As a small business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between… Read more
Service Businesses are hard to value and sometimes struggle to get their price at sale time and a prospective owner can have a lot of questions before taking on a new business. If you are… Read more
I was trying to demonstrate how the accounting industry and accounting function in business has changed in past years so we came up with this illustration.(Copyright 2013. All Rights Reserved)
From the beginning of the 2013/2014 income year, if you are using a property for mixed use, i.e. you sometimes live in it and sometimes rent it out, then the new formula for working out the effect on your income has changed.
In the five years Xero has been on the market it has quickly gained a reputation as being the easiest accounting system around. Xero is a cloud based system which means that you can log into it securely from any computer with an internet connection anywhere in the world. It also means you won’t need to buy costly accounting packages and upgrades ever again and it even eliminates the need for backups – if your computer crashes you won’t lose your accounting data! In addition to these practical benefits using Xero has many advantages that can give your business an edge:
Many people dream of buying a business and turning a small idea into a big success. The attractions are in making large profits, being your own boss, making your own decisions and employing other people to do your work and having time to think of other small ideas to grow… Buying an existing business gives you a kick-start in premises, plant, machinery, staff, plus brands, goodwill, marketing, databases – all assets that are attractive to a prospective buyer.
“A former Wellington restaurant owner has been sentenced to five months home detention and 200 hours of community work for filing false Income Tax and GST returns and evading tax.
Darrell Earl Antonopoulos plead guilty to three charges of aiding or abetting his company, Whonere Holdings Limited, trading as La Casa Pasta restaurant, to provide false Income Tax returns and 24 charges of providing false GST returns to Inland Revenue with the intention of evading tax. Mr Antonopoulos was charged under the Tax Administration Act.
Today the new tax changes come in for those of us still left in the rental property market. It’s the start of a new financial year and it doesn’t feel so new anymore. We are all in the throes of electing to change to LTCs, we know about the depreciation changes and we know that our rental property losses won’t have such an effect on our tax this year – but what about this year? What is going to happen to the rental property market, particularly in Auckland where one of the biggest shows in town is going to arrive in a few months time?
The Tax Changes – are they making you worried about your future losses or is it back to fundamentals in property investment.
I would say that very few people enter the world of property investment thinking foremost about the way that they will benefit from being able to depreciate assets and thereby gain an annual tax rebate.
If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.
