Many people dream of buying a business and turning a small idea into a big success. The attractions are in making large profits, being your own boss, making your own decisions and employing other people to do your work and having time to think of other small ideas to grow… Buying an existing business gives you a kick-start in premises, plant, machinery, staff, plus brands, goodwill, marketing, databases – all assets that are attractive to a prospective buyer.
Topics: business, buying a business, due dilligence, financial, Firm News, report, xero, be your own boss, Blog, investment, valuation, value, xero accountant, accountant, franchise
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
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
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
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