Tag: IRD
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10 Common GST Claim Mistakes Businesses Make in New Zealand
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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…
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GST Mistakes That Could Cost Your Business
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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…
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Transfer Pricing: Key Considerations for Businesses Ahead of Year-End
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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…
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Time-Sensitive GST Transitional Rule: How to Avoid Unexpected Tax Obligations
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If you have claimed GST on an asset with mixed business and personal use, you could face an unexpected GST liability when selling it. However, a one-time transitional rule under section 91 of the GST Act provides a unique opportunity to opt the asset out of the GST system. This rule is only available until…
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Tax Implications of Sole Trader vs. Company Structure
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The structure of your business – whether a sole trader or a company – has significant implications for taxes and financial responsibilities. Here’s a breakdown to help you navigate the differences and make informed decisions. Sole Trader A sole trader is the simplest business structure where you and your business are the same legal entity.…
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Provisional Tax: What You Need to Know
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What provisional tax is, how it’s calculated, and how to avoid penalties.
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Record Keeping Requirements: A Practical Guide for SME Owners
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Keeping accurate records is not just a regulatory requirement; it’s a cornerstone of running a successful business. Proper records ensure your business meets tax compliance requirements, simplifies financial management, and helps you avoid costly penalties. This guide provides SME owners with practical steps to maintain effective record-keeping systems and ensure compliance with New Zealand regulations.…
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Free government support and services
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Utilize the free government support and services offered in New Zealand to foster the growth and prosperity of your small business.
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Government support for sole traders
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Get the support you need as a sole trader in New Zealand. Learn about the government programs, benefits, and flexible ACC levies available.
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Your guide to working multiple jobs
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Working multiple jobs in New Zealand? Get the essential information on taxes, expenses, and ACC levies to stay on top of your freelance game.