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  # 1760423 10-Apr-2017 20:30
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Easy just request a PTS online. One mouse click.




Swype on iOS is detrimental to accurate typing. Apologies in advance.


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  # 1760427 10-Apr-2017 20:36
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Sorry, what I meant to ask was, if those conditions were met as per my previous post, is that a guaranteed tax refund? Like, tax refunds happen because people over pay their tax. But if you're paying tax according to a fixed schedule via scheduler payments wouldn't that mean you would've paid your regular tax per week whenever you get paid each week?





 
 
 
 


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  # 1760438 10-Apr-2017 20:54
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you are guaranteed a tax refund if you have paid too much tax





Swype on iOS is detrimental to accurate typing. Apologies in advance.


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  # 1760464 10-Apr-2017 21:35
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Use the IRD tax calculator. If you paid more tax than you owe you'll get a refund.


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  # 1760486 10-Apr-2017 22:36
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Ohhh I get it now. Thanks.





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  # 1760645 11-Apr-2017 11:06
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Every year (going back 7 years) via online IRD shows that the year is not complete.

 

Whenever I plug in the details to the online calculator, it tells me I have tax to pay. As a result, I run away... pretty sure student loan stuffs me around ... thankfully between now and April next year, I am on track to pay it off via deductions from my salary.


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  # 1788212 25-May-2017 16:34
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timmmay:

 

Wave looks pretty interesting, especially for a small business. One advantage I can see Xero has is it will produce all your tax returns for you, whereas Wave gives you the information for you to fill out.

 

At $27.50 for the starter plan up to $55 or $70 for the higher plans, I think I'll keep using Xero. It's not a lot of money and they're a trustworthy company. Wave probably is as well. But if anyone starts a new small business I might point them at wave.

 

 

Actually, what many people don't realise, is that Xero can be used for as little as $5+GST per month.  A Xero Partner (most accountants and bookkeepers) have special plans they can put you onto at far less than the plans available to the public.  They tend to have fewer features, but not everyone needs the GST feature, and other features in the $27.50+GST plus plans.  Aside from the $5 plan there is also a $10 & $19 plan (all plus GST).

 

 


 
 
 
 


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  # 1788224 25-May-2017 16:36
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JoJo2:

 

 

 

Actually, what many people don't realise, is that Xero can be used for as little as $5+GST per month.  A Xero Partner (most accountants and bookkeepers) have special plans they can put you onto at far less than the plans available to the public.  They tend to have fewer features, but not everyone needs the GST feature, and other features in the $27.50+GST plus plans.  Aside from the $5 plan there is also a $10 & $19 plan (all plus GST).

 

 

That's interesting, and my accountant hasn't mentioned it. I do need the GST feature.


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  # 1788227 25-May-2017 16:38
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nzkiwiman:

 

Every year (going back 7 years) via online IRD shows that the year is not complete.

 

Whenever I plug in the details to the online calculator, it tells me I have tax to pay. As a result, I run away... pretty sure student loan stuffs me around ... thankfully between now and April next year, I am on track to pay it off via deductions from my salary.

 

 

 

 

Make sure you never request a personal tax summary for those years, doing so will alert IRD to the fact that you may owe them money and require a tax return to be filed.  


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  # 1788241 25-May-2017 16:51
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timmmay:

 

JoJo2:

 

 

 

Actually, what many people don't realise, is that Xero can be used for as little as $5+GST per month.  A Xero Partner (most accountants and bookkeepers) have special plans they can put you onto at far less than the plans available to the public.  They tend to have fewer features, but not everyone needs the GST feature, and other features in the $27.50+GST plus plans.  Aside from the $5 plan there is also a $10 & $19 plan (all plus GST).

 

 

That's interesting, and my accountant hasn't mentioned it. I do need the GST feature.

 

 

 

 

Accountants earn commission on their Xero Subscriptions, but not on the lower level ones.  Anywhere fro 15-25% on what you pay them.  Often that's why they don't tell you about the lower priced plans that they can access, as it's not in their financial interest to do so.  Some don't tell you as they are not suitable for your business.  However if you need the GST features, and want to use debtors (customer invoices) and creditors (supplier bills) properly (rather than just cash coding money in and out of the bank account) then the $27.50 or $55.00 plans will be what you need.  

 

However it may be interesting to learn that if you're paying your accountant $55+GST per month, they're getting up to 25% of that.  Some accountants will pass that saving on to their clients, some will not. 

 

 


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  # 1788244 25-May-2017 16:54
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Interesting. My accountant created my Xero account, many years ago, but I pay it directly to Xero.


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  # 1788250 25-May-2017 17:03
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That would seem to indicate to me that he wasn't a Xero Partner, and he set your Xero subscription up under your own name/own company name, and thus is not getting a commission from you.  You may want to get him to review that, as if your accountant is now a Xero Partner he might be happy for you to go through his Partner status and you can pay less. 

 

For those of you who pay your accountant for your Xero subs, and you are paying full price, then you are usually also lining your accountants pockets.  This of course is how things go, but I am interested to hear how many of you didn't realise this.

 

I have clients set up under my Xero Partnership, who pay their own Xero invoices, but they pay the discounted price ... I just pass the discount on to them when they pay their bills direct.  I am happy to do this for anyone here who wants their Xero subscription at a discounted price.  Just PM me and I'll give you more details so you can make an informed decision - it's probably not the place to discuss this in full detail.

 

 

 

 


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  # 1788277 25-May-2017 17:22
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jonb:

 

A family member who will need to do a tax return for the financial year just gone, with about $20000 income and obviously with expenses.   Clueless about this myself, being a full PAYE person.

 

Is it best muddling through yourself for that relatively small income, or getting an accountant to do it.   Any recommendations for North Shore?

 

 

In my opinion the IRD is very user friendly, and you can follow the instructions and prepare your own tax return relatively easily.  Where an accountant or bookkeeper comes in to play is whether you are on a tight budget (and want to do it yourself) or are tight on time (and prefer to pay someone else to do it) and what your knowledge is of what you can claim in the way of expenses.  

 

An accountant or bookkeeper tell you what you can claim and what you cannot claim.  As mentioned earlier, they will charge by the hour. So if you chuck them a bundle of receipts in a box then it will take them far longer to sort out your tax return than if you sit down and bunch all the receipts and invoices into piles by date and categorise them.  Using a spreadsheet is great if you can't afford software.  However with a Xero subscription for one month at $5+GST it would be great to run it through Xero to make your life far easier - or your accountant's bill far cheaper.

 

By using an accountant (or Tax Agent, and bookkeepers can be tax agents too) you usually also receive an extension of time, so instead of having to file by 7 July 2017 you have until 31 March 2018.

 

I recommend my clients approach an accountant of their choice (or who has been recommended) and specifically ask for a free introductory appointment/consultation.  Most accountants are more than happy to do this.  Then ask them specifically what their charges are.  Some will give you a quoted fixed price.  Some will not.  A personal tax return could cost $400-$600+GST each each year, but depends on many factors.  A business return is likely to cost $600+GST upwards for a sole trader and for a Limited Liability Company could cost anywhere from $800-$1,500+GST a year.  But again, there are many factors in pricing and it basically comes down to how long the work takes.

 

Where bookkeepers come in (yes, that's me!) is that we can do all the ground work at a cheaper price, handing an end of year bundle over to an accountant who can very quickly process and prepare your tax return - thus saving you money in the long run.  

 

On a small income and presumably small budget I would recommend trying to do it yourself if you wanted to, and if you are really in the dark about what to claim just call a bookkeeper or accountant, be upfront with them, and say you want to save money to do your return yourself, and could you pay them for some guidance to do so.  Obviously this would not be the recommended approach for a complex tax return, something that involved trusts, or such like.  So it really does depend on your specific situation.  

 

My recommendation for businesses is always to use and accountant.  However I realise that in some situations it is barely viable financially, especially for some sole traders if the income and expense transactions have been minimal.

 

Hope that helps!  (I'm happy to chat more and give a bit of free guidance if you need it).


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  # 1788308 25-May-2017 18:24
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On that level of income (and the 20,000 is turnover, not income) you can't afford an accountant.

 

It's not hard at all.

 

I highly recommend doing it as you go. have a day to day spreadsheet, enter money received, then in another column, the expenses. makes it easier. Then take those monthlies, add them up to the year.

 

Then do your profit and loss. 

 

Turnover is the amount received.

 

Gross profit is what you have left of that after cost of sales (thats any parts you buy etc)

 

Net profit (taxable) is what is left after you then deduct expenses - ads, vehicle costs, power etc etc.

 

I did mine the 2 times I had a business and did husbands plumbing (sole trader) accounts that way.

 

IRD do have plenty of help to know what you can and can't claim and percentages etc.

 

 


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  # 1788353 25-May-2017 20:15
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pctek:

 

On that level of income (and the 20,000 is turnover, not income) you can't afford an accountant.

 

It's not hard at all.

 

I highly recommend doing it as you go. have a day to day spreadsheet, enter money received, then in another column, the expenses. makes it easier. Then take those monthlies, add them up to the year. Money received is money received, not income, or turnover, its debtor payments

 

Then do your profit and loss. Sounds easy, and it is, if you know how

 

Turnover is the amount received. Wrong. Turnover is billed revenue. I.e, Sales. Amount received is what your debtors, aka clients pay you. Way different.

 

Gross profit is what you have left of that after cost of sales (thats any parts you buy etc) Correct, and COS is specific, i.e, you sell widgets, COS is the cost you paid for those widgets (simplistically) And you need a stocktake to account for the COS of widgets for the financial year. 5 widgets in stock, bought 6, stock at EOY is 3 = 8 widgets COS. Your sales will also be 8 widgets.

 

Net profit (taxable) is what is left after you then deduct expenses - ads, vehicle costs, power etc etc. Correct. Sales less COS (Stock + Purchases - EOY stock)

 

I did mine the 2 times I had a business and did husbands plumbing (sole trader) accounts that way.

 

IRD do have plenty of help to know what you can and can't claim and percentages etc.

 

And don't forget depreciation on assets, Home expenses based on area, logbook if vehicle is shared with personal. 

 

 

With all due respect, I am an ex accountant, bolded as commented.


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