Citywide Accountants Ltd

10/05/2022

Do you receive Working for Families payments? And have you selected to receive a lump sum payment at the end of the tax year?

🔔 Here's your reminder we'll pay your lump sum payment into your bank account once your family’s income tax assessment has been confirmed.

Most income tax assessments are sent out between 28 May and 4 June if you have a myIR account, and later if you receive yours in the post. Your assessment will let you know how much income you’ve earned and how much tax you’ve paid. It will also show you if you have a refund, tax bill or have paid the right amount of tax.

You’ll need to check your income tax assessment and tell us about any changes to your family’s situation.

‼️ Important: If you receive income from sources other than salary or wages you need to let us know, to make sure you get the right Working for Families payments.

💻 The best way to do this is by sending us a message in myIR.

Read more about Working for Families payments options at ird.govt.nz/working-for-families/about

08/05/2022

*Please share with someone who needs to see this*

Applications for the COVID-19 Support Payments (CSP) close tonight, Thursday 5 May at 11:59PM.

If you’ve been waiting to apply for business support due to COVID-19, today is the day.

Due to the large numbers of applications for CSP, there may be a delay in approving some applications. If you’ve already applied and are waiting for a response from us, we thank you for your patience. We’re processing these as quickly as we can.

Be sure to keep an eye on your myIR account for updates from us.

For more information visit: https://www.ird.govt.nz/covid-19/business-and-organisations/covid-19-support-payment

09/03/2022

Confused about Bright Line Testing? We are fielding a good number of queries from experienced and new property investor clients.

IRD answer on the main home exclusion on subdivided property sale, incl pdf for download, here.

The bright-line test for residential land taxes residential land sold within the bright-line period. This QWBA explains that a subdivided section sold within the bright-line period will be excluded from the bright-line test for residential land when more than 50% of the area of the land in the subdi...

26/02/2022

If you run a business and are struggling to file and pay your tax, we can work with you to come up with a solution. There are options. We understand COVID-19 has affected the income of many of our customers across Aotearoa New Zealand. Tax relief may be available to you. Find out more about what support may be available to you here: https://www.ird.govt.nz/situations/unable-to-pay-my-tax-debt

07/02/2022

We will just leave this here ...

Do you have a side hustle? Is it a hobby or business? Did you know a small side hustle you’ve been doing for years could be classed as a business if you aim to make a profit? This could include regularly selling your goods at the local market or on an online platform like TradeMe. Being in business means you have to fulfil tax obligations. Read more about your tax obligations here: https://www.ird.govt.nz/roles/self-employed

16/01/2022

If you’re getting Sole Parent Support or Supported Living Payment, you could get a Training Incentive Allowance. It’s extra money to help pay for study costs – and you don’t have to pay it back 📚

Choose a course that will help you increase your skills for work through study - your children and whānau will love you for it.

For each week of study, you can get up to $114 to cover things like books, course costs, equipment, transport, childcare and care costs.

You can find out more about the Training Incentive Allowance here: bit.ly/3pSjND2

04/09/2021

Applications for the next round of Wage Subsidy open on Friday 3 September.

We can’t take early applications for this. You can apply two weeks after your last Wage Subsidy application, even if you are waiting on the last application to be granted.

Businesses that didn't apply for the initial Wage Subsidy are welcome to apply for Wage Subsidy #2 from 3 September.

When it’s time to apply, please make sure you choose the correct form 📝
- self-employed
- employer (if you have employees)
- large employer (if you have more than 80 employees).

An important part of our approval process is checking applications against the information held by Inland Revenue.

Please make sure the details you give us are correct, and match those held by Inland Revenue, so we can pay you quickly.

For more information, please visit: bit.ly/3t29cXP

11/04/2021

Meet our Business Manager, Rachel. She helps the team to help you.

10/04/2021

"Help! I haven't filed Tax Returns in years!!"

This is not an uncommon thing for us to hear. Don't let it continue to stress you, get out in front of it and let us help you deal with it.

People can find themselves in this situation for many reasons - from being too busy working 'in the business' to work 'on the business', not knowing where to start, thinking it will be too expensive, family or personal reasons getting in the way ...

Yes, we can help. Yes, we have done this before. Yes, we will deal with IRD on your behalf. Yes, we can meet with you and talk you through the process. No, you are not alone. No, we don't judge - we just help!

Get some good advice, and get yourself back on track.

Businesses (small and medium), Tradies, Property Investors (residential and commercial) - just about anybody can find themselves in this position.

We are here to help.

23/03/2021

There is plenty of chatter regarding today's announcement regarding extension to the bright-line test and the removal of tax deductions on interest costs for rental properties.

If this change is a concern to you, we suggest you talk to your accountant and get the advice that best suits your situation so that you can plan prudently for your future.



IRD property page is here:
https://www.ird.govt.nz/property

IRD Factsheet is here for more information: https://www.interest.co.nz/sites/default/files/embedded_images/IR%20FACTSHEET%20Interest%20deductions.pdf?fbclid=IwAR0hrEawGo23CRav1Nt0U443CxgRh74khrlzuJ0HNuuK6_ush3efc63s2HA

09/03/2021

We all have to start somewhere, IRD have made some changes to make it easier to manage your student loan. Wise financial decisions are important throughout all stages of life. Know your rights and your responsibilities so that you can take control.

We’re here to help