Business Health Check
Health isn’t limited to your individual well being, it also affects your business. There are many aspects to a healthy business such as cash flow, debtor management, profitability, breakeven analysis, staffing, to name a few.
It is important these are monitored, some need monitoring more regularly than others, to ensure your business remains healthy and viable for years to come.
Identifying aspects of your business that are key to its success, known as “key performance indicators (KPI’s)” and setting targets are crucial in this process as they give you a benchmark to monitor your results against.
Ensuring relevant systems in place are also key in monitoring to ensure that you can get the key information as quickly as possible.
Incorporating KPI’s, targets and regular monitoring allows you to identify early problem areas of the business and allows time to make changes and take action before these problems fester and become much worse.
The Government intend to abolish gift duty, the abolition of gift duty will be included in legislation to be introduced in November 2010 and will be effective from 1 October 2011.
This is aimed at reducing compliance costs for the tax payer, as this was estimated at approximately $70 million per year and was not generating significant revenue for the IRD.
There were concerns around creditor protection and social assistance, but the Government is confident there is a broad range of other existing legislation that will provide adequate protection to mitigate the identified risks following the abolition of gift duty
Unclaimed monies from the IRD
The IRD has recently updated their unclaimed monies list are you on it? click here to check
Tax due in the upcoming months
28th November 2010
1st instalment of 2011 Provisional tax. (June balance dates)
GST for October 2010
Average Interest rates for last month:
Housing Loan 6.39%
Business Lending 10.34%
6 month Deposit 4.75%
Average exchange rates for last month: