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Accounting and tax recommendations in New Zealand

krsnendu
Posts: 4
Joined: 12 Aug 09
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Accounting and tax recommendations in New Zealand

As this company is New Zealand-based, I thought I would ask here.

I am also based in New Zealand and I am beginning my online business.

Can anyone give me advice about accounting and tax that I should know about.
Any recommendations regarding tax / accounting services / advisors are also appreciated.

Thanks.
Krsnendu
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jasondodd
Posts: 874
Joined: 08 Feb 09
Trust:
It really depends what sort of scale you intend doing business on - if you are planning a big operation with lots of outsourced workers and PPC campaigns then you will want some financial advice in the form of an accountant (here in Christchurch Russell Rodgers is a good choice) but if you are starting small then you could probably get by doing it yourself (if you're organised) or employing a bookkeeper or something like SBA.

As a small business your main obligation is tax and the www.ird.govt.nz website is full of good advice for business owners. If you register your business as a company with the companies office you'll need an IR4 return but if not you can complete it as part of your own personal IR3 return (included as business income).

The only other consideration is GST and if you choose to be GST registered (only compulsory if your annual turnover is in excess of $60,000) then you'll need to submit a GST return every few months. If you do get GST registered I would recommend using a program like xero.com to keep track of it otherwise GST time will be the biggest headache in the world for you!

Hope that helps to get you started on the right track!
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krsnendu
Posts: 4
Joined: 12 Aug 09
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Thanks for the advice. Hopefully I can earn a decent amount before too long. For now things are starting small. It's good to know to expect.
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krsnendu
Posts: 4
Joined: 12 Aug 09
Trust:
Someone advised me that it is best to set up an LLC in USA for this kind of business because most of the customers come from there and the customers trust a company registered in the USA.

Any thoughts?
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This topic was started on Aug 25, 2009 and has been closed due to inactivity. If you want to discuss this topic further, please create a new forum topic.

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