FAQs Database Of Frequently Asked Questions

End of Financial Year Checklist

The end of financial year can be stressful especially if are not 100% confident of what you are doing. With the tax year-end fast approaching for most taxpayers, there are a number of steps that you can take prior to 31 March to help you maximse any tax opportunities that you are entitled to. The list below identifies some of these steps together with important tax reminders.

If you have any questions, please contact customer support team (info@consolgroup.co.nz) or your assigned accountant for further details and/or clarification.

Write off bad debts:  Have you written off all bad debts?  Bad debts should be reviewed and actually written off in your debtor ledger prior to 31 March for them to be allowed as a deduction in the financial year. Please review your Accounts Receivable list and write off any that are not recoverable.

Pre-pay expenses: pre-pay tax deductible expenses before March 31, you will be able to minimise your tax bill. Some categories of business expenses can be pre-paid without any limitations, meaning that you can claim as much as you like. Some of these prepayment concessions have a dollar limit and/or a limit on the length of the period after year-end. Examples prepaid expenses could be claimed: stationery, vehicle registration, accounting fees and postal charges. Most other expense categories have caps that limit the amount that can be claimed in a year such as advertising (up to 6 months after the balance date and not exceeding $14,000 total), insurance (up to 12 months after the balance date and not exceeding $12,000 total), rent (up to 6 months after the balance date and not exceeding $26,000 in total).

Donations: Companies (other than LTC’s) are allowed a deduction for gifts of money made during the year to organisations which are approved for donation tax credit purposes. However, donations are deductible only to the extent of the company’s taxable income for the year

Stock take: The value of your stock affects your business’s taxable profit position. Please go through stocktake before year end and get rid of any damaged, out-of-date or obsolete stock to save tax and have a correct and up to date figure of what your sock levels are.

Repair and Maintenance: Do any repairs to pay less tax. Repair and maintenance under $500 can be deducted as an expense rather than capitalised. Please review fixed asset register to bring do repairs prior to 31 March and pay less tax.

a fixed asset can be deducted as an expense rather than capitalised providing the cost of the warranty can be separately identified. Review fixed asset register to ensure genuine R&M has been expensed and not capitalised to fixed assets

Getting your Accounts done in Xero: Reconcile all your business bank, credit card & loan accounts. Nothing should be left unreconciled. Run the General Ledger report with a view of finding coding errors. Check all coding for consistency and correctness (Don’t know how to run general ledger report? Click here). Find and record if there is any coding errors (Don’t know how to fix coding errors? Click here). Run your Profit & Loss and Balance Sheet report for the las 12 months between 01 April to 31 March, does it make sense? Supply all the information requested by your accountant so they can enter the year-end entries and prepare financial statement.

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"When I first found Consol accounting on Google I thought that they must be too good to be true. Then I talked to them on the phone and I was almost certain they were too good to be true. Luckily for us they weren’t. The customer service, price and ease of use make this company out of this world. I could not recommend them any more. They are utterly seamless to integrate and effective as can be. "

Curtis and Katie Hacon Director, FiTiki Limited

"I had put off finding an accountant for a while because of the cost and perceived hassle however after my first consult with Consol, I immediately wished I had connected with them sooner. Consol are responsive, affordable and easy to deal with. Being able to outsource this aspect of my business has allowed me to focus more energy on the parts of my work that I love. "

Dr Rebecca Herald Clinical Psychologist

"I have been most impressed with Consol accounting team since I made the switch last year. The ‘Switching over’ process was really simple, after the initial set up process I can track and log my company’s financial activity with ease and accuracy. By far the most efficient and helpful service I’ve had with accounting companies. Thank you"

Vivien Ye Aesthetic Nurse Specialist, Vivip Limited

"I started out in full-time private practice over a year ago and also registered as a limited company. I love doing my work and seeing my clients, but I soon discovered just how much time doing the financials could take up. In the first year, I worked on my own tax returns and company statements, but was unsure I had done them “right” and really wanted an accountant’s expertise and guidance. From my first phone call to Andrew Joo of Consol Accounting Limited, I could tell that this service would meet my needs. He has been quick to respond, patient with me, great at teaching lots and is a Xero master user. I find the system easy to use now, and feel encouraged to get the most out of my business and confident in knowing that I will meet my tax obligations. Compared to how long it took me to struggle at doing this on my own, there is clear value in getting the professionals to do my accounting."

Dr. T Melanie Lage, MNZCCP Clinical Psychologist, Lakes Psychology Limited

“I had been searching for an option for my accounting for my business I found Consol to be so easy to get started with the team being available at nearly every point in the day! Highly recommended all those that have busy lives and need to free up some time.”

Andre Stewart Tremains Real Estate, Bay of Plenty

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"I would genuinely recommend Consol for all your financial and accounting needs. I needed an accountant quickly to help me find my feet starting up a rapid business. I genuinely had hundreds of thoughts and questions and wanted to do things right first time ... it was all a bit daunting, exciting and a steep learning curve. Andrew Joo was so supportive as he instantly responded to all my needs and then coached me through a solution and helped me understand the minefields at first . It’s really easy now the business is booming and all my accounting is taken care of so I can enjoy the fruits of my labour. I still reach out occasionally and have the answer super quick.. thanks to Consol."

Karl Jones Director, Retail Resilience

"I had just started out in business and soon realised that someone was going to have to help me with my accounting and tax compliance functions. I was very conscious of the need to be vigilant about incurring any new costs, consequently I did a fair bit of research. I came up with the conclusion that I could get everything I wanted, under one roof, from Consol Accounting, at the most competitive rate I could find on the market. It was a win-win. After joining their team I discovered there were a lot of loose ends to sow-up before I could start functioning effectively, and focus solely on running the business side. Andrew, the Founder from Consol Accounting, was an absolute God-send. He was very personal and approachable, and made setting everything up from scratch so easy and so quickly. I’ve basically been running on auto-pilot each month ever since. Just as I had planned. Thanks for your service, guys, best decision I made."

Andre Illemann Like No Other Limited, trading as GoodMooty

"I operate 3 businesses. As a busy owner I needed reliable accountant. I have been using Andrew as my accountant almost for a year and this is my second accountant. I commited transition as one of my friends recommended him and now I thankful to him. Andrew and his team provide a prompt sound and reliable service that is always professional. Andrew is always on hand to answer my queries and it is very professional and prompt in replies even on weekends and publicholidays. He has wide range of knowledge and experience in service of accounting and taxation. He has been helping me out with tax deduction and meximisation of profit. I can highly recommend him to others as he is very motivated and trusted. I would like to make longtime relationship with him and his team."

Steve Kong Director, Katsubi Hamilton & Tauranga

"When I need to get help with my finances and taxation since starting my own business, Andrew at Consol Accounting has advised me on the right approach. Professional and a great experience overall, I strongly recommend Consol Accounting to everyone who needs to get support for taxation."

Michael Park Director, Renewcar East
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