Happy Holidays

The team at BDO Rotorua wish you a safe and happy holiday season. We look forward to backing your business success in 2016. Our office will be closed from 5.00pm, 22 December 2015. Re-opening 8.00am, 13 January 2016.    Read more

Keeping up to date with the latest Xero announcements – Top Tips

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. “Bet you wish you had known that before” Our BDO Xero Heroes this edition have some great tips they have learned over the years to give you some real Xero superpowers! Faster logging into Xero….remember me? If you decided all those years ago to use…  Read more

Making Your Business Really Fly

When it comes to running a business a lot of people do not realise how important it is to create value.  Business owners simply keep working hard, but quite often they are working on the wrongs things. Most people work IN their business. However, the secret is to work ON your business so that you don’t have to work in it. What does “working ON it” mean? Simply developing key…  Read more

Keeping up to date with the latest Xero announcements – Online quotes

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments.  Here’s a quick look at Online Quotes. In the past in order to send a quote you created and printed a ‘draft invoice’. For users that knew how to modify the invoice templates (easy to access and straight forward to learn), this proved a way…  Read more

Keeping up to date with the latest Xero announcements – Side by side files

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here’s a quick look at Side by Side Files released in earlier in March Side by side files are an extension of the Xero file server system which allows you to view the actual invoice you received (pdf) next to the invoice within Xero you are creating.…  Read more

Keeping up to date with the latest announcements from Xero!

Xero have been working hard releasing lots of new features over the last year so you could have easily overlooked a few of the developments. Here is a quick look at one of the important changes coming: The new and improved payroll was released in April of this year and has significantly improved functionality and usability over the last few months. The Xero Payroll can now: Calculate the tax amounts…  Read more

Cashflow Vs Profit

Have you ever wondered why you haven’t got the profit your Accountant has told you you earned, and you pay tax on, in the bank? The purpose of a business is to make money.  In order to ensure it does you need to have a clear understanding of the difference between profit and cashflow, as not recognising the difference between these two is one of the biggest mistakes a business…  Read more

Are Trusts Dead?

Having appeared to have fallen out of fashion with the demise of some tax benefits in the past decade there has been some debate about the place and value of trusts in managing and protecting ones assets and wealth. However trust are far from disappearing ,they continue to be utilised for a wide variety of reasons, with the law commission estimating in its 2013 review that the number of trusts…  Read more

Having A Field Day

I love heading along to New Zealand Fieldays, a four-day fest of rural people getting together to mix and mingle amidst the latest in agricultural gear and solutions – and I wasn’t disappointed this year, despite doom and gloom around low dairy payouts , it was as crowded and buzzy as ever. Spending was however subdued with farmers looking for bargains and solutions that would enable them to operate more…  Read more

John Key Quasi Capital Gains Tax set to stop the cowboys

Ahead of today’s Budget announcements, one of the most interesting things we’re likely to see will be the fine-tuning of John Key’s quasi-capital gains tax announced last weekend. This tightening of rules on property transactions, which comes into effect on 1 October, will see a capital gains tax (CGT) imposed on residential property sold within two years of buying it. It follows ongoing prodding by the Reserve Bank of New…  Read more

New software perfect to ‘crunch’ the numbers

Accounting software has changed the world for business owners – and their accountants – taking on the mind-numbing ‘crunch’ side of running a business. But bank statements, tax and compliance issues are only one part of running your business.  Data driven decisions have to be made daily that are critical to meeting the future goals of the business …should your business expand? Should you hire this quarter or next? Looking…  Read more

Challenges and Strategies in 2015

Across sectors, small businesses face the same challenges in 2015; namely increased competition from global chains, technology-driven commoditisation of products/services and consumer comfort with online sales. For some, trying to compete against this changing world and its economies of scale seems unsustainable.  Yet, challenges are also opportunities and in 2015 the winners will be those who differentiate themselves in the market, by delivering highest quality ‘personalised’ service and products by…  Read more

The Home Business

When asked about what costs can be claimed as tax deductions when running a business from the home, my first response is don’t overdo it. There are certainly home running costs that can be converted into tax-deductible business costs. These range from heating and lighting to rates, repairs and maintenance on the business space used, depreciation on air conditioning, security alarm systems, furniture, carpets, curtains, etc. But it all depends…  Read more

New Rules for Expat Pension Transfers

This may seem like an odd topic to launch into when the dust has hardly settled on the New Year celebrations, but for anyone with a UK public sector pension wanting to transfer these funds to New Zealand – you need to act now or it may be too late. The UK has changed their pension rules which will mean anyone with a public sector benefit scheme will not be…  Read more

Four Focuses for 2015

I’ve spent years encouraging Rotorua’s small business owners to grow their networks, get out and talk to other businesses, learn and listen and open doors to new business and collaboration. It doesn’t cost anything and the benefits are wide-ranging. Yet, as I’ve found and as  research shows, a lot of businesses prefer to do it on their own, not share their ideas, plans and progress and by the time they…  Read more

Taking a holiday in the family bach, understand the tax facts

If you are thinking about taking a holiday in the family bach which is usually rented out over this summer period, ensure you understand the implications and how the relatively new mixed-use asset rules may apply to your situation. From the 2014 tax year (1 April 2013 for most) Inland Revenue has made some significant changes to the mixed use of assets. Expenses are only deductible to the extent of…  Read more

Future Proofing

When preparing for a Family Business Succession presentation I was giving recently, there was no way of avoiding the ‘Death’ topic.  Isn’t it funny how something we all know is inevitable creates such a feeling of being a taboo subject?  There are plenty of titles for this sort of work such as Estate Planning, Succession Planning and Exit Strategies and, I know it is only semantics but don’t these titles…  Read more

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