<![CDATA[https://www.bookieondemand.co.nz - Blog]]>Thu, 25 Dec 2025 16:45:11 +1300Weebly<![CDATA[New Tax Rules for Landlords]]>Tue, 28 Sep 2021 01:33:54 GMThttp://www.bookieondemand.co.nz/blog/new-tax-rules-for-landlordsThe Government unveiled today, detailed tax rules for landlords first announced in March.

At present, Landlords can claim on the interest portion of mortgage payments from their rented properties.  The new tax laws include exempting "new" builds and for owner-occupiers who rent out their rooms.

So what is classified as a "New" build? The Government has clarified, stating a home stays "new" for 20yrs after it receives it's code of compliance - the exemption will then cease beyond the 20yr point.

The exemption will apply to properties that received it's certificate of compliance on or after 27 March 2020.

​Read the full article here:
www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=12475081

Will this new tax law affect you? .. post your comments below 

]]><![CDATA[What is the difference between an Accountant + Bookkeeper?]]>Mon, 22 Mar 2021 22:09:05 GMThttp://www.bookieondemand.co.nz/blog/what-is-the-difference-between-an-accountant-bookkeeperBookkeepers perform daily tasks such as (but not limited to)
  1. Categorising expenses
  2. Payroll
  3. Entering bills and payment
  4. Invoicing
  5. Reconcile bank accounts
  6. File PAYE + GST - Monitor payment deadlines to avoid late filing interest/penalties
  7. Monthly processing
  8. Reporting
  9. Set up in Accounting Software
  10. liasie with Accountant
Qualifications - Not regulated but certification available and recommended
Rates - $30 - $80 per hour
Accountants:
Higher schooling - Degrees, CPA License
  1. Tax experts
  2. Monitors tax payment amounts
  3. Prepares and file annual tax returns
  4. Liasie with Bookkeepers
Rates - $150 - $400 per hour
]]><![CDATA[Get ready for new tax legislation effective from 1 April 2021]]>Mon, 15 Feb 2021 21:30:46 GMThttp://www.bookieondemand.co.nz/blog/get-ready-for-new-tax-legislation-effective-from-1-april-2021From 01 April 2021:

New Minimum Wage:
- 16yrs & Over - from $18.90 to $20.00
- Training Wage - from $15.12 to $16.00

​New Top Tax Rate - 39% on income over $180,000

Student Loans - Threshold increased from $20,020 to $20,820

New Tax Codes for Secondary Income Tax:
SA (39%) - for income greater than $180,000 *ACC Not Incl
SASL - for income greater than $180,000 + Student Loan *ACC Not Incl

New Payday filing Specifications:
From 1st April 2021 it will be mandatory​ to send IRD more details about employees Kiwisaver

This means it is imperative your Payday filing information is up to date and correct.

 If you use Accounting Software ensure employees on Minimum Wage pay rates are updated to $20.00 from 01 April 2021 - if this falls within a pay period - split pay rates will need to be applied.

Check all employees ESCT from 01 April 2021 and update where necessary - here is a handy link below:
 www.ird.govt.nz/employing-staff/deductions-from-income/employer-superannuation-contribution-tax/find-the-esct-rate-for-each-employee
​                                              
If I can be of assistance - get in touch: info@bookieondemand.co.nz  

Please Note: this information was correct at time of publication - please check IRD website for any updates or changes.

​


]]><![CDATA[Which Accounting Software Is Used in New Zealand?]]>Wed, 03 Feb 2021 22:57:00 GMThttp://www.bookieondemand.co.nz/blog/which-accounting-software-is-used-in-new-zealandSince the move to Cloud Accounting in the early 2000's there are many, many accounting packages available to choose from.  

Which is the right choice for your business? - check out this great resource to view a directory of 594 packages, which can be filtered to suit your business requirements and the capability to compare those of interest with reviews and ratings:

 www.capterra.co.nz/directory/1/accounting/software

Every business has unique requirements, however the main financial functions to capture are: 

- Track Income/Expenses
- Accounts Receivable
- Quotes/Billing/Invoicing
- Payroll
- Purchase Orders 
- Fund accounting and Non-Profits function
- Compatibility with APP add-ons
- Tax Management*

If you are looking to streamline tax compliance - and want to use AIM for managing provisional tax look for packages that are Aim capable with Inland Revenue such as:

MYOB
Xero
Reckon APS
Tax Gnome

Check out this link for more in-depth information:
www.ird.govt.nz/income-tax/provisional-tax/provisional-tax-options/accounting-income-method-aim/find-an-aim-provider

Another bonus with accounting packages that link with IRD is the filing of GST and PAYE requirements are streamlined and up to date - saving on costly interest and penalties.

Feel free to leave a comment with your experiences with accounting packages and get in touch if you require any bookkeeping assistance with Xero.

]]><![CDATA[Find Out the Top Ten Expenses to Claim]]>Sun, 31 Jan 2021 10:29:31 GMThttp://www.bookieondemand.co.nz/blog/find-out-the-top-ten-expenses-to-claim

- Business Insurance Policies
- Business Mobile Phone & Internet
- Depreciation on Assets
- Home Office Expenses (% of)
- Interest on borrowing money for the business
- Memberships of professional Organisations
- Rent on business premises
- Tax agent fees - Incl Bookkeepers :-)
- Uniforms
​- Vehicle Expenses - Repairs & Mileage (or % of)

Check out these resources www.business.govt.nz/tax-and-accounting/reducing-your-tax/claiming-expenses/ and www.ird.govt.nz/income-tax/income-tax-for-individuals/types-of-individual-expenses to help reduce your tax bill.

​End of year Income Tax 2020 is due 7th Feb - I am currently offering a complimentary report for Xero users to provide valuable financial insights on where your business is currently tracking.














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