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Floods & Storms: What To Do During and After Severe Weather

Tue, 21 Apr 2026 22:45:12 GMT

Take care and stay safe

We are aware that parts of the Wellington region have been severely impacted by the current storm and flooding .

First and foremost, we hope you, your family, and your team are safe.

This is a difficult and stressful time. Below is a simple guide on what to focus on right now, what to do next, and how to be better prepared going forward .

Right Now – Focus on Safety

Please prioritise:

Following updates from Wellington Region Emergency Management Office
Avoiding flooded areas and unnecessary travel
Staying clear of damaged buildings, downed power lines, and unstable ground

If your property has been affected:

Turn off electricity and gas if safe to do so
Do not re-enter until authorities confirm it is safe

Protect What You Can (If Safe)

If you are able:

Move vehicles, stock, and equipment to higher ground
Take quick photos/videos of your property and contents
Ensure access to your cloud systems (e.g. Xero, payroll)

In the Next 24–72 Hours

1. Document Damage

Take clear photos/videos
List damaged assets and stock
Keep receipts for clean-up and urgent repairs

2. Contact Your Insurer

Notify them as soon as possible
Follow their instructions before major repairs
Keep records of all communication

3. Expect Business Disruption

You may experience:

Loss of income
Staff shortages
Property or stock damage

Focus on stabilising first—everything else can follow.

Financial & Tax Support – We Can Help

We can assist with:

Contacting the Inland Revenue Department for payment relief or extensions
Reviewing provisional tax and upcoming obligations
Managing cashflow during disruption

If you are under pressure, reach out early .

Preparation for Future Events (Once Things Settle)

These events are becoming more frequent. A small amount of preparation can make a significant difference next time .

1. Back Up Your Financial Systems

Ensure your accounting system (e.g. Xero) is cloud-based
Store key documents (insurance, contracts, IRD info) securely online
Keep login details accessible off-site

2. Review Your Insurance Cover

Check sums insured for buildings, plant, and stock
Understand what is and isn’t covered (especially flooding)
Confirm business interruption cover

3. Protect Physical Assets

Store key equipment and stock above ground level where possible
Keep important records off-site or digitised
Identify what can be quickly moved if needed

4. Have a Basic Business Continuity Plan

This does not need to be complicated:

Who do you contact (staff, clients, suppliers)?
Can you operate remotely?
What are your priority expenses?

5. Build a Financial Buffer

Where possible:

Maintain some cash reserves
Review debt levels and repayment commitments
Consider access to short-term funding if needed

6. Keep Key Contacts Handy

Insurer
Accountant (us)
Bank
Key suppliers

7. Checklist or "Grab List" that might make preparation easier

When you need to leave quickly, don’t overthink it— grab the essentials and go .

��‍��‍�� People & Safety

All household members
Pets (with leads, cages, food if possible)
Essential medications
Glasses / hearing aids

�� Important Documents

(Physical copies or easily accessible online)

Identification (passport, driver licence)
Insurance policies
Bank details
Property documents (if relevant)
Key business documents

�� Business & Financial Access

Laptop / tablet
Phone + charger / power bank
Access to:
Xero / accounting software
Internet banking
Payroll systems

�� Money & Essentials

Wallet (cards + some cash)
Keys (home, car, office)
Basic clothing
Toiletries

�� Quick Protection (If Time Allows)

Move vehicles to higher ground
Lift stock / equipment off the floor
Take quick photos of your property and contents

�� Key Contacts (Save in Your Phone)

Insurer
Wellington Region Emergency Management Office
Inland Revenue Department
Your accountant (GCOL)

Simple Rule: People first. Documents second. Everything else is replaceable.

A Practical Reminder for right now

Focus on safety and recovery
Don’t rush financial decisions
Don’t worry about compliance deadlines—we can deal with that

Saving Petrol = Saving Cash

Sun, 29 Mar 2026 22:11:47 GMT

Saving Petrol = Saving Cash

With fuel prices continuing to put pressure on household and business budgets across New Zealand, it’s worth remembering:

Every litre you save is money back in your pocket.

At GCOL, we’re always looking for simple, practical ways our clients can improve cashflow — and fuel efficiency is one of the easiest wins.

�� The Small Changes That Add Up

You don’t need to change your car — just your habits.

1. Drive Smarter, Not Harder

Aggressive driving (fast acceleration and braking) burns significantly more fuel.

➡️ Smooth driving can reduce fuel use by up to 20%

2. Slow Down Slightly

Fuel efficiency drops quickly once you go over 100 km/h.

➡️ Even reducing speed by 5–10 km/h on open roads can save fuel

3. Check Your Tyres

Under-inflated tyres = more resistance = more fuel used

➡️ A quick monthly check can improve efficiency instantly

4. Remove Extra Weight

Boot clutter, roof racks, and unnecessary gear all increase fuel consumption.

➡️ Think of it as carrying around money you don’t need to spend

5. Combine Trips

Short trips use more fuel because engines run less efficiently when cold.

➡️ One planned trip is cheaper than three unplanned ones

6. Keep Your Car Maintained

Servicing isn’t just compliance — it’s cost control.

➡️ Poor maintenance = higher fuel bills

�� GCOL Fuel Savings Calculator

Here’s a simple way to show how small changes impact your wallet:

Step 1: Work Out Your Current Spend

Weekly fuel spend: $150
Annual fuel spend:
�� $150 × 52 = $7,800 per year

Step 2: Apply a Modest Efficiency Gain

Even a 10% improvement from better driving habits:

�� $7,800 × 10% = $780 saved per year

Step 3: Realistic Range of Savings

Improvement

Annual Saving (on $7,800 spend)

5% $390

10% $780

15% $1,170

20% $1,560

�� Business Owners — Extra Consideration

If you’re using your vehicle for business:

Lower fuel costs = direct improvement to profitability
Reduced private use adjustments may apply
Better records = stronger tax position

If you’re unsure how this impacts your logbooks, GST claims, or vehicle expenses , we’re happy to help.

�� The GCOL View

We see it every day — it’s not always the big decisions that improve financial outcomes.

It’s the consistent, small efficiencies :

fuel
subscriptions
interest
tax timing

They all compound.

✅ Final Thought

You don’t need to overhaul your lifestyle to save money.

Drive a little smoother.
Plan a little better.
Maintain your vehicle.

�� And you could easily save $500–$1,500+ per year — without even noticing the change.

Reminder

Wed, 11 Mar 2026 00:28:26 GMT

KiwiSaver and Wage Changes Coming in 2026

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Understanding Provisional Tax In New Zealand

Wed, 11 Mar 2026 00:23:44 GMT

We are here to help

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1 April 2026: What’s Changing in New Zealand Tax, Law and Business?

Thu, 22 Jan 2026 20:30:58 GMT

Changes are coming...

Every year, 1 April brings a new financial year—and with it, a mix of confirmed changes, technical tweaks and plenty of myths about “big tax reforms”.

For 2026, the changes are more targeted than dramatic. However, for employers, businesses and internationally connected clients, the impacts are real and worth planning for.

Here’s a clear summary of what’s changing—and what isn’t.

�� Higher Minimum Wage

From 1 April 2026:

Adult minimum wage increases to $23.95 per hour
Starting-out and training wage increases to $19.16 per hour

What this means:
For employers, payroll costs will rise—not just for minimum-wage staff, but often across pay bands as businesses maintain wage relativity. Holiday pay, KiwiSaver and ACC costs will also increase.

�� ACC Earners’ Levy Increase

From 1 April 2026, the ACC earners’ levy rises from 1.67% to 1.75% .

What this means:
Employees will see slightly higher deductions from pay, and overall employment costs will increase marginally for employers.

�� KiwiSaver Contribution Rates Increasing

From 1 April 2026:

Minimum employee and employer KiwiSaver contributions increase from 3% to 3.5%
A further increase to 4% is scheduled from 1 April 2028

What this means:
This is a significant change for payroll budgeting. Employers should factor the increased KiwiSaver costs into cashflow forecasts and remuneration discussions.

�� Changes Affecting Migrants, Remote Workers and Foreign Income

Proposed tax law changes (expected to apply from 1 April 2026) aim to simplify rules for:

Remote workers temporarily in New Zealand
New migrants
Employee share schemes
Foreign investment fund (FIF) rules

What this means:
These changes will mainly affect internationally mobile individuals, overseas investments and multinational businesses. For some clients, compliance may become simpler—but the details matter.

If you or your staff earn overseas income, hold foreign investments, or operate across borders, tailored advice is essential.

��‍�� Technical Tax and Compliance Changes

The Government is also introducing a range of technical amendments and “tidy-ups” to tax legislation and Inland Revenue processes.

What this means:
While less visible, these changes can affect filing obligations, interpretations and compliance requirements. Businesses should not assume that “nothing has changed”.

❗ What’s NOT Changing on 1 April 2026

Despite rumours and expectations:

Personal income tax rates remain unchanged
Company tax rate stays at 28%
GST remains at 15%
Trust tax rate remains at 39%

In other words, there is no sweeping tax overhaul in 2026—just incremental shifts.

�� The Bigger Picture for Businesses

The underlying trend for 2026 is clear:

Rising labour costs (wages, KiwiSaver, ACC)
Targeted tax reform rather than major restructuring
Continued focus on compliance and international tax settings

For many businesses, the biggest impact will not be tax rates—but payroll and employment costs.

✅ What Should You Do Now?

With the new financial year approaching, businesses should:

Review payroll budgets and employment contracts
Update cashflow forecasts for higher wage and KiwiSaver costs
Identify any exposure to foreign income or overseas tax rules
Seek advice before 1 April—not after

If you’d like help understanding how these changes affect your business, we’re here to help.

KiwiSaver Changes from 2026: What Employers and Employees Need to Know

Thu, 22 Jan 2026 20:24:56 GMT

First changes due in February to time to prepare

From 2026, KiwiSaver will undergo some of the most significant changes in recent years. These reforms will affect both employers and employees, with higher contribution rates, expanded employer obligations, and new flexibility options.

Whether you run a business or are part of the workforce, now is the time to understand what’s changing—and what you need to do to prepare.

Why KiwiSaver Is Changing

KiwiSaver is governed by the KiwiSaver Act 2006 , which aims to help New Zealanders build long-term savings for retirement and, in some cases, a first home.

Following Government policy changes announced in Budget 2025, KiwiSaver contribution rates will increase in stages from 2026. The goal is simple: improve retirement outcomes for New Zealanders by gradually lifting savings levels over time.

The Key Changes from 2026

1) Higher KiwiSaver Contribution Rates

From 1 April 2026 , the default minimum KiwiSaver contribution rate will increase:

Employee contributions: from 3% to 3.5%
Employer contributions: from 3% to 3.5%

This is the first stage of a planned increase, with the default rate rising further to 4% from 1 April 2028 .

For employees, this means slightly higher deductions from pay.
For employers, it means increased payroll costs and the need to update systems and budgets.

2) Employer Contributions for 16–17 Year Olds

Currently, compulsory employer KiwiSaver contributions generally apply to employees aged 18 to 65.

From 1 April 2026 , employers will also be required to make KiwiSaver contributions for eligible 16 and 17 year old employees who are KiwiSaver members.

This is an important change for businesses employing younger staff, particularly in retail, hospitality, and part-time roles.

3) Temporary Contribution Rate Reductions

Recognising that higher contribution rates may not suit everyone, employees will be able to apply for a temporary reduction in their KiwiSaver contribution rate.

Applications open from: 1 February 2026
Reductions take effect from: 1 April 2026
Reduced rate: back to 3%
Inland Revenue will notify employers of approved reductions.
Employers may choose whether to match the reduced rate.

This flexibility allows employees to manage cash flow while still remaining in KiwiSaver.

KiwiSaver Change Timeline

1 February 2026

Employees can apply to Inland Revenue for temporary rate reductions.

1 April 2026

Default employee and employer contribution rates increase to 3.5%.
Employer contributions become compulsory for eligible 16–17 year olds.
Temporary rate reductions take effect.

1 April 2028

Default contribution rates increase further to 4%.

Tax and Payroll Implications for Employers

From a tax perspective:

Employer KiwiSaver contributions remain tax-deductible business expenses.
However, increased contribution rates will raise overall payroll costs.

From a compliance perspective:

Payroll systems must be updated to reflect new rates from 1 April 2026.
Employers must action notifications from Inland Revenue regarding employee rate changes.
Employment contracts, payroll policies, and internal processes may need review.

Failing to apply the correct rates could result in compliance issues with Inland Revenue.

Why This Matters

For employees, the changes mean stronger long-term retirement savings, albeit with a small impact on take-home pay.

For employers, the reforms highlight the importance of:

forward planning,
budgeting for increased payroll costs, and
ensuring payroll systems and processes are ready well before April 2026.

What Should Businesses Do Now?

To prepare for the changes, employers should:

Review payroll systems and software.
Update internal payroll and HR procedures.
Communicate upcoming changes to staff.
Budget for higher employer contributions.
Identify employees aged 16–17 who may become eligible.

Early preparation will make the transition smoother and reduce compliance risk.

Greece Releases Expanded Tax Guide for Citizens Living Abroad

Thu, 15 Jan 2026 22:22:09 GMT

Some information for our Greek Clients

Greece has released an expanded and practical tax guide aimed at citizens who live permanently outside the country yet continue to maintain financial or legal obligations at home. The Independent Authority for Public Revenue (IAPR – AADE) issued the guide in response to long-standing concerns raised by expatriates. The initiative reflects Greece’s broader transition toward a digital first public administration.

The new guide aims to reduce uncertainty, improve compliance, and simplify procedures that previously required physical presence at local tax offices. As a result, members of the Greek diaspora can now manage most tax related matters remotely.

Greece introduces new tax guide for citizens abroad

The updated tax guide explains how Greeks living overseas can register with the national tax system and gain access to key digital platforms. Citizens may now obtain a tax identification number (TIN) along with TAXISnet credentials (credentials for the Greek digital tax system) entirely from abroad.

Moreover, identity verification takes place through secure video calls. Applicants thus no longer need to travel to Greece or visit a tax office in person. Those who do prefer professional assistance may, however, appoint a tax representative in Greece through a power of attorney and written acceptance.

Greece’s tax guide explains registration and residency rules

In addition to registration, the guide places strong emphasis on tax residency status. Greeks who reside permanently abroad can transfer their tax residency outside Greece by submitting an electronic application together with Form D210. Once the authorities approve the request, Greece no longer treats the individual as a domestic tax resident. Therefore, the person does not need to declare worldwide income in Greece.

The guide makes an important distinction regarding sources of income. Income earned in Greece continues to create reporting and tax obligations. For example, rental income, pensions, interest, dividends, royalties, and occasional work performed in Greece remain taxable. By contrast, owning property that generates no income or possessing an inactive private vehicle does not, by itself, require the filing of a tax return.

Preventing double taxation

The guide also emphasizes the importance of international double taxation agreements. Greeks earning income abroad who wish to avoid being taxed twice must provide a Tax Residency Certificate from their country of residence.

Depending on the relevant treaty, Greece either exempts the foreign income from domestic taxation or applies tax credits for taxes already paid abroad. In this way, the guide helps taxpayers minimize unnecessary financial burdens while staying fully compliant.

Special tax regimes for returnees and investors

The guide also outlines special tax regimes aimed at encouraging return migration and investment. Pensioners who transfer their tax residency to Greece may benefit from a flat seven percent tax rate on foreign-sourced income.

Similarly, employees relocating to Greece for the first time can apply for reduced taxation for up to seven years. Investors may also qualify for alternative lump-sum tax arrangements.

Digital services as the primary channel

The guide emphasizes that digital services now serve as the main channel for tax compliance. With a valid Tax Identification Number and TAXISnet credentials, Greeks living abroad can submit declarations, update personal information, manage property records, monitor liabilities, and make payments online. For those who find digital systems challenging, appointing a tax representative remains a practical and reliable option.

See the detailed tax guide here

Sunshine, Good Food & a Smooth End to the Year 🎅

Sun, 30 Nov 2025 23:36:05 GMT

As we head into Christmas, the team at GCOL Chartered Accountants wants to wish you all a relaxing break filled with sunshine, good company, and hopefully a moment or two where your inbox is blissfully silent

December can get frantic, but a little planning now — payroll cycles, IRD dates, supplier payments and tidy-ups — means you can step away with peace of mind and enjoy a proper break.

And what better way to celebrate the season than with fantastic Kiwi Christmas food ? Below we’ve collected five of the best New Zealand-style Christmas recipes , perfect for BBQs, long lunches, potlucks, and Boxing Day leftovers.

Set the table, pour something cold, and enjoy.

✨ GCOL’s Top 5 NZ Christmas Recipes✨

�� 1. Honey–Mustard & Pineapple Glazed Ham

�� Ingredients:

1 whole or half ham on the bone
Whole cloves (optional)
½ cup brown sugar
½ cup honey
¼ cup pineapple juice
2 Tbsp Dijon mustard
Optional: pineapple rings and glacé cherries

�� Method:

Preheat oven to 160°C .
Carefully remove the ham skin, leaving the fat layer intact.
Score the fat in a diamond pattern and stud with cloves if using.
Heat brown sugar, honey, pineapple juice and mustard until smooth.
Brush ham generously with glaze.
Add pineapple rings if desired and glaze again.
Roast for 1–1.5 hours , basting every 20 minutes until glossy and caramelised.
Rest before carving.

�� 2. Pavlova Wreath With Berries, Kiwifruit & Passionfruit

�� Ingredients:

6 egg whites
1½ cups caster sugar
2 tsp cornflour
2 tsp white vinegar
1½ cups whipped cream
Strawberries, raspberries
2–3 kiwifruit, sliced
3–4 Tbsp passionfruit pulp

�� Method:

Preheat oven to 120°C and line baking tray.
Beat egg whites to stiff peaks.
Add sugar gradually until thick and glossy.
Fold in cornflour and vinegar.
Shape into a wreath.
Bake for 1½ hours then cool fully in oven.
Top with cream and fruit.

�� 3. Cold Roast Chicken With Cranberry, Lemon & Herb Stuffing

�� Ingredients:

Chicken:

1 whole chicken
100g softened butter
3 cloves garlic, crushed
Zest of 1 lemon
1 Tbsp mixed herbs
Salt & pepper

Stuffing:

Onion & garlic
2 cups fresh breadcrumbs
½ cup dried cranberries
2 Tbsp parsley
1 egg

Drizzle:

Cranberry sauce
Lemon juice
1 tsp honey (optional)

�� Method:

Preheat oven to 180°C .
Mix butter, garlic, lemon zest, herbs and spread under skin.
Make stuffing and fill cavity loosely; tie legs.
Roast 1 hour 20 mins or until juices run clear.
Cool slightly then slice.
Drizzle with warmed cranberry + lemon mix.

�� 4. BBQ Grilled Prawns With Lime, Chilli & Garlic

�� Ingredients:

500g raw prawns (peeled)
2 cloves garlic, crushed
1 red chilli or chilli flakes
Zest & juice of 1 lime
2 Tbsp olive oil
Salt & pepper
Coriander (optional)

�� Method:

Mix marinade ingredients; toss prawns.
Marinate 10–20 minutes .
Grill 2–3 mins each side.
Serve with lime wedges.

�� 5. NZ Christmas Summer Cake — Vanilla, Berries & Lemon Cream

�� Ingredients:

1½ cups flour
1 tsp baking powder
½ tsp baking soda
1 cup caster sugar
150g butter (soft)
3 eggs
1 cup Greek yoghurt or sour cream
2 tsp vanilla extract
Zest of 1 lemon
1 cup fresh berries

Lemon Cream:

Cream, icing sugar, vanilla, lemon zest, fresh berries

�� Method:

Preheat oven to 170°C ; line tin.
Cream butter & sugar, add eggs.
Add yoghurt, vanilla & zest.
Fold in dry ingredients & berries.
Bake 40–45 mins , cool fully.
Spread lemon cream & decorate with berries.

�� Christmas Office Hours

�� We will be closing at 12pm on Tuesday, 23 December
✨ And reopening Monday, 12 January

�� During this period,
�� Tony and Gina will check emails daily for any urgent matters
�� Non-urgent matters will be attended to on our return

�� A Christmas Message From GCOL

Thank you for another year of trust, collaboration, humour, spreadsheets, tax challenges, business wins and the occasional curveball.

We hope the break brings sunshine, rest, great food, and time with the people who matter most.

�� Have a safe, happy and restorative Christmas and New Year!

— The GCOL Chartered Accountants Team ��✨

Summer, Sunshine and Still on top of things

Thu, 20 Nov 2025 00:13:11 GMT

A Light-hearted guide to balancing Business and a Break

Summer, Sunshine & Still on Top of Things: A Light-Hearted Guide to Balancing Business and a Break

As we tumble towards Christmas (faster than an email marked “URGENT” on 23 December), many of us are counting down to a well-earned summer break. The BBQs are warming, the beaches are calling, and the idea of replying to emails in jandals feels strangely appealing.

But while we fully endorse a bit of sun, relaxation, and the occasional pavlova-related nap, it is possible to unwind without losing sight of your business and compliance. Think of it as “relaxing responsibly”—much like enjoying a glass of rosé while remembering you’ve left the sausages on the grill.

Here are a few friendly tips to keep things humming while you enjoy the summer:

1. Do the Big Stuff Before the Big Break

If you can tick off the hairy admin jobs before you hit the beach, Future You will thank Present You.
Year-end tasks, payroll changes, and anything IRD-related are best handled before you’re sunburnt and living off leftover trifle.

2. Set Your Out-of-Office Like a Pro

A good out-of-office message is a summer essential—right up there with sunscreen and a cold lemonade.
Be clear about when you’re away, who to contact, and reassure clients or suppliers that you’ll be back in action (hopefully less stressed and slightly more tanned).

3. Don’t Ghost Your Business Completely

We’re big fans of a real break, but a quick glance at emails every few days can prevent unpleasant January surprises.
Think of it like checking the weather at the campground—you don’t need to obsess, just keep an eye on things.

4. Schedule the “Business Bits”

If there are recurring tasks due over the holidays—payroll, supplier payments, stock checks—set reminders before you leave.
Your phone can remind you when it’s time to pay staff… even if you’re currently reminding your family not to feed seagulls.

5. Keep Compliance Close (but Not Clingy)

Summer isn’t the time for full compliance audits, but it is a great chance to tie off simple threads:

Update addresses or directors if they’ve changed
Make sure GST due dates are in the calendar
Do any quick Xero tidy-ups
Check your AML/CFT documents aren’t living in the “I’ll do that later” pile

Future You: “Good job!”
Past You: “You’re welcome.”

6. Let Your Team Shine

If you have staff, give them the chance to handle things while you're away.
They’ll feel trusted, and you’ll get to finish your ice cream before it melts.

(However, if you return to find they’ve bought a ping-pong table for the office, maybe dial back the trust just slightly.)

7. Book Something That Forces You to Relax

Whether it’s a boat trip, a hike, or simply being somewhere with terrible reception, build in some proper switch-off time.
Your business needs a refreshed you… not the slightly frantic December version.

8. And Finally… Ask for Help

If something urgent pops up over the break—tax, deadlines, technical questions—we’re here to help.
We might be answering with sandy feet, but we’ll make sure you’re taken care of.

Wishing You a Happy, Sunny, Stress-Free Christmas

From all of us at GCOL, thank you for your support this year. We hope your summer is full of good food, good weather, and just enough business organisation to keep January cheerful.

If you need anything before the holidays hit, you know where to find us!

What Can Your Business Claim ...

Thu, 20 Nov 2025 00:06:02 GMT

Navigating the ins and outs of business expenses and tax deductions can feel overwhelming for many New Zealand business owners. However, understanding what expenses you can claim can significantly reduce your taxable income, ensuring you don’t pay more tax than necessary. Fortunately, the New Zealand tax system is clear about which business expenses are deductible, and with the help of professionals like GCOL Chartered Accountants, you can make sure you’re maximizing your claims.

What Are Business Expenses in New Zealand?

In simple terms, business expenses are the costs incurred in the day-to-day running of your business. These expenses are essential to generating your business income and are therefore deductible, meaning you can subtract them from your revenue to determine your taxable income.

The New Zealand Inland Revenue (IR) Department has guidelines to help business owners understand what expenses are claimable. Here's a breakdown of the most common claimable business expenses:

1. Operating Expenses

These are the costs involved in keeping your business running. Examples include:

Rent and Utilities : The cost of renting office space or premises, as well as utilities like electricity and water, are claimable.
Insurance : Premiums for business insurance (e.g., property, liability, and vehicle insurance) are deductible.
Advertising and Marketing : Costs associated with promoting your business, such as online ads, print advertising, and marketing campaigns, can be claimed.
Office Supplies : Items such as paper, pens, computers, and other office-related expenses are eligible for deduction.
Bank Fees and Interest : Fees for business accounts and interest on business loans are deductible.

2. Vehicle and Travel Expenses

If you use your vehicle for business purposes, you can claim a portion of the vehicle expenses, which may include:

Fuel, Repairs, and Maintenance : If your vehicle is used for business, you can claim the costs proportionate to business use.
Travel Expenses : Airfares, accommodation, and meals while traveling for business purposes are deductible.

Remember, personal use of the vehicle or travel expenses cannot be claimed. You will need to apportion these costs based on business use.

3. Employee and Contractor Costs

If you have employees or contractors, the following are claimable expenses:

Salaries and Wages : Payments to employees, including bonuses, holiday pay, and KiwiSaver contributions, are deductible.
Contractor Fees : If you hire independent contractors, their fees are also claimable.
Training and Development : Costs associated with training and developing your team are deductible, so long as they are relevant to your business.

4. Depreciation

Some business assets, such as equipment, vehicles, or buildings, lose value over time. Instead of claiming the full cost in one go, you can claim depreciation on these assets. The IRD provides depreciation rates for various asset types.

5. Professional Services

If you hire professionals to assist with your business, their fees are claimable, including:

Accountant and Legal Fees : Fees for financial advice, tax preparation, or legal assistance related to business activities can be deducted.
Consulting Fees : If you engage business consultants for services such as market research or business planning, these expenses are also claimable.

6. Home Office Expenses

Many small business owners or sole traders work from home. If this applies to you, you can claim a portion of your home-related expenses, such as:

Mortgage Interest or Rent : If you work from home, you can claim a percentage of your mortgage interest or rent based on the portion of your home used for business.
Electricity and Internet : You can also claim a portion of your electricity, phone, and internet costs based on the percentage of time you use them for business.

How GCOL Chartered Accountants Can Help

While the list of claimable business expenses might seem straightforward, many business owners find the nuances of the tax system difficult to navigate. That's where GCOL Chartered Accountants comes in. Our team of experts is here to help you maximize your tax deductions while staying compliant with the IRD’s guidelines.

Here’s how we can assist you:

Maximizing Deductions : We’ll ensure you claim every allowable business expense to minimize your tax burden.
Tax Planning : Our team can help with strategic tax planning, offering advice on how to structure your expenses and income to maximize tax efficiency.
Accurate Record-Keeping : We help you maintain accurate and organized financial records, making it easier to file your returns and defend your claims if needed.
Depreciation and Asset Management : We provide advice on depreciating assets properly to ensure you're getting the maximum allowable claim over time.
Compliance with IRD : Our team stays up to date with the latest tax regulations and ensures your claims are compliant with New Zealand tax laws, so you can avoid penalties or audits.

Get In Touch with GCOL Chartered Accountants Today

Managing business expenses and understanding tax deductions can be complicated, but with GCOL Chartered Accountants on your side, you can rest assured that your business is in good hands. Whether you're just starting out or you've been in business for years, we offer expert guidance tailored to your specific needs.

Contact us today to learn more about how we can help you optimize your tax situation and ensure your business’s financial success. Let us take the guesswork out of managing your business expenses so you can focus on growing your business!

By staying informed and seeking professional advice, you can make the most of your claimable business expenses under the New Zealand tax system. Let GCOL Chartered Accountants help you navigate the complexities of tax deductions with ease.

Maintaining Wellbeing in the final weeks of Winter Weather

Thu, 02 Oct 2025 22:16:22 GMT

Preparing for Spring

As winter weather seems to draw on, many people find their energy levels and motivation begin to wane. Shorter days, reduced sunlight, and colder temperatures can all contribute to a lower mood. At the same time, this season provides an opportunity to take small, practical steps that not only improve wellbeing now but also set the foundation for a smoother transition into spring.

Brightening Your Environment

Natural light has a proven effect on mood and energy. Make the most of daylight by opening curtains fully, arranging workspaces near windows, and stepping outside when the sun appears. Indoors, maintaining a fresh and orderly environment—through colour, flowers, or simply reducing clutter—can help to create a sense of positivity and calm.

Prioritising Physical Activity

Regular movement supports both physical and mental health. Even modest activity such as a brisk walk, stretching, or low-impact exercise can counter the lethargy that winter often brings. Incorporating small amounts of activity into the day is often more sustainable than relying on intensive sessions.

Supporting Health Through Nutrition

Balanced nutrition contributes significantly to mood stability. Focusing on seasonal produce, wholesome soups, and immune-supportive foods such as citrus, garlic, and ginger can provide both comfort and nourishment. Avoiding an over-reliance on processed comfort foods helps sustain energy and focus during the working week.

Maintaining Social Connection

Remaining engaged with colleagues, friends, or community networks helps reduce isolation. Simple check-ins, team catch-ups, or coffee meetings are valuable for maintaining perspective and building resilience.

Establishing Positive Routines

Small, consistent rituals—such as setting aside time for reflection, journaling, or a daily walk—create structure during the darker months. These habits can carry forward into spring, providing ongoing benefit.

Preparing for the Season Ahead

Winter can also be an ideal time to prepare for the opportunities of spring:

Decluttering and Organisation: Reducing unnecessary items and streamlining workspaces increases efficiency.
Goal Setting: Reviewing upcoming projects and outlining personal or professional objectives ensures readiness when activity levels increase.
Planning Growth: Whether in the garden or in business, use this period to identify the areas where fresh investment of time and energy will be most effective.

Conclusion

While winter can challenge energy and mood, practical strategies—light, movement, balanced nutrition, connection, and structured routines—help to manage these effects. By preparing early for spring, individuals and organisations can ensure they are well placed to enter the new season refreshed, focused, and ready to take advantage of renewed momentum.

And of course, no winter-to-spring routine would be complete without one other seasonal tradition: gathering up receipts and records for your accountants. After all, chasing paperwork is our favourite spring sport—though we’re sure both you and we would prefer it if you got a head start on the game this year.

�� If you haven’t already, now is the perfect time to send through your information so we can prepare your financials smoothly and help you start the new season on the right foot.

Well.... here's what ChatGPT is expecting from next week's Budget

Tue, 13 May 2025 23:47:21 GMT

we will have to wait and see....

What to Expect from New Zealand’s 2025 Budget: Balancing Growth and Responsibility

New Zealand’s 2025 Budget, scheduled for release on May 22 , is set against a backdrop of economic uncertainty, rising living costs, and increasing public demand for effective investment in essential services. This year’s budget is being framed as a pivotal one—not just in terms of spending, but in how the government aims to shape the country’s economic future.

While political narratives often dominate budget announcements, this year’s focus appears to be squarely on stimulating growth and improving long-term productivity , while maintaining a commitment to fiscal discipline .

Key Themes Expected in the 2025 Budget

1. Boosting Economic Productivity

One of the central themes of Budget 2025 is the ambition to lift New Zealand’s economic productivity. Several broad areas are expected to receive attention:

Skills and Education : Investment in education and workforce training to align with evolving job markets.
Innovation and Technology : Increased support for research, innovation, and digitisation.
Infrastructure : Targeted infrastructure projects that can drive growth in both urban and regional areas.
Trade and Global Ties : Strengthening international connections to support exports and attract investment.
Regulatory Reform : Streamlining systems to reduce business friction and improve efficiency.

These areas are part of a wider strategy to build a more resilient and competitive economy.

2. Keeping Spending in Check

Despite a growing list of public priorities, the budget is expected to take a measured approach to spending . The government has indicated an operating allowance of NZ$2.4 billion , a notable drop from previous years. This restraint is aimed at addressing the rising national debt, which Treasury forecasts to peak at 46.5% of GDP by 2027 .

While fiscal caution is the goal, it remains to be seen how this will be balanced against the demand for public services and infrastructure.

3. Infrastructure and Housing

Significant investment is expected in infrastructure, including:

The launch of City and Regional Deals to promote local development.
Expansion of the Going for Housing Growth programme.
Reforms to enable private sector financing in infrastructure, including changes to development levies and funding laws.

These initiatives aim to speed up delivery and attract outside capital to meet infrastructure demands more sustainably.

4. Health and Social Investment

The health sector is set to receive a substantial boost. Planned allocations include:

NZ$1.37 billion annually to meet demographic and cost pressures on frontline services.
Over NZ$1 billion for new medicines , including cancer treatments.
Support for primary care with recruitment of additional doctors and nurses.

Social investment is also a key focus, with a shift toward data-informed funding decisions that target long-term outcomes, particularly for those with high or complex needs.

5. Challenges on the Horizon

Despite its ambitions, Budget 2025 is being delivered amid several challenges:

A forecast deficit of NZ$17.31 billion for the current fiscal year, with continued deficits expected over the next five years.
Concerns around emigration , with record numbers of New Zealanders moving abroad—raising questions about workforce sustainability and social cohesion.
Rising cost-of-living pressures that could constrain household and business confidence.

Final Thoughts

Budget 2025 is expected to signal a shift from short-term fixes to long-term planning , with a clear emphasis on structural reform, targeted investment, and financial responsibility . It will also test the government’s ability to manage expectations—balancing the desire for growth with the need for fiscal discipline.

As always, the real impact of the budget will be seen not just in the numbers, but in how policies are implemented and how they affect New Zealanders in their daily lives.

How to spot a scam email.............and protect yourself

Mon, 05 May 2025 01:15:37 GMT

Think before you click..

��️ How to Spot a Scam Email in New Zealand – And Protect Yourself

With the rise of digital communication, scam emails—also known as phishing—are becoming more sophisticated and harder to detect. In New Zealand, CERT NZ (Computer Emergency Response Team) has reported a steady increase in cybercrime, including email scams targeting individuals and businesses alike. Whether it’s a fake invoice, a phony courier notification, or a message pretending to be from IRD, knowing how to identify and protect yourself from these scams is more important than ever.

�� Common Signs of a Scam Email

Scam emails often impersonate trusted organisations—like NZ Post, Inland Revenue (IRD), or your bank—to trick you into handing over personal or financial information. Here are the top red flags to look out for:

1. Suspicious Sender Address

Look closely at the sender's email. It might look legitimate at first glance, but often includes odd domains or misspellings (e.g. n0reply@ird-nz.com instead of a verified IRD domain).

2. Urgent or Threatening Language

Scammers create panic to rush your judgment. Common phrases include “Your account will be suspended” or “Last chance to claim your refund.”

3. Unexpected Attachments or Links

If you receive an email with attachments or links you weren’t expecting—especially if the message urges you to open them immediately—be cautious. These could install malware or lead to phishing websites.

4. Requests for Personal or Financial Information

Legitimate organisations will never ask for your passwords, bank details, or verification codes via email.

5. Poor Grammar or Spelling Mistakes

Many scam emails are written quickly or translated poorly, so keep an eye out for awkward phrasing or typos.

�� How to Protect Yourself

✅ 1. Use Multi-Factor Authentication (MFA)

Enable MFA wherever possible—especially for email, banking, and cloud accounts. This adds an extra layer of security even if your password is compromised.

✅ 2. Don’t Click—Verify First

If something feels off, don’t click any links. Instead, contact the organisation directly using official contact details from their website.

✅ 3. Install Security Software

Use reputable antivirus and anti-malware software, and keep your operating system updated to protect against new threats.

✅ 4. Report Scams

Forward suspicious emails to CERT NZ at report@cert.govt.nz and delete them. If you’ve already clicked a link or shared personal information, act quickly and contact your bank and CERT NZ for next steps.

✅ 5. Educate Yourself and Others

Talk to friends, family, and coworkers about scam tactics. Scammers often target vulnerable individuals, including the elderly and new migrants.

�� Real Scams Reported in New Zealand

According to CERT NZ’s latest quarterly report, email scams impersonating NZ Post and Inland Revenue were among the most common. In many cases, the scams included fake tracking links or tax refund offers. In 2024 alone, Kiwi businesses lost millions to invoice scams and business email compromise attacks.

�� What to Do If You’ve Been Scammed

Change your passwords immediately.
Contact your bank to freeze any suspicious transactions.
Report the incident to CERT NZ at www.cert.govt.nz.
Check your credit report via services like Centrix or Equifax NZ to ensure your identity hasn’t been misused.

Final Thoughts

Scam emails are becoming more common—and more convincing—but with vigilance and the right tools, you can protect yourself. In New Zealand, CERT NZ is your first line of defence. Stay alert, think before you click, and spread the word to help others stay safe online.

Family Trusts in NZ: Tax and Legal Considerations

Mon, 05 May 2025 00:53:33 GMT

New Title

In New Zealand, Family Trusts are a popular tool for estate planning, asset protection, and wealth management. They allow individuals to manage and protect their assets while taking advantage of certain tax benefits. But before diving into setting up a Family Trust, it's important to understand the tax and legal aspects surrounding them. This blog explores the key considerations for New Zealand residents looking to use Family Trusts effectively.

What is a Family Trust?

A Family Trust is a legal arrangement where a person (the settlor) places assets into a trust, which are then managed by trustees on behalf of the beneficiaries. The trust is a separate legal entity, and its assets are owned by the trust rather than the individual. The purpose is often to provide for family members, protect assets, and potentially reduce tax obligations.

Legal Structure of a Family Trust

In New Zealand, a Family Trust is established under the Trustee Act 1956. The settlor appoints trustees, who hold the assets on behalf of the beneficiaries. The trust deed (the legal document that outlines how the trust is to be run) is crucial, as it dictates the rights and duties of the trustees, the powers of the settlor, and the entitlements of the beneficiaries.

It’s also important to note that New Zealand law requires the trustees to act in the best interest of the beneficiaries and adhere to fiduciary duties. Trustees must make decisions with prudence, fairness, and care.

Why Do People Set Up Family Trusts in New Zealand?

There are a number of reasons why people establish Family Trusts in New Zealand:

Asset Protection : One of the primary reasons for creating a Family Trust is to protect assets from potential creditors, claims, or legal disputes. Because the trust is a separate legal entity, the assets are not directly owned by individuals and may not be at risk in cases of personal financial troubles or divorce settlements.
Estate Planning : A Family Trust can help ensure that wealth is passed on to future generations, according to the settlor’s wishes. By holding assets in the trust, the settlor can avoid the probate process, which can be time-consuming and costly when transferring assets through a will.
Tax Efficiency : A Family Trust can help manage the tax liability of beneficiaries. It can spread income across different beneficiaries, potentially lowering the overall tax burden if beneficiaries are in lower tax brackets.
Privacy : Trusts offer a level of privacy because, unlike wills, they do not become public record upon the death of the settlor. This can be appealing for individuals who value discretion regarding their financial affairs.

Taxation of Family Trusts in New Zealand

While there are numerous benefits to setting up a Family Trust, it’s essential to be aware of the tax rules that apply to trusts in New Zealand.

Trust Income and Tax Rates

A Family Trust is taxed at a flat rate of 33% on income retained within the trust. If income is distributed to beneficiaries, the beneficiaries are taxed according to their individual tax rates. This can be beneficial if income is distributed to beneficiaries who are in lower tax brackets.

However, if the trust is considered a “discretionary trust,” where the trustees have discretion over who receives income, then the tax rules may differ slightly. For instance, trustees may choose to allocate income to beneficiaries who are taxed at a lower rate, thus reducing the trust's overall tax liability.

It’s important to remember that income distributed to beneficiaries must be properly documented, and trusts are required to file annual tax returns.

GST Considerations

Trusts can be involved in commercial activities, and if they generate income from taxable activities, such as renting out property, they may need to register for Goods and Services Tax (GST). However, if the trust is not engaged in taxable activities, then GST will not apply.

Legal Considerations for Family Trusts

Trustee Duties and Responsibilities : Trustees have significant legal responsibilities and must adhere to the terms outlined in the trust deed. They must act in the best interest of beneficiaries, avoid conflicts of interest, and ensure the proper management of trust assets. Trustees can be personally liable for any breach of trust, so it’s essential they fully understand their obligations.
Trustee Appointment : It’s important to choose trustees wisely, as they will hold responsibility for the trust's operations. Trustees can be individuals or professional trust companies. Some people choose to appoint independent trustees to avoid potential conflicts of interest.
Changes to Trusts : If changes need to be made to the trust, such as altering beneficiaries or adding assets, these changes should be made according to the procedures set out in the trust deed. The process is usually not overly complicated but must be done correctly to ensure compliance with the law.
Trustee Remuneration : Trustees are allowed to receive reasonable remuneration for their services, although this must be explicitly stated in the trust deed. The remuneration must be appropriate to the level of work and responsibility involved.

Family Trusts and Relationship Property

One critical legal aspect to consider is how a Family Trust interacts with relationship property laws in New Zealand. When a person is married or in a civil union, their relationship property is divided under the Property (Relationships) Act 1976 if the relationship ends. In the case of a Family Trust, assets held within the trust may or may not be considered relationship property.

For example, if a trust was created before a marriage, the assets within the trust may not be considered relationship property. However, if the trust was established during the marriage, or if the trust’s assets are deemed to be for the benefit of both partners, the assets may be considered relationship property in the event of a separation or divorce.

Recent Developments and Changes in Trust Law

There have been recent updates to New Zealand’s trust laws, notably the Trusts Act 2019, which came into force on January 30, 2021. The Trusts Act modernizes the legal framework surrounding trusts and places greater emphasis on transparency and accountability. The key changes include:

Mandatory Record-Keeping : Trustees are required to keep comprehensive records of the trust’s activities, including decisions made, documents, and correspondence.
Beneficiary Information : Trustees are now obligated to inform beneficiaries about the trust’s existence, its terms, and its administration.
Trustee Duty to Act in Good Faith : The Act clarifies that trustees must act in the best interest of the beneficiaries and must consider the beneficiaries' needs when making decisions.

Conclusion

Family Trusts can be a powerful tool for asset protection, tax management, and estate planning in New Zealand. However, setting up and managing a Family Trust comes with significant legal and tax obligations. To ensure that a trust is structured correctly and operates in compliance with New Zealand law, it's vital to seek professional legal and financial advice.

Whether you're looking to protect assets, manage tax liabilities, or create a lasting legacy for future generations, understanding the legal and tax implications of Family Trusts is crucial for making the most of this powerful tool.

Understanding Provisional Tax in New Zealand

Tue, 18 Mar 2025 21:48:45 GMT

How we can help....

When running a business or managing personal income in New Zealand, one of the important aspects of your tax responsibilities is provisional tax. This system ensures that the Inland Revenue (IRD) receives regular payments towards your tax liability throughout the year, rather than all at once when you file your tax return. For many taxpayers, provisional tax can feel overwhelming—especially if you’re new to the concept or have recently experienced a significant increase in income. That’s where GCOL Chartered Accountants can assist in making this process as smooth as possible.

What is Provisional Tax?

Provisional tax is a system where taxpayers make interim tax payments throughout the year based on an estimate of their final tax liability. These payments are due in three instalments, generally in August, January, and May. The aim is to help spread the tax burden over the course of the year, rather than having to make one large payment at the end.

There are three main methods for calculating provisional tax:

1. Standard option – You pay provisional tax based on last year’s tax return.

2. Estimate option – You can estimate what you expect your tax liability to be for the current year and base your provisional tax payments on that amount.

3. Ratio option – Available to businesses, this method is based on a percentage of your GST taxable supplies for the year.

The challenge with provisional tax lies in accurately estimating your tax payments and avoiding underpayment or overpayment. Incorrect estimates can lead to penalties or interest charges, while overpayment means cash flow issues for your business.

Why Provisional Tax Can Be Tricky

For some people, provisional tax can be confusing. You may not always know how much to pay in advance, especially if your income fluctuates from year to year. This can result in overestimating and paying too much or underestimating and facing penalties from IRD later on.

Additionally, businesses that have complex financial structures or multiple sources of income may struggle to keep track of what’s owed and when. If you're not paying provisional tax correctly, it could result in a significant surprise at the end of the year—something that no one wants when it comes to taxes!

How GCOL Chartered Accountants Can Help

Navigating provisional tax can be a daunting task, but GCOL Chartered Accountants is here to assist. Here's how we can help simplify the process:

1. Accurate Provisional Tax Calculations

We can help you determine which method of provisional tax works best for your situation and ensure that your provisional tax payments are accurate. By working with our team, you can avoid overestimating and underestimating your taxes, which helps maintain healthy cash flow for your business or personal finances.

2. Tax Planning and Advice

Provisional tax is just one part of your overall tax planning strategy. At GCOL Chartered Accountants, we provide strategic tax advice to optimize your tax position and ensure you're not paying more than you need to. Our experts will analyse your income, expenses, and projections to provide tailored recommendations that align with your financial goals.

3. Tax Return Filing

Once the provisional tax year concludes, we’ll ensure your tax returns are filed accurately and on time. This will help you determine if you’ve overpaid or underpaid, and we’ll make sure you’re not hit with any unnecessary penalties or interest.

4. Provisional Tax Payment Reminders

You don’t need to worry about remembering due dates or tracking payments—we can handle that for you! Our team will send you payment reminders for upcoming provisional tax deadlines and make sure you stay compliant with IRD.

5. Specialist Support for Businesses

If you're a business owner, GCOL Chartered Accountants can guide you through the complexities of provisional tax in relation to your business finances. We understand the unique challenges that businesses face and can help you make smarter decisions when it comes to your GST, PAYE, and provisional tax obligations.

6. Dealing with Underpayment or Overpayment

If you've faced issues with underpayment or overpayment, GCOL Chartered Accountants can help you rectify the situation with IRD. We'll assist in negotiating with the tax office to ensure that you aren’t facing undue penalties and, if possible, secure a refund for any overpaid taxes.

Why Choose GCOL Chartered Accountants?

At GCOL Chartered Accountants, we have years of experience helping individuals and businesses navigate the often-complicated world of New Zealand tax. Our knowledgeable team is dedicated to providing clear, effective, and personalized advice tailored to your unique financial situation. Whether you’re an individual taxpayer or a business, we’ve got the expertise to ensure you’re on the right track with your provisional tax obligations.

We offer practical solutions, peace of mind, and a commitment to helping you meet your tax responsibilities efficiently. Instead of dealing with the complexities of provisional tax on your own, trust GCOL Chartered Accountants to guide you every step of the way.

Final Thoughts

Provisional tax in New Zealand doesn’t have to be a headache. By working with professionals like GCOL Chartered Accountants, you can ensure that your payments are accurate and timely, reducing the risk of surprises at tax time. With the right planning and expert advice, provisional tax can become a manageable part of your financial routine.

If you’re feeling uncertain about your provisional tax obligations or need expert guidance, get in touch with us at GCOL Chartered Accountants today. We’re here to help make your tax journey stress-free and straightforward!

Do you have specific questions about provisional tax? Feel free to reach out for a consultation. We're here to support you!

How to Prepare for the End of the Financial Year

Thu, 30 Jan 2025 21:56:32 GMT

A little work now will make next year much easier......

As we approach the end of the financial year (EOFY), it’s time to get your finances in order before the deadline hits on March 31st. Whether you’re a business owner, freelancer, or an individual taxpayer, preparing ahead will save you time, stress, and potentially some money. Plus, making our job easier will help ensure your tax return is filed smoothly and accurately. Here’s how you can gear up for EOFY and assist GCOL with a streamlined process.

On 1 April we will email out links to our electronic questionnaire system and make PDF questionnaires available on our website for completion. In preparation for this here are a few steps to make the process faster and easier.

1. Get Your Financial Records Sorted

One of the most important steps in preparing for EOFY is to ensure all your financial records are accurate and up to date. This includes:

Bank statements : Ensure all bank transactions, business or personal, are categorized correctly in your accounting software or spreadsheets or downloaded from your bank.
Invoices and receipts : Gather all your invoices and receipts for any income or expenses. Make sure you have copies of all sales, purchases, and any transactions that may be deductible (e.g., business expenses).
Employee records : If you have employees, make sure all payroll information is correct, including salary, wages, deductions, and KiwiSaver contributions.

2. Reconcile Your Accounts

Take the time to reconcile all your accounts, including:

Bank and credit card accounts : Match your bank statements with your accounting records to ensure everything is accounted for. If there are any discrepancies, now is the time to address them.
GST returns : If your business is registered for GST, check that all GST returns are filed correctly and up to date. This includes making sure the right amount of GST has been collected and paid.

Reconciliation helps avoid errors and makes our job far easier.

3. Review Your Business Expenses

If you're a business owner, it’s crucial to assess your expenses for the year. Double-check all business-related deductions, as they can lower your tax liability. Consider things like:

Office supplies
Equipment purchases
Travel expenses
Professional development costs (courses, seminars, etc.)
Home office expenses (if applicable)

Don’t forget to keep track of any assets that may have been depreciated during the year and consider whether there are any items you can write off for tax purposes.

4. Understand Your Tax Obligations

New Zealand has different tax rates and obligations depending on your income or business structure. Here are some key things to review:

Income tax : Check whether you have received any income that needs to be declared. For businesses, this also includes dividends, sales income, and other revenue streams.
PAYE : If you employ others, make sure all PAYE (Pay As You Earn) tax payments are up to date. Your accountant will need accurate PAYE records for their calculations.
KiwiSaver : Ensure that any contributions made to your own KiwiSaver (or for employees) are accurate and up to date.

If you are unsure about any deductions or obligations, don’t hesitate to ask us for guidance. The earlier you ask, the better.

5. Check for Any Pending Tax Credits or Losses

If your business has experienced a loss in a previous year, you may be able to carry forward those losses to offset your current year's income. This can significantly reduce your taxable income, so it's important to check with us whether you're eligible.

Additionally, review any tax credits you can apply for, such as the Research and Development (R&D) Tax Incentive if applicable to your business.

6. Get Your Tax Payments Organized

If you’ve received a provisional tax bill or are due for a final tax payment, make sure you’ve budgeted accordingly. You can pay your tax in instalments throughout the year, but it’s essential to set aside the funds so you aren’t hit with a large sum when filing your tax return.

If you're uncertain about your payment amount, we can help you calculate your liability and advise on payment options. Once calculated we will notify you as payments fall due and also advise on payment options timings mean funds are not readily available.

7. Communicate with GCOL Early

Don’t leave everything to the last minute. Contact us well in advance and set up a meeting or provide us with your financial records. This allows us time to review your records, make any necessary adjustments, and advise you on anything you might have missed.

By keeping open lines of communication, you ensure that your tax filing is accurate and timely.

8. Consider Tax Planning for the Next Financial Year

The end of the financial year isn’t just about wrapping up last year—it’s also a great opportunity to plan for the future. Meet with Tony to discuss ways to minimize taxes for the upcoming year. This could include strategies like:

Structuring your business to maximize tax advantages
Making additional contributions to your KiwiSaver
Exploring potential tax credits or incentives
Adjusting your provisional tax payments based on predicted income

9. Set Up Good Systems for Next Year

One of the best things you can do is to set up systems to track your finances more easily for the next financial year. Implementing accounting software or a simple filing system for your receipts and invoices will save you time and effort when EOFY rolls around again. It also helps keep everything organised, which is a huge relief for both you and us.

10. Don’t Forget About Personal Finances

For individuals, the EOFY isn’t just about business income. It’s also a time to review personal finances and ensure you’re making the most of any available tax deductions. This could include:

Charitable donations
Student loan repayments
KiwiSaver contributions (if you haven’t maxed out your annual contributions)

Keep an eye on the KiwiSaver limits and consider contributing more if you haven’t hit the annual maximum. Every little bit helps when it comes to saving for retirement.

Preparing for the end of the financial year in New Zealand may feel like a daunting task, but with the right steps in place, you can make the process much smoother. By organizing your financial records, reviewing your expenses, and proactively communicating with your accountant, you’ll ensure a hassle-free EOFY. Plus, a little preparation goes a long way toward minimizing your tax liability and setting yourself up for success in the year ahead.

As always, if you’re unsure about anything, don’t hesitate to reach out to the team at GCOL—we are here to help guide you through the process and make your tax filing as easy as possible.

Happy EOFY!

Dealing with IRD Debt

Thu, 26 Sep 2024 20:49:48 GMT

Remember you are not alone....things are tough out there

Many New Zealand businesses are feeling the impact of New Zealand’s slow economy. Latest statistics show business leaders feel less positive about their business financials than they have in the past two years, with cash flow a major concern for many.

When times are hard, businesses may find themselves prioritising their finances and determining which creditors to pay first. While this can be a difficult decision, it’s essential to consider who you are legally and morally obliged to make payment to - including Inland Revenue.

The role of Inland Revenue

Inland Revenue has two main duties:

Firstly, to protect the integrity of the tax system; and
Secondly, to collect over time the highest net revenue practicable within the law.

Broadly, this means they need to be fair and collect money efficiently. These duties are important when considering Inland Revenue’s position on debt owed by the taxpayer.

Prioritising payment

When funds are tight, businesses may need to make careful decisions about which creditors to pay, and when. While it can be tempting to prioritise paying the ‘squeakiest wheel,’ major suppliers and those who could interrupt your operations, it’s important to consider all your debt and the creditors you are obliged to pay.

Inland Revenue may not make the most noise and for some businesses, they may not always be at the top of the list when it comes to thinking about debt and prioritisation – but tax obligations must always be met. This is especially important given the $29 million allocated for compliance in this year’s Budget, which the IRD has said it will use to target people who have not met their tax obligations. Inland Revenue has indicated that they are focusing on tax debt owed by businesses in the construction industry, and businesses who took out the small business cashflow scheme loans.

We covered the role of fairness for Inland Revenue above. For business leaders, it’s equally important to be fair in meeting your tax obligations. If you practise fairness when dealing with Inland Revenue, you may find you receive fairness in return.

Practical tips for dealing with Inland Revenue debt

With this in mind, here are some practical tips for dealing with Inland Revenue debt.

PAYE and GST are considered to be funds held on trust for Inland Revenue, so prioritise the payment of these tax debts.

Hit it head on. Contact Inland Revenue sooner rather than later - they are there to help taxpayers with managing compliance and can assist with an instalment arrangement.

Interest and late payment penalties will accrue on overdue tax debt. Have upfront discussions with Inland Revenue about financial relief and instalment arrangement, as timely application may result in fewer penalties being applied.

Any instalment arrangement to make good the debt over time must be realistic and should take into account the need to keep up to date with your current tax liabilities.

Explain the reasons for the predicament. This is important. For example, if the business is suffering because of personal spending, this is different from a significant downturn in the market and a fall in revenues.

Serious financial hardship relief may be available for sole-trader individuals if paying the tax debt will result in them being unable to meet daily minimum living expenses, medical expenses or pay for education costs of their children. In such situations, Inland Revenue may agree to write off an amount of tax debt.

Stand in the shoes of Inland Revenue. What could the Commissioner expect to receive if they closed the business down and liquidated the assets, versus continuing operations?

Finally, it’s important to remember that when you’re dealing with Inland Revenue, you’re dealing with people. This can be easily forgotten in the increasingly technical world of chat bots, emails and AI. Keep this ‘people’ element top of mind - respond, don’t bend the truth, and do what you say you’re going to do; there’s a lot more greyness in this than “0s” and “1s”.

If you’d like any assistance meeting your tax obligations, give us a call.

The Trust tax rate is changing.....

Wed, 13 Mar 2024 23:36:58 GMT

The trust tax rate is changing............

From 1 April 2024 the Trust tax rate is increasing from 33% to 39%. Here’s what you need to know.

What is changing and when will this happen?

The trustee tax in family trusts is increasing from 33% up to 39%. A bill is currently before parliament and the change will take effect from 1 April 2024 (or from the equivalent balance date).

Am I affected?

The 39% tax rate applies to amounts retained as trustee income and not allocated to individual beneficiaries. Where income is allocated to beneficiaries, their individual tax rates apply.

Most trusts have the ability to allocate income to beneficiaries. Where beneficiaries’ individual income exceeds $180,000, income is taxed at 39%. The Bill also applies to estates. However, estates are exempt from the 39% rate for 12 months from the date of death. During the 12-month period, the estate will be taxed at the personal tax rate of the deceased person.

Another special rule in the Bill applies to Trusts settled for the care of a disabled person. These will be taxed at the personal tax rate of the disabled beneficiary.

Is it still a good idea to have a family trust?

There are benefits to having a family trust in terms of asset protection, succession planning and tax benefits.

Protecting assets – having a trust in most cases limits your personal liability. For example, if you provide a personal guarantee, or if you are convicted of an offence and fined under the Companies Act 1993, the Health and Safety at Work Act 2015 or the Resource Management Act 1991. A trust can also be a useful asset structure if you need more flexibility to deal with your assets upon your death and reduce the chance that a claim will be made against your estate.
Succession planning – assets can be held in a Trust for various family members for multiple generations. This is especially the case where the asset of the Trust has special family significance (e.g. a waterfront bach) or where there is a family members with a disability that requires assistance from trustees to manage their finances (e.g. a trust that provides for an intellectually disabled child after their parents have both passed away).
Tax benefits – subject to accounting advice, you can allocate income to various family members. Beneficiaries under 16 can only receive $1,000 but other family members can be allocated income at lower tax rates. Where land and buildings are held by a Trust, it is easier to distribute capital gains than it is in a company situation and those capital gains can be distributed to one or more of the beneficiaries as required.

What does this all mean for you?

It is important that you understand the implications of the Bill for your family trust. We are here to help. Get in touch with the team today.

Rules for tax invoices are changing 1 April 2023

Tue, 28 Mar 2023 23:16:50 GMT

Rules for tax invoices are changing on 1 April 2023

The new rules surrounding tax invoices come into action on the 1st of April 2023. The new term ‘taxable supply information’ is a more general requirement and will be replacing the current requirements of ‘tax invoices".

Some of the changes include-

New terms:

Old term New term

Tax invoice Taxable supply information

Debit note/credit note Supply correction information

Buyer-created tax invoice Buyer-created taxable supply information

‘Taxable supply information’, which replaces the current ‘tax invoice’ requirement, now allows you to hold all the information you need for the requirements in any capacity, so long as all the information is there.

Here are the new threshold changes and requirements:

Amounts less than $200

• Name of supplier

• Date of the invoice (or if there is no invoice, the time the goods were supplied)

• A description of goods or service

• Amount paid

At minimum you are required to have a piece of paper (or stored electronically) that confirms the transaction and the above information.

Amounts between $200 and $1,000

The above requirements and in addition…

• GST number

• Either the GST exclusive amount, the amount of GST being added and the GST inclusive amount or the GST inclusive amount and a statement saying it is GST inclusive.

Amounts over $1000

All of the above requirements and in addition the buyers details, which entails the below…

• Name

• Address

• Phone number

• Email address

• Trading name if different from the name of the supplier

• New Zealand business number or URL address for their website. We take the word “their” to be the address for the New Zealand business number, which is https://www.nzbn.govt.nz/

For an extensive list of these changes, please refer Inland Revenue HERE .

1 April 2023 Changes

Tue, 28 Mar 2023 23:07:55 GMT

1 April isn't just the start of a financial year......changes are coming.

Minimum wage increase

The adult minimum wage will increase from $21.20 per hour to $22.70 – an increase of 7%. For someone who works a 40-hour week on the minimum wage, this increase will give them an extra $60 a week before tax. The starting-out and training minimum wage will rise from $16.96 to $18.16 per hour.

Superannuation

Superannuation will increase by about $100 for a couple per fortnight, and about $70 for individuals (after tax).

How much a person receives depends on living situations and tax rates.

For a single person living alone, the fortnightly rate will increase from $925.88 to $992.74 after tax (at rate M), while a couple who both receive superannuation will have their combined fortnightly payment increase from $1424.44 to $1527.28.

Childcare assistance

The income thresholds for the childcare subsidy and out of school care and recreation (OSCAR) subsidy are increasing.

Working for Families tax credit

The family tax credit will increase by $9 a week for the eldest child to $136 a week, and by $7 a week for subsequent children to $111 a week.

Best Start too will lift by $4 a week to $69 a week.

Other benefit increases

All other benefits increase on April 1.

Student support rates will increase in line with inflation, with single students under 24 without children to get an extra $20.21 per week. Others include jobseeker support, the young parent payment and disability allowance.

Lower petrol costs and half price public transport will remain until the end of June – and permanently for community services cardholders and tertiary students.

Available Covid Leave Support

Thu, 03 Feb 2022 21:10:28 GMT

With the recent changes to the traffic light system now in effect, you may be wondering what support is available if you or your team must self-isolate due to COVID-19 and are unable to work from home.

The Government has two schemes available to employers, including self-employed people: COVID-19 Leave Support Scheme and the Short-Term Absence Payment.

Leave Support Scheme

This scheme has been adjusted to a weekly payment to recognise the periods of self-isolation have changed.

To qualify, a set of criteria needs to be met. Your team members must have been advised to self-isolate for a period of at least four consecutive days (and are unable to work from home for that period) for any one of the following reasons:

* They have COVID-19

* They are a close contact of a person who has COVID-19

* They are the parent or caregiver of a dependant who has been advised to self-isolate

* They are in the category of people most at risk of severe illness from COVID-19

* They have household members in the category of people who are most at risk of severe illness from COVID-19

The team members must have been advised to self-isolate by any one of the following:

* A medical officer of health or their delegate i.e the MOH or a public health official

* A medical practitioner i.e. a GP

* The National Investigation and Tracing Centre

It’s a good idea to have supporting documents on file that meet the above criteria in case you are asked to provide them.

The funding available is as follows and needs to be applied for on a weekly basis:

* $600 a week for full-time workers who were working 20 hours or more a week

* $359 a week for part-time workers who were working less than 20 hours a week

Currently, there is no stand down time for employees — for example:

* An employee may have to self-isolate for a week and receive the scheme, but they are eventually cleared to return to work

* A few weeks later, they may find themselves in a situation where they have to isolate again — you can still apply for the scheme this time around.

To find out more about the Leave Support Scheme, visit the Work and Income website here https://www.workandincome.govt.nz/covid-19/previous-payments/leave-support-scheme.html

Short-Term Absence Payment

To qualify for this scheme, your team members must be awaiting a COVID-19 test result and are unable to work from home.

The funding available is as follows:

* $359 for each eligible team member — please note you can only apply once per eligible worker in a 30 day period.

To find out more about the Short-Term Absence Payment, visit the Work and Income website here https://www.workandincome.govt.nz/covid-19/previous-payments/short-term-absence-payment.html

Important things to note about the two schemes

* An employee cannot receive both subsidies at the same time, so you must ensure the test results are back before making any decisions around which subsidy to apply for.

* If you do apply, it’s a good idea to have documentation on file to support your claim in case it is ever questioned by MSD. You might need support from HR as it will be personal information you are putting on file rather than financial.

Please feel free to circulate this email to anyone who may find it useful and if you are unsure about any of the above schemes, please give us a call or email us on info@gcol.co.nz

We are here to support you during this time.

Keep safe

HOW WELL DO YOU KNOW YOUR BUSINESS

nz-webmanager@wolterskluwer.com (Web Manager) — Sun, 03 Jan 2016 22:00:00 GMT

The start of a new financial year is an appropriate time to take stock of the position your business is in at present. This month you could ask yourself "How well do I know my business? To start this process, why not ask your employees what business you're in. Then compare their answers to yours. As part of the review of "How well do you know your business?" we have prepared a check list which we are happy to send you. Some of the questions are:

Customers

So ask yourself, how well do you know your business?

EMPLOYEE SURVEYS TO BOOST CUSTOMER SATISFACTION

nz-webmanager@wolterskluwer.com (Web Manager) — Sat, 07 Mar 2015 22:00:00 GMT

It is almost always best to start by focusing on your employees first. Highly satisfied and engaged employees are essential for achieving high levels of customer satisfaction, retention and long-term loyalty. Start by listening to your employees and taking action based on their ongoing feedback.

Conduct an employee survey / employee engagement survey to gather information, suggestions and insight from your employees. Ask them about what it is like to work for your company and what can be done to help them do their jobs more effectively and to do a better job of taking care of customers.

Don't be surprised if you end up identifying a very large number of challenges and opportunities. If challenges and problems exist, you need to know about them, prioritise them and take action.

Your goal should be to use the employee survey results to achieve large-scale increases in employee engagement and satisfaction, with a much greater focus on your customers and meeting or exceeding their expectations.

Once you start to achieve positive results, you should also conduct customer surveys to assess customer satisfaction levels and to see how your customers feel about your company, your employees, your products and services and other key issues that drive customer satisfaction and retention. Don't be afraid to ask customers about things you know you are not doing well. You need to learn about how customers feel.

In summary, take good care of your employees, set the right direction, provide good leadership, identify problems and opportunities, take action and measure ongoing progress. This will enable your company to attract and retain customers and to be competitive and profitable.

GETTING STARTED WITH FACEBOOK ADVERTISING

nz-webmanager@wolterskluwer.com (Web Manager) — Wed, 11 Jun 2014 23:00:00 GMT

The advertising platform works somewhat like Google AdWords. You simply bid for keywords based on Facebook users' profiles and compete to get your ads placed.

You can target your ad using a range of variables, including keywords, location, age, gender, education, relationship status and interests. You can also choose between a cost-per-click (CPC) pricing model, where you pay only for clicks, and a cost-per-thousand (CPM) model, where you pay per 1,000 ad views.

To start a Facebook ad campaign, you simply select the pricing model you prefer and then determine a bid per click and set a daily budget. You can choose whether you want people to be directed to your web page or to a page, aplication, group or event on Facebook.

Facebook puts a "Like" or "RSVP to This Event" button right in the ad so people don't have to visit your page to take action, although you can track them better if they do.

There's not much real estate on a Facebook ad. To be effective, the headline, which can be up to 25 characters, must grab attention immediately, and the body copy, which can be up to 135 characters, should describe and entice in succinct language. Select an image to accompany your ad for maximum impact.

With some 500 million active users, Facebook is a key platform for marketing businesses, brands, services, products and events. Facebook ads offer a great oportunity to attract more visitors to your website and to increase sales, membership, subscriptions and inquiries.

BALANCING BUSINESS LIFE WITH YOUR PERSONAL LIFE

nz-webmanager@wolterskluwer.com (Web Manager) — Thu, 06 Jun 2013 23:00:00 GMT

Okay, so you have a business plan - but do you have a life balance plan? After all, making your business a success is a marathon, not a sprint. So it's important to pace yourself by recharging your internal batteries on a regular basis. This can really help your business thrive!

Stay focused
It's easy to lose sight of personal needs when you're caught up in the excitement of building your business. That's why you have to approach your personal life just as you do your business life. Decide what your priorities and values are. After all, spending time with your children or enjoying a vacation aren't just indulgences; they're activities that provide you with a fresh perspective on life.

Be organized
Sometimes it takes real organisation skills to find time for relaxation. So set up a schedule for your personal time if you have to - commit to a set number of personal hours every week, and be strict with yourself. You'll be more likely to stick to the schedule and once you've made personal time part of your weekly routine, you'll find the benefits will help you keep going.

Don't cross the line
If you're a home-based business, try to set a distinct line between work and home time. Leave work at the office, even when the office is only steps away. Commit to having dinner with the family every night, or not working on weekends.

Wolters Kluwer - Vega Demo Site, Pre-designed Template

Floods & Storms: What To Do During and After Severe Weather

Take care and stay safe

Right Now – Focus on Safety

Protect What You Can (If Safe)

In the Next 24–72 Hours

1. Document Damage

2. Contact Your Insurer

3. Expect Business Disruption

Financial & Tax Support – We Can Help

Preparation for Future Events (Once Things Settle)

1. Back Up Your Financial Systems

2. Review Your Insurance Cover

3. Protect Physical Assets

4. Have a Basic Business Continuity Plan

5. Build a Financial Buffer

6. Keep Key Contacts Handy

��‍��‍�� People & Safety

�� Important Documents

�� Business & Financial Access

�� Money & Essentials

�� Quick Protection (If Time Allows)

�� Key Contacts (Save in Your Phone)

Simple Rule: People first. Documents second. Everything else is replaceable.

A Practical Reminder for right now

We’re Here to Help

Saving Petrol = Saving Cash

Saving Petrol = Saving Cash

Reminder

KiwiSaver and Wage Changes Coming in 2026

Understanding Provisional Tax In New Zealand

We are here to help

1 April 2026: What’s Changing in New Zealand Tax, Law and Business?

Changes are coming...

�� Higher Minimum Wage

�� ACC Earners’ Levy Increase

�� KiwiSaver Contribution Rates Increasing

�� Changes Affecting Migrants, Remote Workers and Foreign Income

��‍�� Technical Tax and Compliance Changes

❗ What’s NOT Changing on 1 April 2026

�� The Bigger Picture for Businesses

✅ What Should You Do Now?

KiwiSaver Changes from 2026: What Employers and Employees Need to Know

First changes due in February to time to prepare

Why KiwiSaver Is Changing

The Key Changes from 2026

1) Higher KiwiSaver Contribution Rates

2) Employer Contributions for 16–17 Year Olds

3) Temporary Contribution Rate Reductions

KiwiSaver Change Timeline

Tax and Payroll Implications for Employers

Why This Matters

What Should Businesses Do Now?

﻿

Greece Releases Expanded Tax Guide for Citizens Living Abroad

Some information for our Greek Clients

Greece introduces new tax guide for citizens abroad

Greece’s tax guide explains registration and residency rules

Preventing double taxation

Special tax regimes for returnees and investors

Digital services as the primary channel

Sunshine, Good Food & a Smooth End to the Year 🎅

As we head into Christmas, the team at GCOL Chartered Accountants wants to wish you all a relaxing break filled with sunshine, good company, and hopefully a moment or two where your inbox is blissfully silent

✨ GCOL’s Top 5 NZ Christmas Recipes✨

�� 1. Honey–Mustard & Pineapple Glazed Ham

�� Ingredients:

�� Method:

�� 2. Pavlova Wreath With Berries, Kiwifruit & Passionfruit

�� Ingredients:

�� Method:

�� 3. Cold Roast Chicken With Cranberry, Lemon & Herb Stuffing

�� Ingredients:

�� Method:

�� 4. BBQ Grilled Prawns With Lime, Chilli & Garlic

�� Ingredients:

�� Method:

�� 5. NZ Christmas Summer Cake — Vanilla, Berries & Lemon Cream

�� Ingredients:

�� Method:

�� Christmas Office Hours