Would you believe it’s November?! The race that stops a nation, the Melbourne Cup went down yesterday and as your advisers, you’ll be delighted to know that all those winnings you made are tax free! The IRD are tough these days, not only on cash jobs, but also your tax deduction claims. So, sadly, all those that ‘donated’ to the TAB aren’t able to claim a tax deduction.
With business getting more and more mobile and in-the-now we’re seeing more clients utilising the mobile app, Xero Touch. It’s great as it means less work for better accounting records. Download the app on your iPhone or Android and next time you fill up the car, use the app to snap the receipt then biff it – too easy! On the petrol front, if you’re ever heading north, swing by Caltex on Old Hutt Road as it’s usually 30 cents cheaper than town!
If you’re a bit of a techno-phobe, or not quite nailing the app, Harri is the girl to get in touch with who I’m sure could teach anyone, except maybe my Dad. Drop her a line or give her a bell.
Construction – Inland Revenue is looking at you.
IR is continuing to target undeclared cash jobs in the construction industry; and if you’re caught the penalties, even criminal convictions, are hefty. The best thing you can do is keep tip-top records about all cash jobs, and Xero is great at achieving this. Please let us know if there’s ever the ‘odd cash job’ going in your personal account or back pocket – it’s much better to declare these to Big Brother. We know the questions is always ‘how will they find out?’ well, IRD is getting smarter, as crafty as you may think you are. Check out this article, or get in contact with us if you’re worried, we’re on your team.
Cash. Of course, regardless of your industry, there may be cash transactions here and there, all-be-it likely growing lesser in nature. While you may think you get away with running a bit of cash through the shadows, there’s a few negatives to this:
1. It’s risky for your business and your personal life
2. Do you really know how your business is going?
3. How will it look next time you need to borrow from a bank?
Just a bit of food for thought 🙂
Check out the latest article on the IRD crackdown.
Over and out,
Your Outside team, and Ruby