skip to content

Black Arrow Business Studio

Tag: GST

  • How to Avoid Common Tax Mistakes for SMEs

    How to Avoid Common Tax Mistakes for SMEs

    —

    in

    Managing taxes is a necessary part of running a business, but for many SMEs, it’s also one of the most misunderstood and overlooked areas. You might be turning a profit, managing day-to-day operations, and even growing your business, yet still find yourself caught off guard when tax deadlines arrive or a deduction is denied. At…

  • How to Set Aside Tax Money Without Stressing

    How to Set Aside Tax Money Without Stressing

    —

    in

    For many New Zealand business owners, tax time can feel like a disruption, just when you’re focused on growing your business, the next GST or provisional tax payment is due. It’s not that you’re unorganised; it’s that juggling day-to-day operations and financial obligations often leaves little room for planning. And when income varies month to…

  • Understanding Zero-Rated and Exempt Supplies in GST

    Understanding Zero-Rated and Exempt Supplies in GST

    —

    in

    When managing your business’s GST obligations in New Zealand, it’s not just about charging and paying GST on your sales and purchases. Some goods and services fall into categories where GST either does not apply at all or is applied at a rate of zero per cent. These are known respectively as zero-rated and exempt…

  • How to Handle Late Tax Payments and IRD Penalties in New Zealand

    How to Handle Late Tax Payments and IRD Penalties in New Zealand

    —

    in

    Late tax payments are an unfortunate but common issue for many individuals and business owners in New Zealand. Whether caused by temporary cash flow constraints, unforeseen business disruptions, or simple administrative oversights, falling behind on your tax obligations can result in a series of compounding consequences from Inland Revenue (IRD), most notably, late payment penalties…

  • Don’t Mix Business and Personal: Here’s Why It’s Risky for Small Businesses

    Don’t Mix Business and Personal: Here’s Why It’s Risky for Small Businesses

    —

    in

    For many small business owners, the line between business and personal can feel blurred, especially in the early days when funds are tight and systems are still taking shape. However, failing to maintain a clear boundary between business and personal finances is more than just messy; it’s a fundamental risk to your financial clarity, tax…

  • Avoid These Accounting Red Flags: Protect Your Business from Costly Mistakes

    Avoid These Accounting Red Flags: Protect Your Business from Costly Mistakes

    —

    in

    Every business owner aims for financial stability, but accounting red flags can signal hidden issues that threaten profitability and compliance. Poor financial management can lead to cash flow struggles, tax penalties, and even legal risks. Recognising these warning signs early can help protect your business from costly mistakes. Below are key accounting red flags to…

  • 10 Common GST Claim Mistakes Businesses Make in New Zealand

    10 Common GST Claim Mistakes Businesses Make in New Zealand

    —

    in

    Claiming GST on business expenses can help reduce costs, but it’s important to know what you can and can’t claim. Many businesses unknowingly claim GST on ineligible expenses, which can lead to costly mistakes. Here are some common errors to avoid when filing your GST returns. 1. Purchases from Non-GST-Registered Suppliers If you buy goods…

  • GST Mistakes That Could Cost Your Business

    GST Mistakes That Could Cost Your Business

    —

    in

    Goods and Services Tax (GST) compliance is a crucial aspect of running a business in New Zealand. While it may seem straightforward, mistakes in GST registration, record-keeping, tax filing, and calculations can lead to serious financial consequences, including penalties, interest charges, and even audits by Inland Revenue (IRD). Understanding and avoiding common GST mistakes can…

  • Year-End Accounting: 3 Challenges Business Owners Face & How to Solve Them

    Year-End Accounting: 3 Challenges Business Owners Face & How to Solve Them

    —

    in

    As the financial year draws to a close, many business owners find themselves in a rush to organise their finances, prepare reports, and ensure everything is in order for tax season. While some might attempt to handle these tasks alone, year-end financial reporting is far more complex than simply checking the books. From compiling profit…

  • Transfer Pricing: Key Considerations for Businesses Ahead of Year-End

    Transfer Pricing: Key Considerations for Businesses Ahead of Year-End

    —

    in

    As the March and June financial year-end approaches, businesses engaged in cross-border transactions with associated parties must review their transfer pricing positions. Ensuring transactions are conducted at arm’s length—meaning they reflect the pricing that would occur between independent third parties—is critical for compliance with Inland Revenue (IR) and OECD guidelines. Proper transfer pricing planning helps…