Tax planning before 1 April 2017

For most taxpayers, 31 March represents the end of the financial year. In the lead up to ‘year-end’ there are a number of actions that business owners may want to take to avoid missing the boat on simple tax planning opportunities.
 
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WRITE OFF BAD DEBTS

With 31 March looming as the end of many businesses’ financial year, there’s always the prospect of paying too much tax, It doesn’t need to be this way.
One of the biggest issues is the importance of writing off bad debts. It seems almost every year we have a client for whom we prepare the annual financial statements, who has a large amount of money owing to them. 
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TO FIX OR NOT TO FIX?

Should you be fixing your mortgage now and if so for how long?
 
If you would like some help with this potentially critical question please call our mortgage advisor Andrew Macready, Registered Financial Advisor of Rely Mortgages
m: 021 447 494, p: 09 533 2054 e: Andrew@relymortgages.co.nz
 
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PAYING TOO MUCH FOR ACC?

ARE YOU ON THE CORRECT CATEGORY?
 
IF YOU HAD AN ACCIDENT, WOULD CLAIMING ACC BE SIMPLE OR A HEADACHE?
 
Stories:
A couple own a building company and both get charged as builders even though she obviously isn't a builder, and he hasn't strapped on a tool belt in years. They have contractors that do all the work and they manage the project. They are paying $8000-10,000 in ACC levies with almost no chance they will ever get paid by ACC for an accident.
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TAX CALENDAR

November 28 2016

1st instalment of 2017 provisional tax

(June balance date).

 

January 16 2017

2nd instalment of 2017 provisional tax

(March balance date except for those who pay provisional tax twice a year).

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How much rent should I charge?

IT is always difficult to know, if you own a rental property, how much to charge.

 

Go to  www.tenancy.govt.nz/rent-bond-and-bills/market-rent/ you will get some figures of average rents in various areas throughout the country.

 

We hope this helps.

 

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Always check your ACC account

YOUR ACC account could easily be wrong. Always check it. 

 

Typical areas where the wrong premium can be charged include:

 

  • Selecting the wrong industry for your type of work.

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How to reduce bad debts

PREVENTION is better than cure when reducing the number of bad debts.

 

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