When money is tight in business it is often the business owner who doesn't get paid. Try to treat your earnings like those of any other employee and concentrate on lifting sales or cutting other expenses before accepting a lowered income.
Issue
Access to information online - by the time I get the booklet I ordered, I've forgotten why I needed it!
Inland Revenue response
We recommend you visit our website at www.ird.govt.nz . You can access the content by clicking on the links in the left-hand margin.
Instead of phoning us and requesting a hard copy of our guides and booklets why not refer to them online? Click on "Forms, books, newsletters" - you'll find the link near the top of the page.
The "Information for:" menu gives you an overview of your tax entitlements and responsibilities as an
individual or a business.
The "Information about:" menu gives you the facts about a range of taxes and social policy initiatives - note the links to income tax, GST, employer responsibilities, child support and family assistance.
Did you know you can do a number of calculations online, including depreciation, PAYE, child support and much more? Let our "Calculators" page do the sums for you!
Our website is regularly updated. We're sure you'll find information that can help you. You can register free to get updates by clicking What's new on the site.
Issue
How do you set up a company and what are the tax ramifications?
Inland Revenue response
Our website has information about companies. It tells you about companies in general, qualifying and loss attributing qualifying companies, and has a link to the Companies Office where you can register a new company.
Our tax guide Smart business (IR 320) has more information. Check the "Business types" page near the front of the guide.
The business structure you use (eg whether you operate as a sole trader, a company or a partnership) impacts on other aspects of your business, not just tax. So before you make any commitments, we suggest you talk to your business advisor.
Look out for more issues and responses in the near future.
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