Drumm Nevatt & Associates, Tauranga, Auckland – Tax Compliance

Tax Compliance – a taxpayer complies (or fails to comply) with the tax rules.

  • By declaring income
  • Filing a return
  • Paying tax due promptly

Tax Obligations – Filing in a cost-effective timeframe
Governments are increasingly putting pressure on tax administrations – our global economic environment has resulted in businesses facing challenging times in managing tax compliance.

Why is tax compliance important?
Failure to file returns and report income and transactions subject to tax is likewise punishable by law. 
Tax compliance has three dimensions – filing, payment, and reporting.

What does compliance mean in the workplace?

  • Workplace compliance means complying with local laws and regulations.
  • Every business, respective of size, must adhere to compliance regulations. They must also meet specific mandates for data security, privacy, and workplace security.
  • You won’t necessarily have to pay all the different taxes. 
  • What you pay and when you pay are dependent on your earnings. Your
    business structure and whether or not you have employees are also factors.
  • You will be required to pay some taxes yourself and some for your business. If you have employees, you’ll collect and pass on some taxes on their behalf.

Everyone who earns money in New Zealand must pay income tax, including:

      • Businesses
      • Contractors
      • Self-employed

      Taxable income can come from various sources, including:

      • Wages
      • Salary
      • Profit
      • Interest payments
      • Dividends

       If you are a:

      • A sole trader, you file an individual income tax return (IR3)
      • In a partnership, each partner needs to file their return, and your business needs to file two income tax returns (IR7)
      • Set up as a company, your business needs to file a company’s income tax return (IR4).

      Ignorance in failure to pay taxes on time will have consequences – it is your duty as a taxpayer to educate yourself on all tax obligations you must fulfil on time.

      Tax compliance can be challenging for small business owners, and requires a thorough knowledge of various tax laws – it also involves much time and follow-up work. In addition, deadlines are crucial and must meet with accuracy.

      The Drumm Nevatt & Associates team are professional, highly skilled Chartered Accountants based in Tauranga and Auckland.
      They can provide help with all your tax accounting services, including annual accounts, GST legislation, tax facts, tax legislation changes and critical dates. The knowledgeable and experienced accounting team will provide tailored advice and firm solutions to help your business get the best results and ensure you only pay as much tax as you need.

      Are you ready to talk to an exceptional and professional accountancy firm about your business financial needs? Then let’s chat.

      Drumm Nevatt and Associates Limited
      Howick Office
      E: office@dnaca.co.nz
      Ridge House
      69 Ridge Road
      Auckland 2014
      PO Box 54 060
      The Marina
      Auckland 2144

      Tauranga Office
      P: +64 7 576 2194
      E: admin@dnaca.co.nz
      23 Myres Street
      Tauranga 3110

      Improve the Quality of your Soil

      Author: Sharon Dean

      Soil testing and soil sampling is critical to improving the quality and mineral balance of
      your soil.
      The vital point of soil testing is to determine if there are sufficient levels of the essential
      elements for plants and livestock to grow at their best.

      All physical things in the universe are made from 92 naturally occurring chemical
      elements. Living things such as plants and animals are mostly made of certain elements,
      depending on the life form. These are known as the essential elements of life, meaning
      that if all the other elements are present, but if one of these elements is missing, then
      the organism will fail.
      There are 13 elements were needed for plant and animal growth, not just nitrogen (N),
      phosphorus (P) and potassium (K). A further three elements (cobalt, selenium and
      iodine) are essential animal health and nutrition. If your soil is deficient in one or more
      nutrients, your livestock and plants are not going to be able to receive enough of those
      nutrients to grow properly.

      If farmers are injection or bulleting animals for any deficient nutrients such as Cobalt,
      Selenium , Iodine or any nutrient it is a soil borne disorder. Injecting, bulleting or
      supplementing nutrients to animals overcomes the problem short term rather than fixing
      the cause, which is a soil borne disorder. Its equivalent to taking medication rather than
      fixing the root cause.

      Testing of soil, pasture, clover only or animal bloods is relatively cheap. Coming in at
      less than 1% of your total fertiliser costs, it is a cost-effective investment in the health
      and wellbeing of your plants and livestock.
      When it comes to your livestock, if the pasture they are eating does not contain correct
      amounts of the right nutrients they will not grow in a healthy manner, or worse, become
      Most dairy farms probably need only about 13kg/ha of P per year to maintain their
      phosphate levels, but more than 70kg/ha is sometimes applied, leading to massive
      expenditure. This money could be diverted to overcome any deficient nutrient.
      Accurate soil testing also provides a significant management tool in creating an efficient
      soil fertility programme, as well as watching out for potential soil issues.

      Gordon Rajendram Soil Scientist

      Email: rajendram@xtra.co.nz

      Phone: 021 466 077

      Facebook: https://www.facebook.com/GordonRajendramSoilScientist

      Website: https://gordonrajendramsoilscientist.co.nz/

      LinkedIn: https://www.linkedin.com/company/the-soil-scientist

      Instagram: https://www.instagram.com/thesoilscientistnz/

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