Profile cover photo
Profile photo
Business Results Group
4 followers
4 followers
About
Posts

Post has attachment
We are on the hunt for an Admin Superstar to join our team at BRG – the role is two days per week (Monday and Tuesday or Monday and Friday) to job share on our reception desk. There could be extra days available to cover others taking leave – but no guarantees. Hours are 8.30 to 5.00 and you must be able to work school holidays. Would suit someone who is perhaps returning to the workforce and is up with the play using Microsoft Outlook and Word.

Please get in touch with us by emailing leonieh@busres.co.nz
Photo
Add a comment...

Post has attachment
It's the end of another great year for BRG & our clients so it's time to wish everyone well for Christmas & the new year. We're all looking forward to working with you next year. So have fun and keep safe. Our office closes today at lunchtime & re-opens on 10 January
Photo
Add a comment...

Post has attachment
Make better business decisions. We have partnered with Futrli to give our clients access to real time reporting and cashflow forecasting. Futrli fully integrates with Xero to give you beautiful dashboards, reports & KPI's. @futrli @xero #forecast #tepuke
Photo
Add a comment...

Post has attachment
All our accounting team are now Xero Certified Advisors and here's the photo to prove it. Great effort guys. #xero #advisors #tepuke
Photo
Add a comment...

Post has attachment
Add a comment...

Post has attachment
With Xerocon 2017 just finished up in Melbourne see what Rod Drury has to say about where Xero is going.
Add a comment...

Post has attachment
Danger in cashing up when your company sells

If your business is in a company, you need to understand tax on capital gains. Tax law dictates you must not take any capital gains out of the company except
when winding up.

Here is the big danger. You sell your business for a nice profit of, say, $200,000. Naturally, the first thing you think of is how you can use this. So you take the money out of the company and, whoops, you’ve “broken the law”.

What should you have done?

If you’re going to wind up the company, you should first have passed a special resolution of shareholders to this effect. Not until then are you entitled to have that money. If you want to continue using the company, you must leave the money in it.

We can repair the damage by treating the withdrawal as a loan to you but this can be expensive. You would have to be charged interest at Inland Revenue rates, which are currently a little under 6%.

So often we see clients who have sold their businesses and not been aware of
the rules. This can occur a year or more after the transaction and the interest bill
referred to above can be quite significant. When it comes time for you to sell, please remember to talk to us before you take out any of the money.

A few of our clients are look through companies. This rule does not apply to
them because, from a tax perspective, they are partnerships.
Photo
Add a comment...

Changes to Farmhouse Deductions

As highlighted previously - IRD have been looking at deductions applicable to housing for farmers and orchardists. They have recently released their decision.

Until now there has been no difference between deductions applicable to “real” farmers and those deemed to be “lifestylers”. From the 2018 tax year, there will now be a difference.

If a farmer/orchardist buys a property and the house makes up more than 20% of the value of the property, the farmer will be a “Type 2” farmer. As a Type 2 farmer, you will be not be able to claim a full deduction for rates or interest on mortgages. Those expenses and others related to the property (such as electricity for the house) will need to be apportioned between the business and the private use. Each case will vary and will depend on the facts of a particular situation.
Farmhouse

All other farmers will be deemed to be “Type 1” farmers. This is where the house value is 20% or less of the overall value of the property. In these cases, full deductions are allowed for rates and mortgage interest. When it comes to claiming things like electricity, previously farmers were allowed a “no questions asked” deduction of 25%. This was an historic deduction with no proof needed. From the 2018 year this will now be limited to 20% for Type 1 farmers and orchardists. For Type 2 farmers, the deduction is limited to their actual usage – so a calculation is needed.
Add a comment...

Post has attachment
The sale of a Te Puke gold kiwifruit orchard has set a new record, fetching $1 million per hectare.
Add a comment...

Post has attachment
BRG Winter Newsletter - Changes to farm house deductions - Tax changes - Danger in cashing up when your company sells - Try a password manager - How to win the email war.
Add a comment...
Wait while more posts are being loaded