Keep up-to-date with us and what's happening in the business world |
|
|
- Take Care of Yourself, Not Just Your Business
- Audit Shield Insurance - Protect Yourself from a Tax Audit - Xero Tip of the Month: Faster Login - Tax Question of the Month: Is GST registration required if all income is from overseas?
- Welcome to the team: Raxit Chauhan - IRD Upcoming Tax Payment Dates |
|
|
At All Accounted For, we know being a business owner can be stressful. When the buck stops with you, it can be easy to let the pressure mount up and to discount your own wellbeing.
But taking care of your own mental health is equally as important as taking care of the business – research showed that the majority of business owners suffer from stress and anxiety relating to the running of their business. So, what can you do to take care of your own mental health and work mindfullness into your usual life routines?
Ways to nurture your wellbeing as an entrepreneur
Looking after your mental health is as important as looking after your balance sheet. That’s the reality. So, having an improved focus on rest, wellbeing and talking about your struggles is a big part of moving towards becoming a better business leader.
For example: -
Don't overwork yourself – it's tempting to work every hour that's available, in an attempt to meet your goals. But working yourself into the ground is, ultimately, a destructive thing to do. If you're tired and burnt out then you're in no position to lead the company. Try to stick to set working hours, and avoid working 60-hour weeks wherever possible. Sleep, rest and downtime are vital.
-
Schedule time for non-work-related activities – make sure you have time blocked out for things that aren't work. That might be a walk in the countryside, time with your kids, or a game of tennis. The aim is to take yourself away from the stresses of the business and to give yourself a broader life outside the company. It's a chance to have fun, to relax or to be someone who isn't just 'the boss'.
-
Take up an activity that promotes wellbeing – there are plenty of pastimes that can help you bring down your anxiety levels and bring you to a calmer place. Yoga is a good way to stay fit, but also an excellent form of relaxation. Equally, finding time for meditation helps you to empty your mind of business concerns and allow yourself to become more grounded and calm. Even something as traditional as a fishing trip could help you to chill out and relax, away from a screen.
-
Talk about your worries, concerns and anxiety – if business-related stress is building up, the worst thing you can do is keep it all bottled up. It's beneficial to open up and talk about this anxiety. This could be with a partner, a fellow entrepreneur, your accountant or even a professional counselor. Be transparent about your state of mind and you’ll find people are more than willing to listen, understand and offer some support.
Talk to us about your business worries
As your accountant and adviser, we’re in the perfect position to help you open up about your business worries. We know your business and your sector inside out, and we know the common threats, challenges and goals that will be on your mind.
Come and talk to us about your business worries and let us take some of the weight off your shoulders. A chat can be the start of a whole new way of thinking about your own wellbeing. Give us a call today on 04 970 1182. |
|
|
AUDIT SHIELD INSURANCE - PROTECT YOURSELF FROM A TAX AUDIT |
|
|
Have you got your Audit Shield policy sorted this year? Get the piece of mind with tax audit insurance for your business. Audit Shield is a solution that provides clients with cost-effective protection and assistance against the substantial cost that may be incurred should the Inland Revenue or other NZ government revenue authorities conduct a random audit, investigation or review of lodged returns. While we highly recommend Audit Shield to our clients, we understand that every client and their business needs are different. Whether or not you choose to opt-in for Audit Shield will depend on your specific circumstance and appetite for risk. |
| |
|
If you are unsure whether Audit Shield is right for you and your business or have any queries, you can give the AAF team a call to discuss further. To accept or decline this offer, please let us know by sending us an email at: admin@aafl.nz. |
XERO TIP OF THE MONTH: FASTER LOGIN |
Do you want a quick and easy way to log in to Xero without having to type in your email address every time? To speed up your log in to Xero, have your username loaded automatically. Copy the below url to your Google Chrome browser and replace the generic email address with your email address used to log in to Xero.
https://login.xero.com/?username=john.smith@generica.co.nz Bookmark the edited url as your link to Xero and then hit enter to log in. Your username should then appear in the Xero login field each time you go to this Bookmarked address. |
TAX QUESTION OF THE MONTH: |
QUESTION:
A New Zealand resident company, NZ Co, conducts a consulting business. All of its customers are based offshore, so NZ Co’s income is all sourced from overseas. NZ Co has no expertise in the area that it consults, so the work is outsourced. When a job is received from an overseas customer, NZ Co immediately forwards it to a separate company in the United Kingdom that has expertise in that field. Naturally, NZ Co pays the United Kingdom partner company a fee.
If, for example, NZ Co receives $100,000, pays $80,000 to the partner in the United Kingdom, incurs no other expenditure apart from bank fees, and all of this occurs overseas — does NZ Co need to register for GST?
ANSWER:
GST is charged on the supply (but not including an exempt supply) in New Zealand of goods and services by a registered person in the course or furtherance of a taxable activity carried on by that person, by reference to the value of that supply. Goods and services are deemed to be supplied in New Zealand if the supplier is resident in New Zealand.
A taxable activity means any activity which is carried on continuously or regularly by any person and involves, or is intended to involve, the supply of goods and services to any other person for a consideration. The definition of taxable activity expressly includes activities carried on in the form of a business, trade, manufacture, profession, association, or club.
Every person who carries on a taxable activity becomes liable to register for GST when the person exceeds the $60,000 registration threshold for either the 12 months preceding or expect to exceed the threshold in the current month and the next 11 months.
Assuming NZ Co’s activity is continuous or regular and therefore a “taxable activity” for GST purposes, because NZ Co is tax resident in New Zealand, those supplies are deemed to be made in New Zealand — despite being physically performed outside New Zealand.
On the basis that NZ Co expects the value of its supplies to exceed $60,000 over a 12-month period, it will be required to register for GST. We note that NZ Co’s supplies may be able to be zero-rated under one of the grounds set out in s11A of the Goods and Services Tax Act 1985. However, the fact that some or all the supplies are zero-rated does not remove the requirement to register for GST. |
|
|
WELCOME TO THE TEAM: RAXIT CHAUHAN |
|
|
|
Meet Raxit, our new Business Services Accountant. Raxit will be responsible for providing you with crucial financial and accounting services while supporting your business. With a passion for numbers, Raxit is looking forward to working closely with our clients, providing a more comprehensive, jargon-free, and tailored service to address the financial challenges your business may face.
Outside of the office, Raxit enjoys playing football and watching Formula One motorsports. |
|
|
IRD UPCOMING TAX PAYMENT DATES |
|
|
|
