There are some recent updates and changes which have been made to tax-loss continuity rules in light of the recent resurgence of Covid-19 in 2021. These changes are aimed at understanding the needs of businesses to raise additional capital to stay operational. The...
Chartered Accountant (CA) is a prestigious professional designation that recognised around the world. There are strict requirements to become a member. Being a Chartered Accountant means that someone has completed a significant amount of study and work experience, which usually takes at least 7-10 years.
CA’s are known for their high ethical standards and technical expertise, with on-going learning to ensure that they are up-to-date with current tax and business developments.
Chartered Accounting Firms
JZR Accountants & Consultants is a Chartered Accounting firm, and are recognised as such by Chartered Accountants New Zealand and Australia (CAANZ). We are also an approved training organisation by CAANZ.
The implications of entrusting your financial affairs to an accountant that does not have the necessary competence and qualifications can be enormous and can be the difference between your accounts being handled professionally and above board, versus you being disadvantaged through lack of knowledge or care.
Some great advantages include:
1. Reliable Advice – When it comes to your finances, you need to know your money is in safe
hands – CA’s must comply with professional development standards, ensuring their knowledge and skills are always kept up-to-date and gives you the reassurance that the advice you are receiving is both accurate and informed.
2. Highly Regulated – You’ll benefit from professionally qualified persons that are bound by a strict code of ethics and professional standards. They also undergo monitoring of compliance and quality reviews of their professional practice.
3. Highly Experienced – To qualify as a CA, you will have gained a vast amount of experience
and will be comfortable working with high performing businesses as well as those under
financial pressure. CA’s are required to put in considerable hours of hard work and in addition to being tertiary qualified, take many official exams in order to get certified after university. There is then another level of competence to offer services directly to the public. That’s a lot of time spent honing their craft.
4. Integrity – Your accountant will be dealing with your business finances (and likely your personal information too) so you need to have confidence that they can be both trustworthy and discreet. CA’s are bound by a strict code of ethics to uphold a set of professional principles, endeavouring to always put their clients’ interests above their own.
5. Peace of Mind – To focus on your responsibility as a business owner and to make sure that your financial affairs are in order can take a big chunk out of your time. So, get back to the fun stuff and hire a CA to take care of the number crunching for you.
Qualified Tax Professionals
Hiring a qualified accountant such as a CA is crucial for small as well as large business owners. CA tax professionals bring profitable results to the company and also deals with complicated tax issues.
Income tax matters hold a crucial place in the business. Slight negligence can put into great trouble. So, it is a better decision to hire a good CA to managing all your tax matters.
Doing income tax filing by yourself will waste precious time and as the deadlines of income tax filing come near, it then becomes difficult for you to find the correct tax figures resulting in a lot of confusion. We at JZR Accountants & Consultants are also registered tax agents with the IRD, which means that we can help to reduce your stress and look after your income tax filings.
Extension of Time (EOT)
Being a registered tax agent also means that all our clients receive what’s called “an extension of time” with the IRD.
Extension of time arrangements means tax returns and terminal tax payments can be made at a later date than normal. We have set out the details below.
Tax returns due:
- Normal – 7 July in the same year (e.g. 31 March 2019 year end due 7 July 2019)
- With EOT – 31 March the next year (e.g. 31 March 2019 year end is due 31 March
- With EOT – 7 April the next year (e.g. 2019 end of year due 7 April 2020)
- Without EOT – 7 February the next year (e.g. 2019 end of year due 7 February 2020)
By having an EOT is very beneficial especially for the purpose of a business’s cashflow.
CAs practicing in the area of taxation (such as JZR) knows all the latest updates of income tax. Furthermore, they also help you in getting the correct amount of tax refunds or make sure the right amount of tax is paid. Not more than what the law stipulates, whilst upholding strict ethical standards and adhering to all laws and regulations.
Being a small business owner, it becomes difficult for you to know all the changing and updated laws of taxation and a CA will inform you of all the updates in the field of taxation. This will help you to stay on the right side of the law.
Liaison with IRD
Liaison with the IRD is a regular process irrespective of whether it is a small or large business. Every now and then the IRD request additional information or make enquiries about certain tax related transactions.
It sometimes feels that the IRD is speaking in another language, full of jargon and sometimes not a lot of business sense, so your CA is well prepared to liaise with the IRD by way of acting as a go between, whilst adding their experience to get you the best results.
If you want to work with a Chartered Accounting firm that are experts in their field and are
dedicated and cares about your business, then please do not hesitate to contact us for an
obligation free chat. We look forward to speaking with you.
We at JZR Accountants & Consultants hope everyone is keeping safe during this lockdown period. Things have certainly changed very fast as we go into alert level 3 again here in Auckland. To do our part for the community, we would like to let you know the latest...
The saying that “the only constant in life is change” is particularly due when it comes to tax. Tax legislation is constantly changing, and depending on your perspective, it could be either good or bad. But either way, it will impact on you as a business owner....
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