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Seven top tips to close off the financial year

Seven top tips to close off the financial year

The end of the financial year can be an exhausting and stressful time for small businesses.

Start this new financial year by utilising automation to stay on top of your bookwork. Take photos of receipts and send them to Xero, create invoices on your mobile, complete bank reconciliation daily and form habits to keep you up to date and in control.
Often you are so focused on the day-to-day running of your business, the less exciting aspects, like bookkeeping, can

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Kilometre Rate

Kilometre Rate

On 14 December 2020 the Inland Revenue Department announced the new kilometre rate for the 2020 financial year for the business use of vehicles. Tier 1 goes up to $0.82 per kilometre, tier 2 is reduced to $0.28 per kilometre for petrol and diesel vehicles and $0.17 per kilometre for hybrids. The rate for electric vehicles remains unchanged at $0.09 per kilometre. If the 2020 tax return has been filed and a taypayer wishes to adjust the rates, an application can be made to Inland Revenue for
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Unconditional Gifts and GST

Unconditional Gifts and GST

Publication IS 20/09 GST - unconditional gifts (ird.govt.nz) was published on 23 December. It clarifies that a payment made to a GST registered non-profit body as an unconditional gift is not consideration for a supply and is not subject to GST. Also, unconditional gifts are not included for the purposes of determining whether the entity has reached the threshold requiring it to register for GST. Non-profit bodies therefore need to know when they are receiving unconditional gifts. This interpretation statement also looks at what voluntarily means, issues
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