Half time pep talk
Today is the 30th of September which marks half-time on the financial year. If you were trotting off the field in Japan after this first half, what sort of reception would Steve Hansen give you under the stands? How about Kieran Read? Would it be pats on the back and encouraging words, or would it be a bollocking? Regardless, what are you going to do to turn up and make an impact in the second half? Who are your key players and what are you doing to leverage them?
We’re not Steven or Kieran, but if you want to chat about strategy for the second half, we’ve got a bit of experience and we’re not a bad sounding board – tee up a chat to maximise your game plan.
Before we get stuck into the second half, could you please take a moment to get your Xero up to date? It would be awesome to have your Xero reconciled to date by Friday the 4th of October, thanks!
Xero Tip #225031
The Xero Roadshow is coming to town again and after good feedback last year, they’re again offering sessions to small business owners. These are free sessions where you can either chat to a Xero expert, or tune in on a group presentation in the evening. Session times as follows:
- 11th & 12th of October 9am – 4pm (drop in)
- 12th of October 5:30pm – 8pm (tips and tricks to work smarter in Xero)
Register here: Xero Roadshow
Claiming your trip to Japan?
If I was a gambling man, I’ll bet there’s a good number of NZ SME’s currently with owners on business trips to Japan. Of course, it’s pure coincidence that there’s also a rugby world cup on there… How legitimate is this in the eyes of Inland Revenue you might ask?
The quick break down is as follows:
- What is the dominant purpose for the trip? If it’s business, (which can be a hard standard to meet), you’ve beaten the first defender, your flights are deductible, move on to number two.
- How much of your trip is dominated by business? This boils down to ‘X’ number of days out of the total days away. Travel days are considered business. You’ll need a way to substantiate the business days (i.e. itinerary, calendar of meetings, meeting notes). You can apply this ratio to accommodation costs. Keep driving for the line.
- Costs on business days are treated as if you were in New Zealand – if they’re deductible here, they’re deductible there. Generally, there’ll be a split between travel costs (100% deductible), entertainment costs (100% deductible in this case), and drawings (non-deductible). Of course, you’ll need receipts to score.
- TMO decision is that your tickets to watch the All Blacks are likely non-deductible, but there may be the odd worthy challenge to this.
Go the All Blacks!
Your Outside team, and Ruby