Running a small business in New Zealand means keeping on top of GST, income tax and your year-end accounts. Here is a simple checklist we share with our clients.


1. Keep business and personal money separate. A separate bank account makes your records clean and saves time at year end.


2. Keep every receipt. Take a photo on your phone, or use Xero to capture bills straight away.


3. File GST returns on time. Late filing can bring penalties, even when no GST is owing.


4. Plan for provisional tax. Once your tax bill is more than $5,000, Inland Revenue expects payments during the year. Put aside a set percentage of each payment you receive.


5. Count your stock at 31 March. A stocktake gives a true profit figure for shops, dairies, liquor stores and hospitality businesses.


6. Talk to your accountant before big decisions, such as buying a truck, a rental property or setting up a company.


7. Do not ignore letters from Inland Revenue. Payment plans are often possible if you act early.


This is general information, not personal tax advice. Yugraj Singh Mahil Chartered Accountants Limited (Yugraj CA) helps small businesses across New Zealand online, in English, Punjabi and Hindi. Free NZ calculators, including GST, depreciation and rental yield, are on our website: www.yugrajca.co.nz