Rental losses law change coming

The law is to be changed regarding rental losses. 

For many years, investors in property have had a tax deduction, against their other income, for losses on rental property. Starting from 1 April 2019, residential property owners will no longer be able to set off their losses as previously. 

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Get rid of email prompts – and keep working

We’ve talked in the past about emails distracting you from your important business. There’s always the temptation to check an email as soon as it lands.

However, it’s a better habit to check emails, and respond if necessary, at regular intervals that suit your work flow – perhaps every hour or two hours.

Most email programs, however, automatically prompt you when an email comes in. 

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Home business requires discipline

Running a home business has some great rewards, but it requires planning and discipline if it’s going to be successful.

If you’re thinking about starting a home-based business, or about bringing an established business into your home, here are a few things to consider.

Will you isolate yourself from your clients?

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Payments for babies born or due from 1 July

From 1 July 2018 the Government started weekly payments of $60 per child, known as Best Tax, until the child reaches the age of one. 

To qualify, a baby had to be due on or after this date. Therefore, if it was born a little early, it could still qualify. Best Tax can be extended to three years for families with a household income of less than $79,000.

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New rules for PAYE

Say goodbye to filing your PAYE returns monthly (or twice a month for bigger organisations). 

From 1 April 2019 you will have to send in details of your PAYE within 10 working days of paying your staff. 

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Remember to say thank you

“The Mallagan Institute just rang to say thank you for our firm’s donation.” Have you ever known any other charity to do this?

You are in business. When anyone does anything to help your business, be sure to say thank you. Some people send a small gift. One woman received a lovely card. She was so impressed she kept it on her desk for six months to admire it. 

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Food businesses – do you need to register?

Most businesses serving food, in one way or another, were supposed to have registered under the Food Act before 31 March 2018. To check if you need to register, go to the Ministry for Primary Industries website. 

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Another home business calculation

There are now two ways of working out the use of home calculation. 

Inland Revenue will provide a standard rate per square metre for variable costs such as power, telephone/mobile/Internet services and house/contents insurance. The rate is $41.10 per square metre. A share of fixed costs such as rent or rates and interest on mortgage can be added to this.

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