News & Events for Rural, Dairy Farm, Contract Milker, and Sharemilker Businesses
What can you claim as a dairy farmer?
Please see this great resource - https://www.ird.govt.nz/-/media/project/ir/home/documents/forms-and-guides/ir200---ir299/ir252/ir252-2024.pdf?modified=20240503012901
How Much Should Contract Milkers Put Aside for Tax?
One of the biggest shocks for new Contract Milkers is tax. When you move from wages to self-employment, no one is deducting PAYE for you anymore. That means GST and income tax become your responsibility — and if you’re not prepared, it can feel overwhelming. The good...
🚜 The Biggest Mistakes I See When Farmers Go Self-Employed for the First Time
Going out on your own in farming is exciting — but it also comes with a few traps that can catch you out quickly if you’re not prepared. Here are the biggest issues I see time and time again 👇 1️⃣ Not Managing Cashflow (and Drawings)Farming income is never steady —...
Motor Vehicles within your business.
Owning a motor vehicle in a business can be a tricky thing to know what best to do. There are different rules for companies as opposed to sole traders or partnerships. I will try to go into this a little below, BUT if you have any specific questions please get in...
Chistmas is the time for giving! BUT get it right if you are gifting to employees or clients.
With Xmas coming up and staff gifts, meals out, client gifts cropping up I thought I would give a quick overview as to what you can and cannot claim for tax and/or GST purposes. There are a broad range of rules as to whether gifts are 50% claimable or 100% and if you...
Shouting the Staff at the end of calving with BBQ and Drinks, Dinner out, Cash or Vouchers/Gifts?
The end of calving is here (YAY), it is always a good time to shout the staff in some way to say THANK YOU. But here are the RULES for tax purposes. If its Dinner and Drinks at home/on farm, or out at a restaurant you can claim 50% of this total as entertainment for...
Are you prepared for End Financial year! Minimum wage increase and payday filing?
Remember, from the 1st April you must pay $17.70, minimum, to all staff. If you have staff on a salary they should be recording their hours weekly to ensure they get paid above minimum wage each pay period. Paysauce automatically creates a TOP UP if it is under and...
Going Self Employed for the first time – Contract or Sharemilking
Self-Employment – Going Contract OR LOSM for the first time What do we need? What do we need to do? Your first port of call should be a good farm orientated Accountant. You need to get the right business structure set up for yourselves and balance date shifted to suit...
How hard is it to change from my existing Accountant/Bookkeeper?
Often I talk to people who for a number of differing reasons are not 100% happy with their current accountant/bookkeepers. But they are still reluctant to change! Changing need not be hard at all, and if you feel its time to move on, maybe it is? We get you to sign a...
Why Hiring a Bookkeeper saves you money!
I found this BLOG on another site and its all very correct! Read below, the original link is at the bottom. There are a number of reasons why businesses can go out of business, however, bad money management remains #1! Often times in the beginning of starting up a...
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