Wolters Kluwer - Vega Demo Site, Pre-designed Template

GOVERNANCE FOR SMES: WHAT IT REALLY MEANS

Mon, 04 May 2026 06:38:08 GMT

Governance isn’t corporate red tape — and it’s not just for big companies.

For SMEs, governance is simply how decisions are made, monitored, and held accountable as the business grows.

It’s not just compliance. Even the Institute of Directors in New Zealand makes it clear governance is about strategic oversight and long-term value — not box-ticking.

In a smaller business, governance can be straightforward:

Clear roles and decision rights
Defined board vs management responsibilities
Documented strategy
Regular performance reporting
Agreed risk boundaries

Without it, growth can create cash strain, margin leakage, and founder bottlenecks.

With it, you gain clarity, credibility, and control.

Governance isn’t bureaucracy.

It’s the structure that lets you scale confidently.

END OF YEAR QUESTIONNAIRES

Thu, 23 Apr 2026 23:45:02 GMT

Now’s a great time to get started on our end‑of‑year questionnaires — before the months fly by and the job takes four times as long!

�� Click the link below to head to our website.

Resources, Chartered Accountant, Accountant, Business Plus One, Pukekohe, Auckland, South Auckland, BPO, Franklin

WINZ SUPPORT IN BUSINESS

Sun, 19 Apr 2026 23:18:06 GMT

If you or someone you know has a promising business idea but limited financial resources, you may qualify for WINZ support benefits created to assist New Zealanders in launching and developing their businesses.

Starting or growing a business in New Zealand can be exciting — but it can also be financially tough, especially in the early stages. What many people don’t realise is that Work and Income New Zealand (WINZ) offers several support programmes designed specifically to help New Zealanders become self‑employed, launch new ventures, and sustain themselves while their business gets off the ground.

Whether you’re developing a side‑hustle, transitioning from a benefit into self‑employment, or growing a small business, here’s a clear overview of the WINZ supports available to you.

1. Business Training and Advice Grant

The Business Training and Advice Grant helps new business owners develop core skills and create a solid business plan. This support can cover training, business planning assistance, professional advice, and project reports. It’s designed for people who are self‑employed or preparing to start a new business.
[workandinc...me.govt.nz]

You can use this grant to:

Improve your business capability
Work with an advisor
Strengthen your business plan before applying for other grants

This is especially useful if you have a great idea but need guidance to turn it into a viable business.

2. Self‑Employment Start‑Up Payment

If you're beginning a business and need help covering essential startup costs (e.g., initial stock, equipment, or furnishings), WINZ may offer a Self‑Employment Start‑Up Payment to help you get moving.
[workandinc...me.govt.nz] , [check.msd.govt.nz]

To qualify, you’ll need a business plan, which WINZ will have independently assessed for viability. Once approved, this payment can help reduce the financial pressure in the first stages of launching your new venture.

3. Flexi‑Wage for Self‑Employment

One of the most practical supports for new business owners is Flexi‑wage for Self‑Employment — a subsidy designed to help cover living costs while you're building your business.
[workandinc...me.govt.nz] , [business.govt.nz]

It’s particularly useful if you’re moving off a main benefit and into full‑time self‑employment. Flexi‑wage can help cover:

Your weekly income during the startup period
Some essential business setup costs

This programme aims to help you become self‑sufficient while transitioning to working for yourself.

4. WINZ Support as Part of Government Business Grants Network

WINZ is part of a broader ecosystem of government support available to business owners. For example, Business.govt.nz notes that many agencies offer grants, funding, mentoring and training — and WINZ contributes through its business‑specific funding schemes such as Flexi‑wage and the Business Training and Advice Grant.
[business.govt.nz]

WINZ is sometimes the first stepping stone for people on benefits wanting to launch a business before accessing wider support options like:

Business mentors
Regional Business Partner (RBP) capability vouchers
Innovation grants

While these are not strictly WINZ products, they often work alongside WINZ supports to help new businesses thrive.

5. Help to Find Staff (If Your Business is Growing)

If you’re already operating and need employees, WINZ provides no‑fee recruitment services to help match your business with suitable candidates. This can save time and reduce hiring costs — especially useful for small businesses without HR resources.
[workandinc...me.govt.nz]

6. Practical Support and Guidance for Business Founders

Beyond payments, the Work and Income service also offers:

Workshops
Work experience opportunities
Practical guidance for launching your business
Access to work brokers who support both employees and employers
[govt.nz]

For many small business owners, this hands‑on support can be just as valuable as financial assistance.

Who Is Eligible?

WINZ business support is generally aimed at people who:

Are currently on a benefit (such as Jobseeker Support, Sole Parent Support, or Supported Living Payment)
Have a viable business idea or are in the early stages of self‑employment
Need financial assistance or capability support to get started

Case managers work with you to assess eligibility and guide you through the process.

Why WINZ Support Matters for Business Owners

Starting a business often means a period of reduced income, uncertainty, and major upfront expenses. WINZ business support can:

Reduce financial pressure during the startup phase
Help you maintain a stable income
Support the development of a strong business foundation
Give you access to professional advice that would otherwise be expensive
Connect you with staff, mentors, or upskilling opportunities

In other words, WINZ can play a crucial role in helping Kiwi entrepreneurs turn ideas into sustainable income.

Final Thoughts

If you're thinking about becoming self‑employed or are currently building your business, don’t overlook the support available through WINZ. From startup funding to training, income support, and recruitment help, these programmes are designed to empower New Zealanders to build strong, independent livelihoods.

�� Got a Business Idea But Need Funding? WINZ Can Help!

If you (or someone you know) have a great business idea but not the funds to get started, you may qualify for WINZ support designed to help Kiwis launch and grow their businesses.

WINZ offers a range of programmes to support people becoming self‑employed, starting new ventures, or growing a small business — especially if you're moving off a benefit and into business ownership.

Here’s a quick, easy breakdown ��

1️⃣ Business Training & Advice Grant

Get support to build your business plan, develop skills, and access professional advice.

Use it for:
• Business planning
• Working with an advisor
• Strengthening your business idea

2️⃣ Self‑Employment Start‑Up Payment

Need help with essential start‑up costs like stock, equipment or furniture? This payment can help you get up and running.

3️⃣ Flexi‑Wage for Self‑Employment

A subsidy to help cover living costs and some set‑up costs while you build your business.
Great if you're moving off a main benefit and into full‑time self‑employment.

4️⃣ Extra Support in the Wider Grant Network

WINZ is part of a bigger ecosystem that also includes:
• Business mentors
• RBP capability vouchers
• Innovation grants

These can work alongside WINZ assistance to help your business grow.

5️⃣ Need Staff? WINZ Can Help

Access free recruitment services to find suitable employees — ideal for small businesses without HR support.

6️⃣ Practical Guidance & Workshops

WINZ also offers:
• Workshops
• Work experience options
• Business guidance
• Access to work brokers

Who Can Apply?

You may be eligible if you:
• Are on a benefit
• Have a viable business idea
• Need support to get started

Why WINZ Support Matters

WINZ can help you:
• Reduce financial pressure
• Stabilise income during start‑up
• Build a strong business foundation
• Access mentoring, skills, and support
• Turn your idea into real, sustainable income

Link to WINZ information below -

Start your own business - Work and Income

IF YOU HAVE A MARCH BALANCE DATE....READ THIS!

Tue, 31 Mar 2026 20:14:47 GMT

�� If You Have a March Balance Date… READ THIS! ��

Stocktakes aren’t just a tick‑box task — they’re essential for protecting your financials.

Here’s why doing an accurate stocktake before 31 March matters:

✔ Accurate financial statements — your inventory value affects your balance sheet and overall financial position
✔ Correct COGS + profit reporting — closing stock impacts your taxable profit (and can change it significantly)
✔ Spot shrinkage, errors & losses — stocktakes help uncover theft, damage or recording issues before they become major financial problems
✔ Stay audit‑ready & compliant — auditors require reliable stock figures for verification
✔ Better cash‑flow management — knowing what you really have prevents overspending on unnecessary stock
✔ Accurate tax reporting — your stock value directly affects taxable income, so getting it wrong can mean paying too much or too little tax (both risky!)

�� PRO TIP:

Regular stocktakes + good systems = fewer surprises, cleaner financials, and stronger business control.

ACC LEVY CHANGES FROM 1 APRIL 2026

Mon, 09 Mar 2026 21:03:24 GMT

1. No Claims Discount is ending

The No Claims Discount will be discontinued because it hasn’t achieved the intended health and safety improvements and has required subsidising from other businesses.

What’s changing:

Levy invoices will no longer include a 10% discount or a 10% loading based on claims history.
Employers will see this reflected in their provisional invoices from 2026.
Self employed people will see the change from their 2027 invoice, unless they cease self employed before then.

2. Experience Rating becomes self funding

Experience Rating will move to a self funding model, meaning businesses not in the programme will no longer subsidise discounts for those who are.

What’s changing:

Businesses in the programme will pay an additional Experience Rating (ER) Programme rate—currently 7.2%—on top of their Work Account levy.
This will be shown as a single Work Levy (ER) rate and is separate from any loading or discount based on a business’s claims history.
Employers will see this change in their 2026 provisional invoice.
The levy calculator has been updated to include the ER Programme rate for affected customers.

3. Interest on new instalment plans

Interest will apply to all new or renewed levy instalment plans, including the three and six month plans that were previously interest free. This change aims to create fairness for businesses that pay their levies in full and on time.

What this means:

Each instalment will include interest, calculated using a formula linked to broader economic interest rates.
Instalment plans set up before 1 April 2026 will keep their current interest rate until they finish—three and six month plans will remain at 0%.
All instalment plans will use the same annualised interest rate.

Longer instalment plans will accumulate more interest overall.

4. Late payment interest (previously late fees or penalties)

Late payment interest will apply when levies or instalments become overdue. Changes are being made to both how the rate is set and how interest is applied.

What’s changing:

The late payment interest rate will be based on a formula linked to the instalment interest rate, with an added margin to discourage late payments.
Late payment interest will be calculated daily and compounded monthly.

To avoid additional interest charges, businesses should ensure payment is arranged before the invoice becomes overdue.

Checking the new interest rates

From 1 April 2026, both instalment and late payment interest will be calculated using a standard formula based on the Reserve Bank of New Zealand’s latest monthly floating first mortgage rate for new customers.

The confirmed interest rates will be published at acc.co.nz/interest once finalised.

We strongly suggest that you log into MyACC for Business to check that your policy details are correct, if you require assistance, please get in touch with us.

EOFY KIWISAVER CHANGES: WHAT YOU NEED TO KNOW

Tue, 03 Mar 2026 22:26:29 GMT

As the financial year wraps up, it’s a good time to check in on KiwiSaver , especially with several important changes coming over the next few years. Some affect how much you contribute, while others change what the Government puts in.

Government Contribution Changes (from 1 July 2025)

The annual Government KiwiSaver contribution (also known as the member tax credit) is being reduced:

The Government will contribute 25 cents for every $1 you put in , down from 50 cents.
The maximum annual contribution will reduce from $521.43 to $260.72 .
If you earn more than $180,000 per year , you will no longer be eligible.
16 and 17-year-olds will now qualify for the Government contribution if they contribute.

This applies to contributions made between 1 July and 30 June each year.

Contribution Rate Increases (from April 2026)

KiwiSaver contribution rates will increase gradually:

From 1 April 2026 , the default employee and employer rate increases from 3% to 3.5% .
From 1 April 2028 , the default rate increases again to 4% .

If a higher rate isn’t affordable, employees can apply for a temporary rate reduction (usually for 3–12 months).

From April 2026, employers will also need to contribute to KiwiSaver for eligible 16 and 17-year-olds who are contributing from their pay.

WHAT IS DEPRECIATION & WHY SHOULD YOU CARE?

Wed, 25 Feb 2026 23:01:59 GMT

Depreciation might sound like an accounting buzzword — but it plays a HUGE role in your financial

CASHFLOW PLANNING AND MONITORING FOR THE NEW FINANCIAL YEAR

Tue, 17 Feb 2026 22:10:02 GMT

Starting a new financial year is a great chance to get on top of your cashflow and make sure the bus

COMMON ACCOUNTING MISTAKES AND HOW TO AVOID THEM

Tue, 18 Nov 2025 21:01:48 GMT

Common Accounting Mistakes and How to Avoid Them

Accounting is the backbone of any successful business. Accurate financial records help you make informed decisions, stay compliant with tax laws, and maintain healthy cash flow. Yet, many businesses—especially small ones—fall into common accounting traps that can lead to costly errors.

In this post, we’ll explore the most frequent mistakes and practical steps to avoid them.

1. Mixing Personal and Business Finances

The mistake: Using the same bank account for personal and business transactions.
Why it matters: It makes tracking expenses and profits difficult, complicates tax filings, and can raise compliance issues.
How to avoid:

Open a dedicated business bank account.
Use accounting software to separate and categorize transactions.

2. Ignoring Cash Flow

The mistake: Focusing only on profit without monitoring cash flow.
Why it matters: A business can be profitable on paper but still run out of cash, leading to missed payments or insolvency.
How to avoid:

Regularly review cash flow statements.
Forecast future cash needs to prepare for slow periods.

3. Misclassifying Expenses

The mistake: Incorrectly categorizing expenses or failing to distinguish between capital and operational costs.
Why it matters: Misclassification can distort financial reports and lead to tax issues.
How to avoid:

Learn the basics of expense categories.
When in doubt, consult an accountant or use software with built-in guidance.

4. Not Reconciling Accounts

The mistake: Skipping monthly reconciliations for bank and credit accounts.
Why it matters: Errors and fraud can go unnoticed, resulting in inaccurate balances.
How to avoid:

Schedule monthly reconciliations.
Use automated tools to match transactions quickly.

5. Forgetting About Tax Deadlines

The mistake: Missing filing dates or underestimating tax obligations.
Why it matters: Late filings lead to penalties, interest, and unnecessary stress.
How to avoid:

Set calendar reminders for tax deadlines.
Use accounting software with tax compliance features.

6. Overlooking Depreciation

The mistake: Not accounting for depreciation on assets.
Why it matters: Inflates profits and misstates asset values, which can affect tax and investment decisions.
How to avoid:

Apply the correct depreciation method for each asset.
Update records regularly to reflect changes.

7. DIY Accounting Without Expertise

The mistake: Trying to manage complex accounting tasks without professional help.
Why it matters: Small mistakes can snowball into major financial problems.
How to avoid:

Invest in reliable accounting software.
Hire a qualified accountant for reviews or ongoing support.

Final Thoughts

Accounting mistakes are common, but they’re avoidable with the right systems and habits. By separating finances, monitoring cash flow, and seeking expert advice when needed, you’ll keep your business financially healthy and compliant.

Tip: If you’re feeling overwhelmed, consider outsourcing your accounting or using cloud-based tools that simplify the process.

WHY PLANNING YOUR BUSINESS REALLY MATTERS

Wed, 15 Oct 2025 21:27:09 GMT

Starting or running a business without a plan is like heading out on a road trip with no map—you might get somewhere, but probably not where you wanted to go. A good business plan helps you figure out where you're going, how you’ll get there, and what you’ll need along the way.

It’s not just about writing things down. Planning helps you get clear on your goals, your customers, and how you’ll make money. It’s a chance to think through your ideas, spot any gaps, and make smarter decisions.

Having a plan also keeps you on track. When things get busy or unexpected stuff pops up (which it always does), your plan helps you stay focused and avoid getting sidetracked. It’s like having a compass when things get messy.

Money-wise, planning helps you understand your costs, forecast your income, and avoid nasty surprises. It’s also super useful if you’re looking for funding—investors and banks love a solid plan.

And if you’ve got a team, a business plan helps everyone stay on the same page. When people know what the goals are and how they fit in, they work better together.

Bottom line? You don’t need a fancy document. Just take the time to think things through, write it down, and keep it updated. It’ll make a big difference.

Myths About Tax Audits - What's True and What's Not?

Sun, 31 Aug 2025 22:00:00 GMT

The word “audit” can send shivers down the spine of even the most diligent business owner. But tax audits aren’t as mysterious—or as terrifying—as many people think. Let’s bust some common myths and clarify what’s really true.

Myth 1: Only Businesses That Do Something Wrong Get Audited Truth:
Audits aren’t always triggered by wrongdoing. The IRD uses random selection, data matching, and risk profiling to choose audit candidates. Even businesses with clean records can be audited.

Myth 2: If You Use Accounting Software Like Xero, You’re Safe From Audits Truth:
Using software like Xero helps keep your records organised, but it doesn’t make you immune. The IRD still expects accurate data entry, proper categorisation, and supporting documentation.

Myth 3: Audits Are Always a Nightmare Truth:
Audits can be stressful, but they’re manageable—especially if your records are in order. With a good accountant by your side, audits can be handled efficiently and professionally.

Myth 4: You’ll Be Fined Automatically If You’re Audited Truth:
An audit doesn’t automatically mean penalties. If errors are found, the IRD may issue reassessments or request corrections. Penalties typically apply only in cases of negligence or intentional non-compliance.

Myth 5: You Don’t Need to Keep Records If You’re Not Making Much Money Truth:
All businesses—regardless of size—must keep accurate records for at least seven years. This includes invoices, receipts, bank statements, and payroll records.

Final Thoughts:
Tax audits aren’t something to fear—they’re part of a healthy tax system. The best defence is good preparation: accurate records, timely filings, and a trusted accountant who knows your business.

A Timely Reminder: Consider Audit Shield Insurance

Even with the best preparation, audits can still happen. Audit Shield Insurance provides peace of mind by covering the professional fees associated with responding to an audit, review, or investigation instigated by the IRD.

It’s a smart way to protect your business from unexpected costs and ensure you have expert support when you need it most. If you haven’t already considered Audit Shield, now is a great time to talk to your accountant about whether it’s right for you.

DO I REALLY NEED AN ACCOUNTANT IF I USE XERO?

Thu, 14 Aug 2025 22:00:01 GMT

In today’s digital world, tools like Xero have made managing business finances easier than ever. With automated invoicing, real-time bank feeds, and sleek reporting dashboards, it’s tempting to think you can handle it all yourself.

But here’s the truth: Xero is powerful—but it’s not a replacement for an accountant.

Let’s break down why.

1. Tax Compliance and Strategy

Xero tracks your income and expenses, but it doesn’t know your business like an accountant does. An accountant ensures:

You’re claiming all eligible deductions
GST and income tax are filed correctly and on time
You’re not overpaying or underpaying tax

They also help you plan ahead , so you’re not caught off guard at year-end.

2. Business Advice You Can Trust

Xero shows you the numbers. Your accountant helps you understand what they mean.

From cash flow forecasting to budgeting and pricing strategies, accountants offer insights that help you make smarter decisions and grow your business with confidence.

3. Handling the Complex Stuff

Running a business isn’t always straightforward. If you’re dealing with:

Trusts or multiple entities
Asset purchases or sales
Payroll and employment compliance

An accountant ensures everything is done correctly and in line with IRD requirements.

4. Peace of Mind

Even with Xero, mistakes can happen. An accountant reviews your records, corrects errors, and ensures everything is audit-ready. That’s peace of mind you can’t put a price on.

5. Time Is Money

Your time is best spent running your business—not buried in spreadsheets. Let Xero handle the day-to-day and let your accountant handle the big picture.

In Summary

Xero is a fantastic tool, but it works best when paired with a knowledgeable accountant. Together, they help you stay compliant, make informed decisions, and grow your business with confidence.

IRD Mail - MyIR

Tue, 08 Jul 2025 23:41:49 GMT

Are you keeping up with your communications from Inland Revenue? Do you regularly check your myIR portal? Now is a good time to log in and ensure that your contact details are accurate.

Business Coach / Advisor: Yes or No?

Sun, 15 Jun 2025 23:32:07 GMT

In today’s fast-paced business world, many entrepreneurs and leaders are turning to business coaches/advisors for guidance. But is it worth the investment? Yes—if you want clarity and accountability. A good business coach/advisor can help you define your goals, sharpen your strategy, and stay accountable. They bring an outside perspective, challenge your assumptions, and help you see blind spots. For new business owners, this can be invaluable—especially when navigating growth, leadership challenges, or market shifts. Yes—if you’re stuck or scaling.

HR Basics Every Business Should Know

Thu, 15 May 2025 23:00:07 GMT

Human Resources (HR) is essential to building a productive, compliant, and an engaged workforce to achieve business objectives. Here are the core HR functions every business should understand:

1. Recruitment & Hiring
Attracting and selecting the right talent is critical. This includes creating accurate job descriptions and conducting structured interviews to ensure a good fit for both the role and company culture.

2. Compliance & Policies
HR ensures the company follows labour laws and regulations, from minimum wage requirements to anti-discrimination laws. Clear, well-communicated policies help protect both employees and the organization.

3. Remuneration & Benefits
HR manages payroll, benefits, and reward systems to ensure fairness and competitiveness, which are essential for employee retention and satisfaction.

4. Training & Development
Continuous learning is vital. HR coordinates training programs to upskill employees and develop leadership within the organisation.

5. Performance Management
Regular feedback, performance reviews, and goal-setting help drive productivity and align individual efforts with business objectives.

6. Employee Relations
HR addresses workplace issues, promotes open communication, and helps build a positive organisational culture.

Strong HR practices are key to long-term business success—because when people thrive, so does the business. Whether you're running a small business or a growing company, investing in HR is investing in your people—and your future.

Small Business Cashflow Loan

Mon, 12 May 2025 22:15:00 GMT

The Small Business Cashflow (Loan) Scheme (SBCS) was designed to assist small to medium businesses and organisations that faced revenue loss due to COVID-19.

The repayment period for the loan is five years (60 months) starting from the date the loan was issued. Since the scheme opened on 12 May 2020, businesses that took advantage of this loan early on are nearing or may already be at their repayment deadline.

If the loan is not repaid by the due date, the Inland Revenue Department (IRD) will consider you in default and may impose penalty interest. If you are uncertain about your status or need to discuss this further, please feel free to reach out to one of our advisors.

E-INVOICING, ARE YOU READY FOR THIS?

Thu, 17 Apr 2025 21:23:43 GMT

Do you know what eInvoicing is? Have you heard about?

eInvoicing is the digital exchange of invoice information directly between buyers’ and suppliers’ financial systems. The invoice passes through the invoicing network where it validates information like NZ Business number (NZBN). Once the invoice is in the buyer's financial system it is reconciled against purchase details and ready to be paid. The NZBN number is the key to ensure that this invoice reaches the correct destination.

The use of eInvoicing means businesses no longer need to generate paper-based PDF invoices to supply to their customers, and the customer no longer needs to manually load these details into their financial system. eInvoicing improves accuracy, efficiency, security and proven to speed up payments.

Benefits -

Faster payment and improved cash flow
Reduced admin
Reduced processing costs
Direct and secure information
Universal connection
Improved financial visibility
Available to any business
Improving our economy

Inland Revenue introduced new laws which took effect 1 April 2023 on minimum records required to support figures in your GST returns, this was to support the move to eInvoicing.

Before long eInvoicing will become the new standard. For most businesses, getting set up only takes a few minutes, for step-by-step guides to get set up, follow the link below.

https://www.einvoicing.govt.nz/einvoicing/what-is-einvoicing

Find out who is registered by following the link below

https://www.einvoicing.govt.nz/peppol

ANOTHER YEAR HAS COME TO A CLOSE

Tue, 01 Apr 2025 20:40:13 GMT

Today marks the beginning of a new financial year!

We understand that the end of the financial year is a busy time. As you gather the information discussed in our previous blogs, please remember to conduct some final checks—such as reconciling your GST with your balance sheet. To avoid any unnecessary late GST adjustments when we review and complete your financial statements, feel free to contact one of our advisors if you'd like us to review your file before you submit your March GST return to the IRD.

If you were required to perform a stock take, please review this thoroughly to ensure you are not holding any obsolete stock. If there are any items that need to be written off, now is the time to do it.

Did you have the chance to review your debtors' ledger a few weeks ago? Were any decisions made regarding bad debtors? Have you taken action in your system, or do you need assistance? Please reach out if you do.

During the end-of-year process, if you have any SAQs (Should Ask Questions), feel free to send them to Aimee at pivott@businessplusone.co.nz. Remember, there’s no such thing as a dumb question—except one that goes unasked!

TICKING OFF THE LIST

Mon, 24 Mar 2025 19:30:00 GMT

With 31 March just six days away, you can expect to receive important documents via email, post or for download. Please keep an eye out for the following essential information that we require dated 31 March:

ACCOMPLISHING TASKS

Mon, 17 Mar 2025 20:00:02 GMT

If you're back to reading this blog this week, we assume you've reviewed your debtor ledger, stock, and assets as discussed last week. Well done! Do you use a part of your home for your business, such as a home office, garage, or workshop? If so, you might be eligible to claim a portion of your household expenses to reduce your tax burden. This applies whether you’re self-employed, in a partnership, or run a company.

GETTING READY FOR YEAR END

Tue, 11 Mar 2025 21:12:33 GMT

It’s that time of year again when we need to consider all the important tasks leading up to your balance date and gather the necessary information. In the coming weeks, we will remind you of what needs your attention. Today, we recommend that you review your debtors’ ledger to assess any bad debts. Consider how old these debts are, what actions have been taken to recover them, and whether they are recoverable. Deciding to write off a bad debt before balance date means you won’t pay tax on an amount you may never recover. If you do write off a debtor as bad and later recover a portion or all of it, the income tax will be addressed in the year you receive the payment. If you carry stock, have you scheduled your end-of-year stocktake? Remember that March 31st falls on a Monday this year. When was the last time you reviewed your asset register? Are all the assets still operational? Are there any that are no longer needed? The three tasks above are just a few of many for the coming weeks. Stay tuned for more updat