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243 posts

Master Geek
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Topic # 80539 1-Apr-2011 07:28
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Hi there

My partner is going self employed and needs simple software to enter income (weekly) and business expenses, get a net income figure and work out NZ tax and ACC due. Also calculate GST received, paid and due. She has only one customer (is a contractor). Essentially its just cashbook accounting.

I'd do it all on Excel but I don't know how to do a formula or otherwise get it to do different rates of tax st different bands of net income.

Does anyone have any recommendation or a suggestion for the formula?

Cheers




My EPL football websites: Get the results but hide the score of your team at HidetheScore.net. Compare league positions with wage bills at RealPremierLeague.net.


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3351 posts

Uber Geek
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  Reply # 454012 1-Apr-2011 07:49
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Xero!





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Ultimate Geek
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  Reply # 454018 1-Apr-2011 08:27
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Hi,

having contracted before, for the low cost solution Excel is perfect.

I've looked at Xero and I like the idea, but for the amount of income I earn and what I need to do - 2 GST returns a year and 1 personal tax return, an excel sheet is fine. Not many formulas to deal with, working out GST content and putting enough aside for the tax bill at the end of the year is about all that's required.

If you want the reporting and direct banking interface, then Xero does look rather nice however.

cheers

knoydart

 
 
 
 




243 posts

Master Geek
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  Reply # 454219 1-Apr-2011 14:40
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If anyone's interested I've got it now:

If you put this in cell A2:


=IF(A1>70000,(A1-48000)*0.33+14020,IF(A1>48000,(A1-48000)*0.3+7420,IF(A1>14000,(A1-14000)*0.175+1470,A1*0.105)))

And your income in cell A1, it works it out for you!




My EPL football websites: Get the results but hide the score of your team at HidetheScore.net. Compare league positions with wage bills at RealPremierLeague.net.


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  Reply # 454227 1-Apr-2011 14:56
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Xero works really well. It tracks income and expenses, depreciation if you have any equipment, and gives you all the information for your tax and GST returns.

You can also claim office space (home office is fine), rent or mortgage, a percentage of your cell/phone/internet, etc. It's probably worth having an accountant look over it too, because it does get semi complex. A decent accountant should save you more than they cost. You do all the day to day stuff, they just advise and check things, and generally file your returns electronically.

Your formula doesn't take into account expenses, the change in GST or income tax rates, etc. I believe it's incorrect, but i'm not an accountant.




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243 posts

Master Geek
+1 received by user: 4


  Reply # 454698 3-Apr-2011 06:12
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timmmay:

Your formula doesn't take into account expenses, the change in GST or income tax rates, etc. I believe it's incorrect, but i'm not an accountant.

Yes, it was the formula I was after, I can change the key numbers, and I just need it to calculate from income after expenses, as I can work that out quite easily.




My EPL football websites: Get the results but hide the score of your team at HidetheScore.net. Compare league positions with wage bills at RealPremierLeague.net.


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Geek


  Reply # 454700 3-Apr-2011 06:27
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What about MYOB LiveAccounts - $25/mth, and online all the time means you can use it anywhere on anything, and you can give your accountant their own login!

http://myob.co.nz/products/small-business/accounting-finance/liveaccounts-1257828259130

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