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End of Financial Tax Year
As the end of the tax year quickly approaches, now is the time to start thinking about preparing your income tax return. Filing your income tax return may seem like a daunting task, but it is important to file your tax return on time to avoid being charged a late filing penalty. With the right information and preparation, you can make the process hassle free. We have highlighted below some key tax changes that have taken place that may affect you.
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Getting paid. Shareholder Salary or PAYE?
Despite our struggles with uncertainty in recent years, one thing that never changes is the need to pay our workforce and shareholders. Shareholder and pay as you earn (“PAYE”) salaries are two primary ways to pay a shareholder of your business. Finding the method for you ultimately comes down to what method best fits your unique situation. This article provides insight into the challenges and problems you could encounter and which method could help combat those scenarios.
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Research & Development Tax Incentive
Budget 2022 saw funding dedicated to the Research and Development Tax Incentive (RDTI). With Callaghan Innovation Limited and the Inland Revenue Department working together to evaluate entitlement upon review, the RDTI operates as a tax credit to incentivise businesses and individuals who perform R&D activities that are carried on in New Zealand.
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What is Carbon Trading and why it is important?
With the temperature continuing to rise around the world, it is important for everyone to do their part. The carbon trading system is part of the New Zealand Government’s Emissions Trading Scheme (ETS) and provides a unique opportunity for businesses to reduce their carbon footprint and address the impacts of climate change.
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Cashflow and Costs – Weathering the Storm
Inflation is hitting the wallets of all New Zealanders and its presence is becoming increasingly hard to ignore. Rising costs are directly impacting our food, transport, interest, and virtually everything on a day-to-day basis. To keep up with rising costs it is important that businesses monitor their cash outflows carefully to ensure that they are using their cash as effectively as possible and are getting bang for their buck. So that your business can weather the storm and come out ahead of the curve, there are a few simple things to keep in mind that can help.