Rental Tax Changes are About to Kick In – Be Ready!

Earlier this year, the Government announced the removal of tax deductions on loan interest for rental properties. Previously, interest payments could be claimed as a business expense and taxed accordingly, giving property investment a tax advantage. Now, properties bought from April 2021 onwards will not be able to claim any tax deductions for the interestContinue reading “Rental Tax Changes are About to Kick In – Be Ready!”

COVID-19 Financial Support

Most businesses have obviously been affected by the latest Alert Level changes. You may still be eligible for financial assistance. Below is some information on the latest round of both the Wage Subsidy and the Resurgence Support Payment, and the criteria you need to meet for both. Wage Subsidy Scheme Wage Subsidy August 2021 #2: ApplicationsContinue reading “COVID-19 Financial Support”

Newsletter – Winter 2021

Welcome to the last month of winter 2021! The team here at JMA have been really busy getting financial statements & tax returns completed. We thought it was time to highlight a few of the recent changes that have been announced. These include changes to sick leave entitlements, investment property changes and motor vehicle fees. SickContinue reading “Newsletter – Winter 2021”

End of financial year

tax tips to think about before 31 March It is almost the end of the financial year for most tax payers. Below is some tax tips to think about before 31 March comes around. Write Off Bad Debts Businesses with outstanding amounts owed, that are unlikely to be recovered in full should consider writing theseContinue reading “End of financial year”

Xero Tips and Tricks – How to Use Find and Match to Reconcile a Bank Statement Line

You can use find & match to find an invoice, bill or account transaction already entered and reconcile it with the relevant bank statement line on the web and on your mobile phone. Web – In the Accounting menu, select Bank accounts. – Click Reconcile xx items for the bank account you want to reconcileContinue reading “Xero Tips and Tricks – How to Use Find and Match to Reconcile a Bank Statement Line”

Savings: Tips and Tricks

When it comes to saving money, every little bit counts. So the sooner you start saving, the sooner you’ll reach your financial goals. Here are a few tips & tricks to help you on your way. Set savings goals to help you focus It can be hard when you’ve got nothing to aim for, soContinue reading “Savings: Tips and Tricks”

Keeping your Cashflow Strong in Tough Times

We are living in uncertain times right now. The situation changes daily with new challenges to overcome. Small businesses are particularly vulnerable in tough economic times like this. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods andContinue reading “Keeping your Cashflow Strong in Tough Times”

Wage Subsidy Extension Amendment

 Wage Subsidy Extension Qualification Has Changed- Announced Today (5th June 2020)  Last week we sent you an email letting you know about the availability of a COVID-19 Wage Subsidy Extension. Today, the Government announced a change in criteria. Previously, to qualify you must have experienced a minimum 50% decline in revenue in the 30 days before you apply, whenContinue reading “Wage Subsidy Extension Amendment”

Wage Subsidy Extension Announced

The wage subsidy extension payment will be available to support employers, including sole traders who are still significantly impacted by Covid-19 after the current wage subsidy ends. The weekly rates will be the same as under the current wage subsidy, and will provide an 8-week lump sum payment per named employee. The wage subsidy extensionContinue reading “Wage Subsidy Extension Announced”

Budget Highlights

Wellbeing Budget 2020: Rebuilding Together Budget 2020 formally establishes the $50 million Covid-19 Response and Recovery Fund. Nothing that $13.9 million has already been committed, Minister Robertson has announced a further $15.9 million in funding, which includes: A targeted extension of the Wage Subsidy Scheme The extension is available for a further eight-week period (ieContinue reading “Budget Highlights”

Business Recovery Planning

During times of adversity we are often forced to think outside the box – to reinvent the way we work or behave, We see four main opportunities for you to reinvent your business. The need to innovate The first opportunity to reinvent is to innovate. The Oxford Dictionary defines innovation as ‘the introduction of newContinue reading “Business Recovery Planning”

Company Car Expenses

A new Option for Claiming Company Car Expenses Small business owners typically have one vehicle which they use for both business and personal use. A common question is whether their company should own their vehicle. Until recently, company ownership of your car meant the company claiming 100% of the vehicle costs but paying Fringe BenefitContinue reading “Company Car Expenses”

Business Expenses to Claim

What we Can and Cannot claim Business operators regularly make decisions on business expenses based on false assumptions and misunderstandings, resulting in a drastically different tax outcome than they expect. Alot of people mistakenly think that buying a new vehicle or item of machinery will reduce their taxable profit by the amount they spend onContinue reading “Business Expenses to Claim”

Entertainment and Christmas

Entertainment Rules Unfortunately all entertainment type expenses are not 100% tax deductible to the business. Below are the rules for claiming these expenses and gifts to clients and staff. Staff Xmas Party/ Entertainment Yes! You can claim your end of year celebrations as business expenses. However, you may not be able to claim all ofContinue reading “Entertainment and Christmas”

Building Better Business

Over the past few months we have met clients who were frustrated that their accountant wasn’t proactive enough, clients who did not have any idea what was happening in their business apart from cashflow issues and clients venturing out into their own business. Whatever the situation we are here to help. We believe in ongoingContinue reading “Building Better Business”

Farm House Expenses

From the start of the 2018 tax year the IRD have implemented some new rules for the amount of expenses farmers can claim on their house expenses. It was common practice for farmers to claim 25% of many farmhouse expenses and 100% of others. This has now changed and for the majority of farms theContinue reading “Farm House Expenses”

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