When we talk about tax claims, we’re referring to how you can reduce your taxable income by deducting certain business-related expenses. Whether you’re a sole trader, a company, or a not-for-profit, you can only claim costs that directly relate to running your business.

One of the most common myths is that all business clothing is claimable — not true. You can claim for branded clothing, mandated uniforms, or health and safety gear like high-vis jackets, steel-capped boots, and masks if they're required for work.

However, you can’t claim for business suits, clothing that’s suitable for personal use, or items like glasses (sun or prescription), even if you wear them while working.

When in doubt, check if the item is clearly and exclusively for business use. If it’s a mix, it probably doesn’t count.

You need to register for GST if your annual sales are expected to be over NZD $60,000 in a financial year.

One size does not fit all when it comes to business, you are not limited by your specific trades or skills; instead, you have the opportunity to explore and expand your potential beyond what you might initially think. The best way to define your business is to make a Business Plan, this allows you to see the full picture of your business or organisation over the next 3 years. Your business plan explains how you will operate, earn revenue, and handle expenses and most importantly clarifies roles and processes in your organisation.

Streamline your financials confidently with Ako Cashflow. Practical strategies to thrive through tax season and step into the new year with peace.

An accountant plays a crucial role in safeguarding your business from the end-of-year challenges associated with tax returns. Analysing your financial data and understanding tax laws, an accountant can provide tailored advice that aligning with your business goals and vision.

A bookkeeper is essential for keeping financial records accurate, helping businesses make smart financial choices. They support accounting processes and help maintain the financial health of an organisation.

What does it mean to be your own boss? This guide covers what it's like to be a sole trader, focusing on the unique traits and duties involved.

A company is a legal entity all on its own. Once you register, the business gets its own NZBN, its own bank account, and its own responsibilities. You’ll be listed as a shareholder (aka owner), and you can add more shareholders down the track if you want to bring in investment or share ownership.

No matter how many people told you, you didn’t believe how much admin it really took to run your own business. The labyrinth of tasks, from bookkeeping to compliance, demands unwavering attention and deft organisation.

When starting a new business venture, you’ll encounter a wide variety of expenses that can arise at any given moment, and it’s crucial to understand which ones you can legitimately claim for tax purposes.

From video conferencing platforms like Zoom, where team meetings feel like friendly gatherings, to interactive project management tools such as Trello and Asana, transforming task management into an engaging journey, the options are as diverse as they are innovative.

About 50,000 new companies are registered in New Zealand each year, reflecting the nation's enduring culture of entrepreneurship. But every year, some 40,000 companies are also removed from the register, demonstrating that while founding a business is one thing, maintaining it can prove challenging.

A not-for-profit organisation (NFP) in New Zealand is an entity created to serve a specific cause or purpose that benefits a community, group, or the public rather than aiming for profit.

If you find that your time is better spent on other critical aspects of your business, consider outsourcing some of your administration tasks. This could be a permanent arrangement while you search for the right employee, assistance with one-time projects or presentations, or even covering someone on leave

Who's reconciling your accounts? Your accountant won't be handling this task; it's up to you to take charge. If you find yourself short on time, hiring a bookkeeper can ease the workload.

Anybody who has already been through their first year of End of Year Taxes knows how much of a nightmare a lack of records can be. It is easy to misplace receipts or even lose them.

Digital solutions offer a sustainable alternative to traditional paper methods. Transitioning to a paperless system not only reduces storage needs but also improves accessibility. Cloud storage and a document management system allows businesses to store documents securely as well as ensuring they are organised and easily retrievable. Implementing digital signatures and online forms can also further minimise the reliance on paper.

There are many options when branching out your new business, many are capable of managing your revenue. By utilising platforms such as Xero for accounting, Stripe for payments, and Squarespace for e-commerce, you can streamline the management of both your overheads and expenses, making it easier to stay on top of your business finances.

Technology isn't for everyone, whether it's an aversion to change or a preference for traditional methods. Some individuals find comfort and efficiency in hands-on practices that do not rely on digital tools.