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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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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