Should I take PAYE wages or drawings?
Should I pay myself PAYE wages or take drawings is a common question we get asked as accountants, and there are pros and cons to each. In...
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Oct 303 min read
How can you pay yourself from the business?
If you are new to business ownership, or an experienced owner but unsure how paying yourself works from an accounting perspective, read...
Aug 123 min read
Health Expenditure – Private or Deductible?
Many of those in business will incur expenditure that blurs the lines between business and private such as needing reading glasses when...
Jul 153 min read
Dairy Industry Profitability for the 22/23 Season
Comparing your figures against an industry benchmark is helpful for identifying whether you are doing better or worse than you think and...
Jun 102 min read
Impact of herd purchase on profit for the 2024 financial year
This article leads on from our article ‘Livestock valuation methods explained’ and how it applies to herd purchases within the 2024...
May 153 min read
Tax Tools Available for a Farming Downturn
The nature of farming is extremely volatile and can result in huge profits one year followed by losses the following year due to the...
May 142 min read
Farm Succession Planning
Family farm succession is becoming increasingly difficult as farms tend to be bigger in order to be financially viable and support higher...
Feb 202 min read
Claiming GST on secondhand goods
For those purchasing secondhand goods from non-GST registered persons you are still able to claim a GST credit even though the seller is...
Jan 94 min read
What is depreciation?
An asset is something you purchase for use in the business that has a useful life of more than one year and costs more than $1,000...
Nov 27, 20233 min read
How ACC Levies are Calculated
ACC levy invoices have come out in the last couple of months, and with the various types of cover and invoices issued from ACC it can be...
Nov 20, 20234 min read
Should I Buy a House?
Clients looking to grow their wealth sometimes ask us whether they should buy a house. Our advice depends on their short, medium and long...
Nov 13, 20232 min read
Taking Drawings from the Company Bank Account
There are some specific rules relating to operating companies and personal expenditure that catch people out. One of the biggest mistakes...
Oct 31, 20232 min read
Why am I paying tax when I have no cash in the bank account?
A common cause of confusion for any self-employed person is understanding how they have tax to pay at the end of the financial year when...
Sep 30, 20232 min read
What it costs to rear a calf in 2023
Many farmers have been enquiring as to the cost of rearing a calf this season, given the level of inflation we have experienced and the...
Sep 28, 20233 min read
Taxable implications of common livestock scenarios
Rearing a few extra calves each year, whether to sell at a later date or to grow your herd in anticipation of going sharemilking or...
May 16, 20232 min read
Fuel Rebates
Farmers are eligible for a rebate on their fuel purchased for farm purposes. Petrol includes a tax imposed by the government called fuel...
May 1, 20233 min read
Guide to Provisional Tax for the 2022/23 Season
Provisional tax can be a confusing topic for the average business owner which is compounded by the fluctuating nature of dairy farm...
Apr 18, 20233 min read
How to Include Tax in Your Budgets
We had a farming client ask us what figure they should include for tax in their budget. They are considering their first contract milking...
Jan 14, 20232 min read
Should I Buy a Ute or Car?
When purchasing a vehicle there are a few factors to consider when deciding between a ute or car for farmers and those in the commercial...
Jan 9, 20232 min read
What Contract Rate Should I be on?
This is a question asked a lot at this time of year when everyone is just getting their head above water after calving and mating and are...
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