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The Financial Year End is Coming

ClearSky Accounting

The end of the year is nigh – that is the financial year for most New Zealand businesses. For some people this can feel like the end of the world if you haven’t been keeping your business paper work up to scratch. However if you have Xero or another software package, then the sun will still shine.

We are here to help with whatever your accounting issues are; book keeping, GST returns and records, bank balancing, cash flow reports, and most importantly what all of this leads to, your annual financial accounts and your tax returns reporting to Inland Revenue.

If your paperwork has been neglected it’s time to get it together for your accountant, as the earlier it gets to them, the earlier they will be able to file your returns. We are happy to sort your paperwork, but the more you can do, the more dollars it will save you.

There have been changes in the tax laws lately for those who have investment properties and have been claiming any losses as a contra to your other income. You can no longer write off the losses against any other tax paid such as PAYE. This will mean a major review of your tax position and we are able to help you with that issue.

The Government have expanded eligibility criteria for interest-free loans with effect from this month. While this will not suit everyone, it is worth taking a look to see if their criteria may help your business, especially with another recent Level 3 restriction.

“More small businesses will be eligible to take out interest-free loans under changes announced in December to a government cashflow scheme.

Revenue Minister David Parker said one of the Government’s top economic priorities after taking office was to extend the Small Business Cashflow Loan scheme for three years and extend the interest-free period to two years.

“We have extended the purpose of the scheme and will enable borrowing for investment in new equipment and digital infrastructure,” David Parker said.

“In addition, firms can draw down a second loan, if they still meet eligibility criteria and have repaid the original loan in full. We want to keep viable businesses afloat where we can.

“Some firms have promptly repaid their original loan and may wish to draw down another loan as circumstances change. More businesses will have access to this line of credit to help them prosper.”

Give us a call at ClearSky Accounting Limited if you want to talk about any tax matters 292-2114, or email to info@clearskyaccounting.co.nz.

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elocal Digital Edition – March 2021 (#240)

elocal Digital Edition
March 2021 (#240)

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