Zealand. The scheme originally planned to come into effect on 1 July 2020 as an outcome of the 2019 budget, but has been delayed to 9 November 2020 as a result of shifting focus to supporting…
New Zealand tax residents selling residential property (including overseas property) that they have owned for less than 5 years may be subject to income tax. To determine whether you will have to pay income tax, you will need to use the bright-line rule. The bright-line rule only applies to property bought on or after 1…
Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to your business needs can help you save a failing campaign from costing you money. ObjectivesThe first step to budget optimisation is being clear…
When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key to business survival. A contingency plan can help businesses prepare for possible circumstances such as natural disasters, employee theft, negative publicity or staff…
A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goalsWhat’s your business’ mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what it…
Employees are paid their KiwiSaver contributions through their employers, however self-employed individuals have to do things a little differently. If you are self-employed, you agree to your contribution level with your provider instead of contributing a percentage of your pay. Self-employed individuals who do not receive PAYE income will not be required to make any…