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Accounting tips for all of you savvy business people

Understanding Tax Abbey Boobyer Understanding Tax Abbey Boobyer

GST on Imports and Zero-Rated Sales

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.

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Understanding Tax Abbey Boobyer Understanding Tax Abbey Boobyer

What Happens if Your Shareholder Current Account is Overdrawn – And How to Fix It

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.

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Understanding Tax Abbey Boobyer Understanding Tax Abbey Boobyer

Understanding Entertainment Expenses: What's 50% Deductible and What's 100% Deductible

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.

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General Tips, Business Basics Abbey Boobyer General Tips, Business Basics Abbey Boobyer

Kiwisaver for business owners

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.

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General Tips, Business Basics, Tax Saving Abbey Boobyer General Tips, Business Basics, Tax Saving Abbey Boobyer

Saving for tax as a business owner

As a business owner, managing cash flow wisely is critical—not just for growth and stability but also for ensuring you're always prepared for tax time. Unlike employees who have tax deducted automatically from their paychecks, business owners must proactively set aside tax funds. The key? Knowing exactly how much to save and consistently putting it aside so you’re never caught off guard by a hefty tax bill.

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Business Basics Abbey Boobyer Business Basics Abbey Boobyer

Drawings vs. Wages: What’s the Best Approach for Business Owners?

As a business owner, choosing how to pay yourself is a crucial decision. Should you take informal drawings from your business’s profits, or opt for a formal wage processed through PAYE? Each method has its own set of benefits and considerations. In this post, we break down the pros and cons of both approaches to help you make a well-informed decision.

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Understanding Tax Abbey Boobyer Understanding Tax Abbey Boobyer

The Cost of Closing a Business: Company Wind Up Process & Tax Costs

Closing a business is a significant decision that comes with financial and administrative obligations. Whether you’re winding up a company voluntarily or due to financial difficulties, understanding the costs involved can help you plan effectively. This article covers the tax implications for companies with retained earnings and the process of winding up a business in New Zealand.

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