Ōmokoroa Accounting

28/10/2025

ACCOUNTING TIP | Build a 10-Minute Morning Routine

Staying on top of your records doesn’t have to be overwhelming. We set aside 10 – 15 minutes every morning to deal with receipts, invoices, and bank reconciliations, and updating Xero. This daily habit helps keep our records tidy and reduces the risk of mistakes.

This will save you from the dreaded “shoebox or drawer full of receipts” at tax time, and may save you from losing an evening “catching up.”

22/10/2025

ACCOUNTING TIP | Don’t Rely on the $200 Receipt Rule

In 2023, the IRD raised the requirement threshold for keeping GST receipts from $50 to $200. This meant that businesses were no longer required to keep GST receipts under $200.

However, businesses are required to keep records for Income Tax purposes for 7 years in the event they are audited. This includes both sales (invoices) and receipts (purchases).

Our suggestion, to stay on the safe side, is to keep all your receipts. It’s better to be over-prepared than caught short.

15/10/2025

Have you seen your ACC bill yet?
ACC bills are usually sent in July/August for employers and September/October for individuals. However, clients are being caught out. Read more to find out why 👇

Ensure you have set up a MyACC for Business account and that your details are correct online, so you’re not caught off guard when ACC calculates your levies.

13/10/2025

Lately, we’ve heard stories about IRD getting tough on people who owe tax.

What we are seeing and hearing from other accountants is that they are targeting small to medium businesses rather than large companies that owe millions. Perhaps this is because smaller debts seem more attainable to recover.

Don't ignore your tax debt. Read more here 👉

IRD is currently focusing on contacting businesses with outstanding debt. If you have outstanding debt, we strongly advise you to address your debt before IRD gets in touch.

09/10/2025

ACCOUNTING TIP | Remember GST isn't your money!

It’s easy to forget, but GST collected on your sales belongs to the Government, not you. As soon as it hits your account, think of it as money you’re holding on their behalf. Our advice is to set up a dedicated GST account and transfer the amount straight across.

In fact, you should do this for all income tax returns. That way, when GST and tax returns roll around (every 2 or 6 months, depending on your filing frequency, or the end of the financial year), you’re not scrambling to find the cash.

07/10/2025

If you missed our latest e-newsletter here it is. In this edition we share...

👉 Why treating GST as “not your money” keeps you out of trouble
👉 The risk of relying on the $200 receipt rule
👉 How a 10-minute daily routine can transform your record-keeping

And more, click the link to read thenewsletter 👇

Managing your business finances doesn’t have to be overwhelming. Here are three simple habits that can help you save stress, time, and money.

29/01/2025

DO YOU RENT TO TENANTS?

Are you in the business of renting residential properties to tenants? Then you need to get ready for the tenancy law changes.
From 30 January 2025 there will be changes to tenancy termination rules, with more changes on the way.

Find out what tenancy laws are changing and how this will affect you.

28/01/2025

New year, New goals: Business Planning:
Success in business requires careful thought and a path forward — a business plan. Now is a great time to assess, or reassess, where your business is at.
Watch 4 short videos to start or refresh your plan. It will step you through the business plan template, one section at a time.

Watch four short, snappy videos to learn the essentials of business planning. Download our template and follow along.

18/12/2024

Wishing everyone a very Merry Christmas!!🎅

We would like to thank all of our lovely clients and wish you all a safe and Happy New Year for 2025.

Our office will close on Friday 20th December and reopens again on Monday 6th January 2025 at 9am.

From Diane, Erica, Suzie and Ann,
the O A Team

13/11/2024

Parents should be saving their Early Childhood Education (ECE) invoices to claim FamilyBoost later this year. FamilyBoost is a new childcare payment administered by Inland Revenue to help parents and caregivers with the cost of ECE.

Check out this link for more info...

Some services unavailable 16 - 17 November | myIR, gateway services and our self-service phone line will not be available from 3pm Saturday 16 November to 9am Sunday 17 November while we do planned system testing. This will not affect any tax entitlements or payments scheduled during this time.