Tax Bites

IRD and ‘your cheque is in the mail’ From 1 October this year cheques must reach IRD by the due date for payment. Posting a cheque on the last day will be too late. IRD will accept post-dated cheques but won’t guarantee to not bank them early. If there are insufficient funds to pay the tax, that’s the taxpayer’s problem. IRD say they will endeavour to avoid banking early and…  Read more

Marks’ Musing – Winter 2014

Welcome to the winter addition of Marks’ Musing It is that time of year when a number of you have been contacting the office to find out when you should bring in your books and records for us to prepare your financial accounts and tax returns. On the 1st of April, you should have received an email from us, requesting that you download and print the questionnaires from our web…  Read more

IRD moving more towards electronic payments as preferred method

Manual payments discontinuing. Changes to the Inland Revenue payment service at Westpac From 1 October 2014 you will no longer be able to make cheque payments or drop off returns or forms at a Westpac branch. You will be able to continue making cash and eftpos payments at Westpac. Customers can post cheque payments, returns and forms directly to Inland Revenue. You can continue to make payments using online banking, credit…  Read more

New Seminar Opportunity for Bishop Toomey & Pfefier Clients

Scott Wilson from Digital Influence is running a seminar on the Thursay 3rd July called… “Leads Unleashed – How To High Generate Quality Leads On Demand Using Facebook & LinkedIn“. It’s free to attend and you can book tickets here – http://bit.ly/LeadsUnleashed Here’s an overview of what you will discover at this seminar: 1. Your Marketing Goals – The no.1 question every business owner should be asking themselves today if…  Read more

Say goodbye to expensive phone calls

Say goodbye to expensive calls Would you like free toll calls within New Zealand and cut rates when you call a cellphone or make an overseas call? Go to www.callzero.co.nz The person who put us on to this told us his mother lives in England. He calls her twice a week using the internet. Instead of spending more than $10 per call the cost is now down to a little…  Read more

Under-promise, over-deliver for good referrals

Happy customers refer you new business. It should be obvious to anyone in business, not keeping your word does nothing to enhance your image. It’s often hard to tell a customer, very politely of course, “You’ll have to wait”. You might be a very small building company and know you won’t have a gap in your work for six months. If this is the situation, tell the customer you can…  Read more

Take care with bank discussions

Discussions with your bank getting it right to avoid any misunderstandings. Anything you say to a bank can be written down and used in evidence against you. Not by the bank so much as the Tax Department. It is not confidential from the IRD. Always imagine an officer of the department is listening to your every word. You have no control over the notes your bank manager makes of your…  Read more

Get business loan arrangements right

Make sure you buy a car in the right name to ensure you maximise your tax position. A client bought a new car for his business. The business paid for the car but the finance arrangement was in his own name. The interest is not tax deductible on the money borrowed. While we can remedy the situation, it adds to our work and your costs. Make sure if you are…  Read more

Make sure you get proper tax invoices

Not all retailers are issuing proper tax invoices. For purchases over $50 at a minimum a tax invoice must include the words “Tax Invoice” as well as the GST registration number. If you do not receive a tax invoice for goods purchased, you are not permitted to claim GST. Should you be given an invoice which does not qualify as a tax invoice, ask the assistant to record the missing…  Read more

Trustees must be aware of fishhooks

A solicitor in a provincial town was the independent trustee for a family trust. Mr and Mrs B bought and sold 11 properties over a 12-year period. Ms X, the solicitor, did the conveyancing. The trust treated these properties as separate residences of the beneficiaries. The tax department alleged the transactions were taxable and charged both GST and income tax, plus penalties. The trust deed required all trust decisions to…  Read more

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