Computer backups

HERE’S a checklist to help you keep your data safe:

 

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Voluntary withholding agreements

SOME contractors don’t have to have withholding tax deducted from their income. As a consequence, they have substantial provisional tax liabilities. Some people prefer to have some tax deducted as they go. It's proposed that from 1 April 2017 they will be entitled to require the payer to deduct withholding tax at a rate they choose, so long as it's at least 10%.

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Contractors to labour hire firms

IF you contract to a firm hiring labour, from 1 April 2017, the withholding tax deducted from your income will be at the rate of 20%.

 

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Get the flight right

BE careful when booking flights on line. 

 

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Trustees need to minute their decisions

IF you have a family trust, be fussy about recording trustees’ decisions. 

 

One problem that arises is taking money out of the trust for your own use. This can be:

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Choose your internet service provider with care

A COUPLE of months ago some horrendous stories were published in the daily papers about businesses unable to function because they could not get their internet connection repaired. 

 

One firm in Auckland was without the internet for five weeks. One supplier said: “The average time to fix the fault has increased to more than 60 hours, with some customers waiting considerably longer.”

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Some contractors to choose their own tax rate

FROM 1 April 2017, the Government is proposing to allow contractors whose income is subject to withholding tax deductions, to choose their own tax rates.

 

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Don’t grab all the money

IF you sell your business, which you run through a company, the money does not belong to you. It belongs to the company. 

 

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