Finance – Refresh after election

A new election approaches, and there is always the uncertainty of who will govern and who their coalition partners with be. 

We will know the result soon enough and what to expect from the election winner.

The end of October will therefore be a great time to review your business, after the new government is known and you will have some idea of the economic policies that lie ahead.

Businesses with accounting programmes should review the results for the first six months of the year to September 30, 2023 (in most cases) to see how the business has gone in the first six months and what changes are required in the second six months to either get the business back on track to improve the profitability of the business.

How has the business gone against budget? Does the budget need to be reviewed? Your tax advisor will have tools or solutions to help you so it would be a good time to contact them and arrange an appointment to discuss the six-monthly results and the balance of the year going forward.

If you are behind in your tax payments, keep in touch with the Inland Revenue Department (IRD). They are helpful and will look at ways for you to get the debt up to date, including instalment arrangements, and (in more dire situations) hardship relief. 

Talking to the IRD will always help your situation as it will minimise penalties charged to you.