September 2024 Update
Hello to all our KTS Clients, In this months update we have: How to stop KTS emails going into the…
Brainstorm with the assistance of AI
Brainstorm with the assistance of AI
More and more small businesses are jumping on the artificial intelligence (AI) bandwagon to save time and streamline their operations.…
Winding up your Company
Winding up your Company
If you are in a position of having to wind up your Company there are some guides that you should…
Business Myths versus Facts
Business Myths versus Facts
Common myths can be a trap for business newcomers Running a business can be challenging, and dealing with taxes can…
July 2024 Update
July 2024 Update
Hello to all our KTS Clients, In this months update we have: News about a change to the operating system…
Is your rental ready for healthy homes standards?
Is your rental ready for healthy homes standards?
Landlords, did you know that all rental properties have to meet healthy home standards by 1st July 2025? If your…
Personal income tax thresholds are changing
Personal income tax thresholds are changing
If you employ people in your business, make sure you are aware of changes to income tax thresholds from 31…
Older worker employment
Older worker employment
As the population ages and more people work later in life, New Zealand’s workforce will include more people aged over…
Team Update from KTS
Team Update from KTS
Hello to all KTS Clients, We trust that all Clients had a restful and enjoyable holiday weekend. This update deals…
June 2024 Update
June 2024 Update
Hello to all KTS Clients, Its already June, halfway through the year, only 6 months left till Christmas! This update…
Tax relief – Budget 2024
Tax relief – Budget 2024
The Government has announced changes to the tax system in the recently announced budget 2024. What is changing? The Government…
Family trust tax rates
Family trust tax rates
Avoiding 39% tax in family trusts As you will probably know, trusts are to be taxed at 39% if their…
New Financial year update – April 2024
New Financial year update – April 2024
Welcome to the New Financial Year! Hi Clients, With the Easter break behind us we are now into April which…
Tax changes loom for rental income
Tax changes loom for rental income
Changes are coming for tax on rental income. Residential rental For the year ending 31 March 2024 the interest deduction…
Government proposing stronger requirements for e-Invoicing in New Zealand
Government proposing stronger requirements for e-Invoicing in New Zealand
The Government is highly supportive of eInvoicing. It intends to ramp up e-Invoicing adoption with government organisations and businesses. In…
March 2024 Update
March 2024 Update
Hello to all KTS Clients, The month of March is the final month before the end of the financial year…
What to deal with before the 31st March
What to deal with before the 31st March
Deal with important stuff now, before balance date You need to think about the following before your balance date, which…
Law change round-up
Law change round-up
A new government means some changes to laws. We've summarised some of the important updates for small businesses. 90-day trial…
Vision for the future
Vision for the future
To know where you are going, you must have a vision. We’ve all planned holidays at some point in our…
Happy New Year
Happy New Year
Happy New Year to our Clients who have started up their businesses for the New Year, we wish you all…
Christmas greetings
Christmas greetings
A personal message from Tony (CEO of KTS Chartered Accountants) Hello to all our clients, I would like to take…
December 2023 Update
December 2023 Update
Hello to all our Clients, This is the last update from KTS for the year 2023. We have seen many…
New government set to introduce tax reforms
New government set to introduce tax reforms
Given one of the National Party’s big campaign promises was tax cuts, we can safely assume the new government will…
No need for cards – go digital to pay
No need for cards – go digital to pay
Embracing your digital wallet You’ve gone out and forgotten your payment cards. Unless you have cash, you’re stuck when you…
Claims for new furniture, office equipment and telecommunications
Claims for new furniture, office equipment and telecommunications
Inland Revenue will permit a maximum one-off claim of $400 for all purchases of office equipment and a further maximum…
Trust tax rates
Trust tax rates
Tax rate for trusts to go to 39% The History A short while ago the top tax rate for both…
Payment update
Payment update
Hello to all our Clients, This update concerns changes to the payment of invoices by Clients to KTS. We…
Allowances for transport costs
Allowances for transport costs
In certain circumstances an employee can receive a non-taxable allowance for the additional costs of transport from home to work.…
Working out the use of employee’s telecom tools
Working out the use of employee’s telecom tools
How do you work out how much to pay an employee for their use of their home phone and internet…
Use the ‘chat’ option
Use the ‘chat’ option
Clients may not be aware that we have a ‘Chat’ option on the KTS website. It’s situated at the bottom…
GST on software payments
GST on software payments
Most of us are now making monthly payments for the use of software. How do you know if you can…
We have new staff at KTS
We have new staff at KTS
We are please to announce that we have new staff at KTS Introducing Jasmine Forbes Jasmine is our new KTS…
Make sure you’re really ready to retire
Make sure you’re really ready to retire
Many of us look forward to retirement as the reward for a lifetime of hard work. However, without some planning…
Make it easy for customers to get in touch with you
Make it easy for customers to get in touch with you
Most of us have experienced the frustration of being unable to contact suppliers, companies or businesses. The options mostly presented…
Reimbursing employees working from home
Reimbursing employees working from home
On the 1st April 2023, Inland Revenue released Determination EE004 regarding home costs. Determination EE004, determines that if you reimburse…
Bikes and scooters exempt from FBT
Bikes and scooters exempt from FBT
Bikes and scooters exempt from FBT The recent tax Act allows an FBT exemption where an employer provides bicycles, electric…
Claiming expenses when away on business
Claiming expenses when away on business
You can claim for lots of daily expenses when you’re travelling for work. If you take a holiday as part…
Selling a business that has made a loss
Selling a business that has made a loss
Selling a business that has made a loss Until recently, when the shares in a company were transferred to another…
Tax change for trading stock donations
Tax change for trading stock donations
Tax change for trading stock donations Two new sections were put into the Tax Act as a result of Covid-19.…
How recovery at work benefits your business
How recovery at work benefits your business
People are key to business success, so when an injury happens, it can have a big impact. The sooner…
BNZ feeds to be reconnected to Xero by 14th August
BNZ feeds to be reconnected to Xero by 14th August
BNZ is changing the way it’s Xero bank feeds work, making setup simpler and improving access to transactional data. As…
June 2023 Update
June 2023 Update
Hello to all our Clients, We are half way through the year already! This month we have news and important…
Keep on top of slow payers.
Keep on top of slow payers.
Perhaps one of the most unfair things one can do in business is to not pay the bill when it…
When you become Mum and Dad bank
When you become Mum and Dad bank
In the past responsible parents would consider their job done when their children were fully educated for the work they…
AI – Artificial Intelligence
AI – Artificial Intelligence
You’ve probably heard about the new AI (artificial intelligence) technology that has huge implications for how we all work. There…
April 2023 Update
April 2023 Update
Hello to all our Clients, Welcome to our update for April 2023 we trust you will find it informative and…
Borrowing money for your company
Borrowing money for your company
Do you need to borrow money for your Company? Given a choice, it’s safer for a company to borrow the…
Increase your chances of getting the right staff
Increase your chances of getting the right staff
New Zealand is desperately short of employees. To increase your chances of attracting staff when you advertise, remember these rules:…
Go Digital
Go Digital
As a business, we’re often told we need to “go digital”. Few of us can operate in the modern world…
Single use plastics banned from 1st July
Single use plastics banned from 1st July
Get ready for less single-use plastic Plastic can be a very useful material. But we use it too much…
Fog Cannons for security
Fog Cannons for security
Fog cannons can fill a shop with dense fog in seconds, stopping criminals from seeing what’s going on and preventing…
Interest pitfalls if you had a big year
Interest pitfalls if you had a big year
If you had a big year there are a few pitfalls that you need to be aware of. If you…
The end of the financial year is upon us
The end of the financial year is upon us
Start getting ready, now, for the end of your financial year. Some things need to be done in advance when…
End of the financial year update
End of the financial year update
Are you ready for the end of the financial year ? Start getting ready, now, for the end of your…
Cyclone and flood recovery for businesses
Cyclone and flood recovery for businesses
Cyclone and flood recovery for businesses If you own a business in parts of the North Island and have…
Extreme weather conditions and Business
Extreme weather conditions and Business
Extreme weather: Information for businesses The extreme weather events in parts of the North Island have affected many businesses If…
Special deal for travel from home to work
Special deal for travel from home to work
The latest tax Bill proposes a travel subsidy by an employer. The subsidy is mainly for the purpose of an…
Keep work tech at home up to date
Keep work tech at home up to date
If you’re working for a business from home, you might not have the most efficient technology to work efficiently. Lucky…
Seven year records might not be enough
Seven year records might not be enough
Inland Revenue requires us to keep our business records for seven years. But it’s not quite as simple as this.…
Control Income by Controlling Direct Costs
Control Income by Controlling Direct Costs
Why are direct costs so important? Direct costs are important because they should generally be about the same proportion to…
Increase in costs for GST Returns
Increase in costs for GST Returns
Increase in costs for GST returns KTS has been preparing and filing GST returns for a lot of our…
Get with the Zoom revolution
Get with the Zoom revolution
Zoom became a byword for communication during the 2020 Covid lockdown. Since then, the platform has had huge growth as…
Dealing with bad payers
Dealing with bad payers
The best thing to do with bad payers is to stop dealing with them. All the time you put into…
Travelling to work – non taxable allowances
Travelling to work – non taxable allowances
Non-taxable allowance for transport costs Some employers provide a non-taxable allowance for their employees who incur additional transport costs. Inland…
The GST rules are changing
The GST rules are changing
Inland Revenue is changing the GST rules for invoicing and record keeping. This means GST registered businesses may need to…
Hiring older people
Hiring older people
Older workers in your team bring experience, perspective, and knowledge to the table, that is why it pays to have…
Cost of living Payment
Cost of living Payment
The Cost of Living Payment is a payment to help with the rising costs of inflation. It is for people…
Trade deal makes exporting easier
Trade deal makes exporting easier
The Free Trade Agreement (FTA) signed between New Zealand and the United Kingdom (UK) early in 2022 makes it easier…
Changes to the Fair Trading Act
Changes to the Fair Trading Act
The Fair Trading Act has changed. The changes will come into effect on 16 August 2022. New protections have been…
Debra Green leaves KTS
Debra Green leaves KTS
It is with regret that we wish to inform Clients that Debra Green has moved on from KTS. Debra…
IRD Auto Assessments
IRD Auto Assessments
Hi Clients, This additional update contains information to Clients regarding the IRD auto assessments. The IRD Auto Assessments Over the…
Making your online presence more secure
Making your online presence more secure
Keeping your business secure online can feel overwhelming – especially if your expertise isn’t in tech. The good news is that implementing just…
Riding out the rough times
Riding out the rough times
Interest rates are soaring, prices for groceries and fuel are rising, and businesses have unreliable supply and cost pressures. Add…
Beneficiaries fact sheet
Beneficiaries fact sheet
Further to our last email requesting information on the beneficiaries of your Trust, we have prepared a fact sheet which you…
Changes to the annual reporting requirements for domestic trusts
Changes to the annual reporting requirements for domestic trusts
Those of our Clients who own active trusts, will have received a letter from the IRD outlining the changes that…
It’s the end of the financial year
It’s the end of the financial year
The end of the financial year is upon us, and what a year it has been! To all Clients who…
Minimum Wage Increase
Minimum Wage Increase
An increase in the minimum wage is due to begin on 1st April 2022. Small business owners who employ staff…
The 5 phase plan for the opening of the international border.
The 5 phase plan for the opening of the international border.
Borders opening for business travel and critical workers. Border restrictions are about to be eased, enabling some international business travel…
Working in isolation
Working in isolation
There is financial support for workers who are required to self-isolate. There are two different payments available when workers need…
Working from home
Working from home
As a result of Covid-19, some employers and employees have decided to make working from home permanent. This raises the…
Get the accounts sorted now
Get the accounts sorted now
It’s time to tidy up your accounts ready for the end of the tax year. You need to consider the…
Service changes and updates at IRD
Service changes and updates at IRD
Service changes and updates at IRD At the end of October, IRD are making system changes in order to continue…
Boss burnout: Spot warning signs in yourself
Boss burnout: Spot warning signs in yourself
From workloads to wellbeing, the COVID-19 pandemic poses many challenges. The stress of uncertain times No matter how COVID-19 has…
NZBN (NZ Business Number)
NZBN (NZ Business Number)
What is a NZBN, How do I know if I have one, and if I don't, how do I get…
2021 LAW CHANGES – SUMMARY
2021 LAW CHANGES – SUMMARY
From sick leave updates to new investment property rules, IRD has gathered this year's law changes into one place. Check…
Got questions about your accounts?
Got questions about your accounts?
Most of our Clients are not accountants and often have questions about their accounts. In response to this, we have…
Tax Debt
Tax Debt
If your Businesses has a tax debt of under $10,000, the IRD will soon begin taking action to contact taxpayers…
GST reform for tax invoices
GST reform for tax invoices
Inland Revenue has come up with some proposals for improving the GST system, in particular where it concerns tax invoices.…
Interest on Provisional Tax
Interest on Provisional Tax
Some of our Clients have experienced unexpected Provisional Tax interest charges from IRD. If you do not pay on time,…
Ransomware Attacks
Ransomware Attacks
How to protect your business from being held to ransom Ransomware attacks can cause huge disruptions to your business, including…
Factor sick leave into your pricing
Factor sick leave into your pricing
Sick leave needs to be factored into your pricing, especially as unfortunately, some staff will abuse sick leave. If you…
Protect your on-line privacy
Protect your on-line privacy
On-Line privacy has become a huge issue in recent years, as more and more is being revealed about how big…
Contractor or Employee?
Contractor or Employee?
Recently, Inland Revenue has produced an eNewsletter in which it reminds readers of the legal tests required to determine whether…
When is a gift really a gift?
When is a gift really a gift?
A gift is not really a gift if you get a benefit as a result of it. Inland Revenue says…
Investment property – tips for maximising returns after the tax changes
Investment property – tips for maximising returns after the tax changes
Recent tax changes will impact many of our KTS Clients who are residential property investors. Here are some ideas and …
The proposed changes to the property market
The proposed changes to the property market
Last week the Government announced changes to the property market in an attempt to make the first home market more…
Government measures for First home buyers
Government measures for First home buyers
In an attempt to help first home buyers and boost the housing supply, the government has announced they will introduce…
Removal of deductions for interest
Removal of deductions for interest
One of the key changes that the Government has announced, is the proposed removal of deductions for interest on residential…
The Bright-line Test
The Bright-line Test
Among a range of measures to curb property speculation and support first-home buyers, the Government announced on Tuesday 23/3/21 that…
Minimum wage increase
Minimum wage increase
The minimum wage rises by $1.10 on 1 April 2021 The minimum wage is going up from $18.90 to $20.00…
Risk Solutions
Risk Solutions
In our personal and family lives and also in our Businesses, we face risk daily. The key is to recognise…
Cartel Criminalisation
Cartel Criminalisation
A new law for Businesses comes into affect in April 2021 which means that cartel conduct could be punished with…
Brief business updates
Brief business updates
Briefly: Quicker refunds One Covid concession by IRD is to allow people who do their GST returns six monthly to…
Tax shakeup for business sales
Tax shakeup for business sales
Proposals in the new tax Act will mean sellers of a business must notify buyers and Inland Revenue about the…
Try our chat line
Try our chat line
Try our Chat line Try our chat line to bypass the phone It can be difficult to communicate with some…
An uncertain future
An uncertain future
So you’ve survived the 2020 lockdown, but business might still not be where it was, or where you would like…
Time to write off bad debts
Time to write off bad debts
Time to write off bad debts We are in the last quarter of the year for those with a 31…
Tips for Making Employees Redundant
Tips for Making Employees Redundant
Read our 5 top tips for making an employee redundant, so you can get back to business. You aren’t the…
MyACC For Business
MyACC For Business
About MyACC for Business ACC is committed to making it easy for you to do business with them. With MyACC…
Enduring Powers of Attorney
Enduring Powers of Attorney
Legal or mental incapacity is very real and can happen to anyone We often come across situations where people have…
Winding Up Of Trusts
Winding Up Of Trusts
If you are considering the winding up of your existing Trust as the compliance with the new Trusts Act 2019…
What is Tax Pooling and how does it work?
What is Tax Pooling and how does it work?
Tax pooling is the framework that Inland Revenue established to help taxpayers meet their provisional tax. Tax pooling is a…
Claiming Christmas Expenses
Claiming Christmas Expenses
The Christmas run-up can be frantic for small business owners. It’s important to think about business basics like paying taxes…
ACC is helping to ease the burden on business
ACC is helping to ease the burden on business
Businesses are facing unprecedented financial pressures as a result of COVID-19. Where possible ACC is taking practical steps to provide what respite…
Team Meetings – Are they working for you?
Team Meetings – Are they working for you?
What is the point of a team meeting? Are they a talking-shop, or a vital organizational function? It might feel…