Video transcript: Reducing stress during tax time
[Audio/ Visual: Upbeat music starts playing with blue introduction screen with white business.govt.nz logo. The word “presents” in smaller, thinner lettering is beneath the logo. These words disappear and are replaced with white text “Brave in business e-learning series”. These disappear. White text saying “Reducing stress during tax time” then appear in the centre of the screen.]
[Visual: The screen changes to an upper body shot of the presenter, sitting at a table, with a kitchen blurry in the background. In the bottom right is the business.govt.nz logo which remains there until the end of the video.]
Tax time doesn’t have to be stressful. With good planning and clear processes, you can make it easier on yourself.
Here are three tips for reducing stress at tax time.
[Visual: The screen changes to a scanning shot of a red notebook. White text saying “1. Don’t leave things to the last minute” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to a profile shot of the presenter.]
Creating a routine to update your financial processes throughout the year will make your life much easier at tax time.
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Avoid leaving things to the last minute. Set reminders. Find a record-keeping system that works for you so you can keep everything neatly documented.
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This way, when tax time comes around, you’ll know you’ve done the right things.
[Visual: The screen changes to a scanning, close up shot of a table with pens, a laptop and a calculator scattered on it. White text saying “2. Get everything in order” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to an upper body shot of the presenter.]
Spend some time finding out what you need to do for your business, then create a year-end checklist. We’ve included five tasks to get you started.
[Visual: The screen zooms into a profile shot of the presenter slightly off centred to the right. On the left of the presenter, white text saying “Check who owes you money, and how you owe money to” appears as it is said. It disappears and the screen sweeps to re-centre the presenter.]
Check who owes you money, and who you owe money to. Review your list of customers who still owe you money at the end of the year, and any supplier bills you haven’t paid.
[Visual: The screen zooms out to an upper body shot of the presenter slightly off centred to the right. On the left of the presenter, white text saying “Review your business expenses” appears as it is said. It disappears and the screen sweeps to re-centre the presenter.]
Review your business expenses. Review how you spent money in the year. You may be able to claim business expenses in your tax return. Use this opportunity to find savings and update your budget for the new financial year.
[Visual: The screen zooms into a profile shot of the presenter slightly off centred to the right. On the left of the presenter, white text saying “Review your inventory or services” appears as it is said. It disappears and the screen sweeps to re-centre the presenter.]
Review your inventory or services. Take a moment to review your stock and assets. Which of your products and services were most profitable? Which didn’t do as well? Use these insights to plan for the year ahead.
[Visual: The screen zooms in closer to the presenter with them to the right of the screen. On the left of the presenter, white text saying “Make sure you’re up to date with GST” appears as it is said. It disappears and the screen sweeps to re-centre the presenter.]
Make sure you’re up to date with GST. If your business is GST-registered you will need to file a GST return for every taxable period –
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Most businesses' financial year ends 31 March. If you owe GST after your end of financial year GST return has been filed, you must pay this on the same day as your GST return.
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If your financial year ends on a different date, an accountant or bookkeeper can tell you when you’ll need to pay, and help you file your GST return.
[Visual: The screen zooms out to an upper body shot of the presenter slightly off centred to the right. On the left of the presenter, white text saying “Bring together your tax documents” appears as it is said. It disappears and the screen sweeps to re-centre the presenter.]
Bring together your tax documents. To file your tax return, you’ll need your income statements, business expense records, finalised payroll and other documents.
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Visit the Inland Revenue website for information. If you need more support, consider using a financial adviser to help make this easier.
[Visual: The screen changes to a scanning shot of a red notebook. White text saying “3. Reset for the new financial year” appears in the centre of the screen. This screen remains for 5 seconds. The screen changes back to the shot of the presenter.]
Lastly, reset for the new financial year. Pause, reflect on your business. Think about what’s working, and plan for the year ahead.
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Put those good financial management habits into practice to keep things smooth throughout the year. Celebrate your achievements. Set clear, realistic goals for the year ahead.
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Remember, good planning and clear processes is key for making tax time as easy as possible.
[Visual: Screen changes to an upper body shot of the presenter and sweeps the perspective to the left, so the presenter is on the right of the screen. White lettering saying “business.govt.nz/tax-time-tips” appears on the left of the screen as it is said.]
For more tips visit business.govt.nz/tax-time-tips.
[Audio / Visual: Upbeat music plays while a blue outro screen appears with the business.govt.nz logo in the centre of the screen. This logo disappears and the Ministry of Business, Innovation, and Employment logo appears on the left-hand side and the Te Kāwanatanga o Aotearoa, New Zealand Government logo appears on the right-hand side.]
[Video ends]
