I have compiled a list of our Top Ten tips below — it was really hard to do as there was so much information that you really did have to be there for this one! Also a few pictures of the night — I tried to get a photo of the plate that was full of the shortbread I made, but it was all gone so fast! It really was yummy....
- Keep all your receipts, even if it's only a few $ but it all ads up and is good practice to get into
- Your craft changes from a hobby to a business when your intention changes, usually when you start to sell your goods
- The tax year is from 1st April to 31st March
- An IR3 is what you need to fill out to begin your tax return
- Your IR3 is due by the 7th of July
- You only have to be GST registered if your turnover is more than $60k but you can be GST registered if your turnover is less if you want — there are pros and cons for doing this
- Organise bank statements, bills, receipts etc. as you go, this makes it easier to enter your accounts each month
- Don't forget about ACC levies.... check out their website for calculators etc.
- Your salary, wages etc. combined with your business income is your total taxable income for the year and needs to be declared
- If in doubt, call the IRD or make an appointment with an accountant!
Alida talking us through her amazing spreadsheet
Listening and plenty of notes...
The last piece of shortbread! Polished off promptly by Olivia and Myself