Important Tax changes have been announced in the May 2010 budget. To find out what these tax changes are and how this effects you, please read our May 2010 Budget newsletter saved under Resources.

To discuss your tax position in the new financial year, please contact us on 09 985 2000

About Us 

Biz Solutions Limited is committed to providing a comprehensive range of practical accounting services for today's economic environment and we have over twenty years combined experience in New Zealand to help you realise your goals.

Biz Solutions Limited has the depth and breadth of services of a major accounting firm but with the personal touch that only a locally owned firm can deliver.

Our goal is to partner with you and be relied upon as a contributing factor to your success. Whatever stage your business is at, we are there to counsel and help you through the transitions, big and small. We ask the right questions because we've been helping our clients with the challenge of change for over seven years.

We take the time to listen to our clients and translate observations into practical useful business recommendations that help businesses prosper and grow. We explain and minimise the complexity of any situation by using clear and simple terminology. Our objective is to provide sound financial planning and reporting to meet your needs now and in the future as your organisational goals change.

Whatever your needs are, we can help find the solutions, so contact us today.

 

Our Services

We offer a full range of chartered accounting services:

Click here for the complete list of services that we provide.

 

Tax Changes in the May 2010 budget includes:

  • Reduction in depreciation rate from 3% to 0% on buildings from 2011/12 year
  • Increase in GST rate from 12.5% to 15% from 1 October 2010
  • Decrease in top individual tax rate from 38% to 33%
  • Reduce Company tax rate from 30% to 28%

New Income Tax rates applying from 1 October 2010 are as follows:

  • Income to $14,000 - 10.5%
  • $14,001 to $48,000 - 17.5%
  • $48,001 to $70,000 - 30%
  • $70,001 and over - 33%

Threshold Changes from 28 June 2009

  • UOMI for underpayment of tax will reduce from 9.73% to 8.91%
  • the rate for
    overpayment will reduce from 4.23% to 1.82%

Threshold Changes for SME's from 1 April 2009

  • Provisional tax uplift rates will reduce for 2008/09 and 2009/10 from 105% to 100% and 110% rate to 105%
  • Compulsory employer contributions will increase to 2% and remain at 2% in future years
  • Transitional provisional tax payers rates will reduce from 100% to 95% and the 95% rate to 90%
  • threshold for filing and paying PAYE once a month increases from $100,000 to $500,000.
  • GST payments basis threshold will raise from $1.3 million to $2 million
  • threshold for filing FBT has increased from $100,000 to $500,000.
  • threshold for filing GST on six-monthly basis increases from $250,000 to $500,000
  • threshold above which GST becomes obligatory increases from $40,000 to $60,000.
  • the safe harbour threshold for provisonal tax use-of-money interst is increased from $35,000 to $50,000.
  • Minor fringe benefits to employees without attracting FBT will be raised to $300 per quarter per employee and $22,500 a year per employer
  • FBT prescribed interest rate applying to low-interest, employment-related loans will reduce from 10.90% to 8.05%
  • closely held businesses can file FBT returns annually  regardless of annual PAYE or SSCWT deductions, when FBT liability arises from provision of up to two vehicles.
  • threshold for valuing closing stock at opening value increases from $5,000 to $10,000.
  • threshold for allowing financial arrangeemnts to be accounted for on a straight-line basis increases from $1.5 million to $1.85 million
  • non-individuals who meet a certain criteria will be allowed to return income or expenditure for financial arrangements on a cash accounting basis

Payroll Giving

  • A voluntary payroll giving system will be intoduced from 1 April 2009 that will enable employees to make regular donations to charities from their salary or wages.