It’s no coincidence that the school term starts around the same time as tax season. I like to think of my end of year accounts as my annual report card. What areas did I achieve well in? Where is there room for improvement? And where did I check out and fail to engage? Take a moment now to commit more than ever before to the process this year. Make the most of your accountant’s expertise and get his/her professional insight into where you could sharpen up and free up some fuel for growth. No one gets a gold star doing the bare minimum.
SOFTEN THE BLOW
By now I hope you are all familiar with the concept of tax pooling. If not, change your accountant. Seriously. Tax pooling is an option available to NZ businesses that sweetens the blow of paying taxes by allowing New Zealand businesses to pool their provisional tax payments together in an account held by a registered intermediary at Inland Revenue. The intermediary has tax available on every tax date for the past 10 years. Buy this tax, or finance it in advance, to lock in a competitive rate and defer your provisional tax payments for up to 75 days past your terminal tax due date. This can be an excellent option for freeing up cash flow and can literally mean make or break for some SMEs.
OTHER WAYS TO CREATE EFFICIENCIES
REDUCE YOUR ENERGY BILL: Fancy saving up to 25% on your energy costs? For just an hour of your time, NZ energy industry experts and GROW NZ partner, Saveawatt, could save you thousands of dollars on your energy bills each year, by tendering your energy usage to up to 25 different local energy providers. Find out more.
LOWER YOUR OVERHEADS: Almost every aspect of the day-to-day running of a business can be outsourced, either permanently, or for a short while. Skill sets like HR, supply chain, marketing and communications, accounting and even office administration can all be managed by expert suppliers who specialise in ensuring these areas are managed to grow your business. Use them for however long you need. Check out our partner page for a categorised list of trusted support you can contract in to your business, as and when you need it.
GET MORE FROM YOUR INSURANCE PREMIUMS: Ever considered your insurance broker to be a business partner? No? You’re working with the wrong team. Grow NZ has formed a strategic alliance with NZ-owned Rothbury Insurance to help our members grow by providing the smartest advice and best value around. Find out more.
JOIN OUR EXCLUSIVE TAX POOLING WEBINAR!
Grow NZ Business is joining forces with Price Waterhouse Coopers to bring you everything you need to know about tax pooling this tax season. Whether you’re a business owner wanting to boost cash flow, or an accountant wanting to add value to your clients with tax pooling advice, this is a webinar you won’t want to miss. Select the webinar that suits you best and save the date in your diaries!
Tax pooling for business owners – “Grow your business with tax pooling”
Session 1: Tuesday, 10 March: 11am
Session 2: Tuesday, 17 March: 11am
Tax pooling for accountants – “Giving the right tax pooling advice”
Session 1: Wednesday, 26 February: 11am
Session 2: Tuesday, 3 March: 11am