If your business hasn't performed as well this year, there's a silver lining: you might not need to pay as much in your third provisional tax instalment due on 7 May. However, to adjust your payment safely and avoid any potential interest or penalties from Inland Revenue (IRD), it's crucial to review your financials and calculate the correct amount of tax to pay (if any) promptly.

For small businesses in New Zealand engaging in international trade, understanding how Goods and Services Tax (GST) applies to imports and zero-rated sales is crucial. Whether you’re buying goods from overseas suppliers or selling to customers outside New Zealand, navigating GST correctly ensures compliance and optimizes cash flow.

Key Performance Indicators (KPIs) are essential for tracking business performance and ensuring long-term success. Whether you run a professional services firm, a retail store, a hospitality business, or a creative agency, the right KPIs provide clarity on what’s working and where improvements are needed.

If you're a small business owner trading through a company, you probably have a shareholder current account – even if you don’t realise it! This is simply the record of money flowing between you and the company. Ideally, this account should stay in the black (positive balance), but sometimes it goes the other way – and that's where problems can start.

Navigating the intricacies of entertainment expenses for tax purposes can be challenging. In New Zealand, the deductibility of such expenses is governed by specific rules that determine whether an expense is 50% or 100% deductible. Understanding these rules is crucial for businesses to ensure compliance and optimise their tax positions.

As a small business owner, it’s easy to put retirement savings on the back burner while focusing on running your business. However, contributing to KiwiSaver is a simple and effective way to build long-term wealth. Unlike salaried employees, who have contributions automatically deducted from their wages, self-employed individuals and business owners need to take proactive steps to contribute.