In the five years Xero has been on the market it has quickly gained a reputation as being the easiest accounting system around. Xero is a cloud based system which means that you can log into it securely from any computer with an internet connection anywhere in the world. It also means you won’t need to buy costly accounting packages and upgrades ever again and it even eliminates the need for backups – if your computer crashes you won’t lose your accounting data! In addition to these practical benefits using Xero has many advantages that can give your business an edge:
How Xero supports your business from Starting-up to Selling for Profit
Topics: benefits of Xero, Firm News, online accounting, small business accounting, xero, accounting, Blog
Former restaurant owner gets home detention for false income reporting
A former Wellington restaurant owner has been sentenced to five months home detention and 200 hours of community work for filing false Income Tax and GST returns and evading tax.
Topics: false returns, Firm News, accounting, Blog, Inland Revenue, penalties, tax, tax evasion
A great new start or the same old, same old (or something in between)?
Today the new tax changes come in for those of us still left in the rental property market. It’s the start of a new financial year and it doesn’t feel so new anymore. We are all in the throes of electing to change to LTCs, we know about the depreciation changes and we know that our rental property losses won’t have such an effect on our tax this year – but what about this year? What is going to happen to the rental property market, particularly in Auckland where one of the biggest shows in town is going to arrive in a few months time?
Topics: 2012 financial year, demand, Firm News, investment property, rental property, xero, accounting, Blog, inflation, LTC, property, xero accountant, accountant, changes
Getting the Taxation Fundamentals Right in Property Investment
The Tax Changes – are they making you worried about your future losses or is it back to fundamentals in property investment.
Topics: assets, Firm News, investment property, tax changes, taxation, accounting, Blog, deppreciation, expenses, income, investor, IRD, LTC, mortgage, property, wise advice, accountant, cash flow, look through company
What Tax do I have to pay if I’m Selling a Property for Profit?
If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.
Topics: Firm News, GST, investment property, rental property, xero, accounting, Blog, IRD, profit, property sale, property tax, tax, changes