Blogs/Vlogs Archive
BLOGS
VLOGS
The next chapter of CMK
July 31, 2020
Change, growth and development are constants in your Business and also in ours at CMK Chartered Accountants. With this in mind, it is time for the next chapter of our Business …
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Growth Mindset
July 08, 2020
In today’s world, we are constantly having to tackle new things and learn new skills. The challenges you face provide opportunities to learn and grow and might give you the ability to set your business apart …
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Key Tax Dates – July / August 2020
July 01, 2020
Upcoming event with CMK, and it’s FREE! …
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Xero & Figured Workshops with CMK
July 02, 2020
The main dates you need to know for July and August 2020 …
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The 8 Key Concepts of Profit and Loss
June 26, 2020
There is no less harsh way of saying this, but if you’re not making profit, you’re doing …
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Mastering The Secret of The Cash Flow Cycle
June 19, 2020
Running a successful business means being on top of your cash flow cycle. But Why, you may ask? Because your cash …
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Livestock
June 16, 2020
The values for Dairy this year are a mixed bag, with some values increasing against the general trend of decreases. The overall …
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2020 Drought Recovery Advice Fund
May 29, 2020
We are proud to confirm that CMK Chartered Accountants is an approved supplier for the 2020 Drought Recovery Advice Fund …
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Our Communities
May 29, 2020
The brief is to keep everything going, as well as being prepared for further response to the pandemic …
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Sustaining Existing Businesses
May 28, 2020
The economic response to Covid-19 from March forms a backdrop to the Budget …
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The Jobs Budget
May 22, 2020
The focus is on sustaining existing jobs, job creation, job training and retraining …
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Cash Flow Is King
May 15, 2020
If there is anything that we have learnt over the past two months, it is that you can never take anything for granted and things can change in a heartbeat. …
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What’s being done to help? An update on the IRD and Government schemes for Covid-19
May 8, 2020
Under the new “small business cashflow scheme”, businesses will be able to get interest-free or low-interest loans of up to $100,000. Key Points are include (We will have more info when the IRD confirm matters next week) …
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Spreading of the wage subsidy payment
Apr 30, 2020
Many self-employed people will receive the wage subsidy in the 2020 tax year, but (in most cases) only 1 or 2 weeks of it relates to the 2020 tax year …
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The Banking Equation
Apr 24, 2020
The banking equation goes something like this ‘when you want cash, you can’t have it, when you don’t need it, you can have as much as you want …
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Covid 19 Factsheet
Apr 7, 2020
Wage subsidies are available for businesses significantly impacted by COVID-19. Most of you will have applied for this already, but it’s not too late for those of you who haven’t. …
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New Kilometre Rate For Claiming Motor Vehicle Expenses
Mar 17, 2020
Are you using your car for business purposes? It’s timely to outline the process for claiming tax on your work vehicle expenses …
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Minimum Wage Increase for 2020
Mar 11, 2020
Each year the government issues an update to the Minimum Wage Order with the new minimum wage rates for the year. This sets out minimum rates for persons paid by the hour, the day, the week and the fortnight. These time categories represent the basis upon which an employee …
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Protect yourself with patents and trade marks
Mar 10, 2020
If you’ve got a new invention, are launching a brand or marketing a new stream of business, it’s important to consider whether you need a patent or trade mark. Both take at least six months to process in New Zealand, so the sooner you do your homework, the better …
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Your four-week checklist to keep tax time low-stress
Mar 3, 2020
Week 1: First things first Talk to your accountant or bookkeeper. They’ll tell you what you need to do before 31 March including what you can claim for and what you can’t. Remember, tax time is busy for them too, so the more prepared you are, the smoother the process …
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Four top time-saving tips
Feb 21, 2020
Not enough time in the day to get everything done? Try these tips to keep calm and increase productivity …
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Reminder: Rental losses ring-fenced from 2019/2020 tax year
Feb 14, 2020
The new law on ring-fencing rental losses is now in force, which means: In most cases ring-fenced deductions will be carried forward and can only be used against residential rental or sale of property income in future years. Property investors will, in most cases, no longer be able to reduce their tax liability by offsetting residential rental property …
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Pay your taxes by cheque? Times are changing
Feb 7, 2020
If you normally write a cheque to pay for your taxes, it’s time to decide how you will pay in the future. As of 1 March 2020, the IRD will no longer be accepting cheques. By the end of the last financial year (June 2019), only around 5% of payments received by IRD were by cheque, so they made the call to phase them …
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The Income Equalisation Deposit (IED) Scheme
Jan 31, 2020
Income equalisation is a useful option to help clients manage their tax. The scheme allows farmers, fishers and foresters who are eligible taxpayers to even out fluctuations in income by spreading their gross income from year to year. …
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Key Tax Dates – February 2020
Jan 31, 2020
Key Tax Dates …
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Getting Holiday Pay Right
Dec 16, 2019
Do you have staff taking leave over Christmas? Are systems in place to make sure everyone gets what they’re entitled to? Even if someone else handles your payroll, you are responsible for making sure holiday pay and leave payments are handled correctly. Remember: …
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Key Tax Dates – January 2020
December 13, 2019
Key Tax Dates …
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Five Simple Ways To Finish The Year Feeling Relaxed (Not Rushed)
December 12, 2019
Is less stress at the top of your Christmas list? For the sake of your sanity and the best interests of your business, follow these steps to remain calm and collected as the year comes to a close. …
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New Trusts Act 2019: What You Need To Do
Dec 10, 2019
If you’re protecting your family property in a trust, there may be changes you need to make before the new Trusts Act comes into force in January 2021. The changes to the Trusts Act (the first in more than 60 years!) aim to make trust law more efficient and accessible, lower admin costs, simplify core trust principles and essential obligations for trustees …
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Key Tax Dates – December 2019
Nov 28, 2019
Key Tax Dates …
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New GST On Low-Value Imported Goods
Nov 26, 2019
Overseas businesses selling goods valued at $1,000 or less online to New Zealanders are now required to register for, collect and return GST where their supplies to New Zealanders exceed (or are expected to exceed) $60,000 in a 12-month period …
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Be Canny With Cashflow
Nov 21, 2019
In the race to have everything done before the Christmas closedown, make sure you take some time to look at your cashflow and plan for the new year.
January is a month with some key tax dates, with a lot of things falling due on 16 January in particular …
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Airbnb at your home or the bach? Find out about GST
Nov 19, 2019
How well are your staff performing? Do they love their job? Performance reviews, an open two-way conversation held once or twice a year, are a great way to find out. While you’re not legally bound to do appraisals, they’re a great tool to keep your business …
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Renting to flatmates
Nov 12, 2019
Income earned from rent is taxable and you can claim deductions for costs related to earning that income. Different tax rules apply depending on the circumstances …
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Property and Tax
Nov 1, 2019
Are you thinking of buying or selling property? You need to consider the tax implications and plan accordingly …
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The busy person’s guide to stress-free performance reviews
Oct 2, 2019
How well are your staff performing? Do they love their job? Performance reviews, an open two-way conversation held once or twice a year, are a great way to find out. While you’re not legally bound to do appraisals, they’re a great tool to keep your business …
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Key Tax Dates – October 2019
Oct 1, 2019
Key Tax Dates – October 2019 …
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Why closing the gender pay gap is good for business
Sept 13, 2019
While the gender pay gap is smaller than a decade ago, a collection of top New Zealand business people are working hard to reduce it further. CEOs and Chairs from companies such as IBM, Saatchi and Saatchi, PwC and Vector have joined Champions for Change …
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Property sales on IRD radar
Sept 6, 2019
Buying or selling a home? You’ll now need to provide your IRD number as part of the transaction process. The change will allow the IRD to know who is flipping owner-occupier homes on a regular basis, and better enforce the existing law that ensures people pay tax on the profit …
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Transforming the economy
Aug 13, 2019
On the global stage New Zealand’s economy has obvious vulnerabilities: Its reliance on export, uncertainties affecting major markets and political instability across many regions, complicated by a lack of coherent global action on climate change …
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Facebook: Why your business needs it (and how to use it!)
Aug 8, 2019
Are your ideal customers adults? Then your business needs to be on Facebook because that’s where their eyeballs are. Time-poor or don’t have a clue where to start? Get some answers with these six most frequently asked questions …
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What is your business doing to attract the next generation?
Aug 3, 2019
Gen Z (born after 1995) are tech-savvy, entrepreneurial, out-of-the-box thinkers – people you want on your team. Here are four ways to attract and retain New Zealand’s next generation of workers …
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Key Tax Dates – August 2019
Aug 1, 2019
Key Tax Dates – August 2019 …
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Being a productive nation
July 29, 2019
Innovation is seen as the key to assist New Zealand industries in the transition to an economy high in productivity but low in emissions. The challenge is for businesses to be more innovative and New Zealanders to adapt to changing job markets …
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Health and safety:
Say it loud and proud to lower the risk
July 15, 2019
A ‘she’ll be right’ attitude towards health and safety won’t cut it. You’ve got to make a conscious decision to be safe and get everyone in your team thinking about health and safety every step of the way. Here are a few ways to do …
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Take stock and thrive
Top tips for working ON your business in 2019
July 5, 2019
When you’re head down in the day-to-day running of your business, it’s hard to know what needs to be done behind the scenes to ensure future success. You don’t have to set aside an entire day …
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NZ Says Goodbye To Millions Of Single Use Plastic Bags
July 2, 2019
It’s taken 17 years to follow in the footsteps of Bangladesh, the first country to ban single-use plastic bags, but we’re finally there! From 1 July, single-use plastic bags can’t be sold or given away in New Zealand. It’s all …
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Conducting Research & Development? Cash In!
May 21, 2019
Are you conducting research and development on home turf? You could be eligible for a tax credit of 15% on eligible R&D expenditure …
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Minimum Wage – Requirements & FAQs
Mar 26, 2019
With the increase of minimum wage on 1 April 2019 you will need to review your employees’ total remuneration packages to ensure you are complying with employment requirements …
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NZ Says Goodbye To Millions Of Single Use Plastic Bags
Mar 26, 2019
It’s taken 17 years to follow in the footsteps of Bangladesh, the first country to ban single-use plastic bags, but we’re finally there! From 1 July, single-use plastic bags can’t be sold or given away in New Zealand. It’s all …
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Changes to how you process PAYE
Feb 29, 2019
If you are in business and employ people, you need to know about PAYE. PAYE is ‘pay as you earn’ and effectively is the income tax that employers pay to the government on behalf of their employees. As an employer, you are required to deduct PAYE from your employees’ salary or wages and pay it to Inland Revenue …
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Domestic Violence Victims’ Protection Bill
Jan 29, 2019
Imagine trying to work while juggling court, counselling, and your family’s needs following a domestic violence incident. This is the situation for thousands of Kiwis, but it’s set to improve with the new Domestic Violence – Victims’ Protection Bill coming …
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It’s time to gear up for payday filing
Jan 22, 2019
Hundreds of Kiwi business owners are enjoying the benefits of payday filing – are you? If not, you’ll need to be by 1 April when payday filing becomes compulsory. Now’s the time to work out how you’re going to integrate it into your payroll …
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Key Tax Dates – February 2019
Jan 16, 2019
Date Category Description 5 February PAYE Large employers payment Large employers returns for those who have not yet opted in to payday filing 20 February RWT RWT return and payment …
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Business health check
Dec 18, 2018
Do your Christmas housekeeping! – Chase up unpaid invoices to encourage payment before Christmas to get cashflow off to a good start for the New Year. – Make sure your voicemail message and website mention closing date …
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Fringe Benefit Tax
Nov 20, 2018
What is FBT? Fringe Benefit Tax is a Tax payable by employers on the value of non-cash benefits provided to their employees in connection with employment. There are some items which for various reasons are exempt from FBT. Exempt from FBT Not subject …
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What is a Family Advisory Board?
Nov 13, 2018
The board is a body of ‘elected’ or selected members who oversee the activities of a business. The focus of the board should be to add value to your business and improve processes. The board’s role is to determine business goals and objectives based on the owner’s succession plan …
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Running A Family Business
Nov 6, 2018
The benefits to running a family business are that family members can often be more dedicated and loyal to the success of the business. However problems occur when the interests of family members conflict, there is a lack of competence in particular areas or emotions get in the way of …
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Equity Partnerships
Oct 30, 2018
Ownership models for farming businesses have changed over the years. Family ownership is the traditional model but, given the amount of capital tied up in farming businesses today, family ownership may not be the main model going forward. Various factors shape this. Some business …
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Common Business Structures
Oct 23, 2018
Below is a brief overview of the main business structures. Sole trader – A business run by one person – Owner entitled to all profits – Responsible for all tax/debt – Not a separate legal entity from business and owner Partnership – Partners are jointly liable for …
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Director Responsibilities
Oct 17, 2018
If you are appointed as a director of any company, you should understand your responsibilities and the need to comply with both company law and the accepted code of behaviour of company directors. These requirements are basically the same whether the company is a family business or …
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Business Benchmarking
Oct 11, 2018
Regular comparison against industry benchmarks can help you see how your business is doing. What is benchmarking? Business benchmarking lets you compare your business with other businesses in the same industry. There are many ways to compare one business to another, but …
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Grow with the (cash) flow
Oct 3, 2018
Steady cash flow is the fuel that powers your business, but when you’re busy doing a million things at once it can easily slip to the bottom of the priority pile. Here are some tips to keep the cash flowing while you’re growing: Invoice quickly – good debtor management is …
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Get up to speed – new rules for motor vehicles
Oct 3, 2018
Did you know the mileage rate we’ve been referring to for years is now the kilometre rate? If you’re a sole trader or in a partnership (and use your own vehicle for business), you can claim your running costs as an income tax deduction. Traditionally, if you own a company you’re liable …
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How anti-money laundering legislation impacts you
Sep 14, 2018
If you’ve seen the film The Wolf of Wall Street, you’ll be familiar with the concept of money laundering – an illegal process where ‘dirty money’ received from criminal activities is passed through legitimate businesses and made ‘clean.’ In response to a growing number of …
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Financing business growth with provisional tax
Sep 14, 2018
There are several options available when it comes to accessing money to invest in your business. However, did you know that provisional tax payments are also a source of finance? Tax Finance, an option offered by an IRD-approved tax pooling provider such as Tax Management NZ (TMNZ) …
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Motor Vehicle Deductions
Aug 27, 2018
Motor vehicle expenses are generally deductible for income tax purposes, if the vehicle is used to help earn income for the business. It is important to note that: – If you use the vehicle strictly for business, you can claim the full running costs, without making any …
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ACC Levies if you are Self-Employed
Aug 15, 2018
ACC provides personal injury cover for all New Zealand citizens, residents and temporary visitors to New Zealand. ACC uses a risk-based classification system where business activities are grouped so the costs of work injuries are fairly distributed among similar businesses. ACC sets …
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Companies and Limited Partnership Changes
Aug 6, 2018
Changes have been introduced which affect companies and limited partnerships. These changes are intended to help prevent the misuse of our registers and improve the integrity of the information held on the registers. How do the changes affect me? More information …
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Property and Tax. The Facts.
July 23, 2018
CLAIMING TAX DEDUCTIONS Some deductions are allowable when a property subject to the bright-line test is sold. However, where losses arise as a result of the bright-line test they have been ring-fenced so they may only be offset against taxable gains arising on other land sales. It is …
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The Trust Issue
July 16, 2018
Do you have a family trust? Thinking of forming one as a way to future-proof your assets for you and your children? Take note – the Trustee Act is getting a makeover. While there are still a few parliamentary hurdles to jump, now’s the time to get your head around what the new bill will …
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Considering Exporting?
June 21, 2018
Thinking of Exporting? Don’t just think… Act! New Zealand’s is an export-led economy, driven by a handful of major industries like dairy and wine. But more and more smaller players are also conquering offshore markets with smart, innovative products and services in every …
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Livestock Special
June 21, 2018
DAIRY CATTLE With the exception of breeding bulls, all classes of Dairy cattle have dropped in value compared to the previous year. A Mixed Age Dairy cow now has a National Average Market Value of $1,529 compared to $1,649 last year – a drop of 7.3%. Rising two-year …
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Minimum Wage Entitlements
Apr 9, 2018
Calculating Minimum Wage Entitlement fact sheet The minimum adult wage rate for a worker 16 years or older who is not a starting out worker or trainee is $16.50 per hour from 1 April 2018. The starting-out minimum wage for eligible 16- to 19-year-olds is $13.20 per hour. The …
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Safe as Houses: Stop Press!
Mar 8, 2018
Safe as Houses: Stop Press! Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years. At present, income tax must be paid on any gains from residential property sold within two years of acquisition …
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Parental leave puts an onus on Employers
Mar 8, 2018
Parental Leave puts an onus on Employers Prime Minister Jacinda Ardern probably won’t take 18 weeks’ paid parental leave when she has her baby this autumn, but New Zealand law says she’s entitled to it. Staff who’ve worked for you or any other employer for an average of at least 10 …
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IRD into Stage Two of Business Transformation
Mar 8, 2018
IRD INTO STAGE TWO OF BUSINESS TRANSFORMATION IRD’s been working hard to be easier to do business with. As you read this, its new tax system is kicking in, giving you new and simpler ways to manage your GST obligations through myIR. Enhancements include the traceability of GST …
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