This practical guide covers not only bookkeeping essentials but also a range of accounting and taxation issues that tax agents, bookkeepers, accountants and business owners need to be aware of when dealing with their clients. It has a very practical approach, with numerous worked examples, diagrams, checklists, tables and FAQs.
Topics covered include:
- an overview of basic bookkeeping and accounting principles
- how to prepare a set of financial statements for clients
- key taxation principles that bookkeepers need to be aware of, including income tax, GST, and FBT
- guidance on the practicalities of payroll and KiwiSaver
- comprehensive examples of how to prepare a GST return under both the invoice and payment basis.
A list of commonly asked questions is included at the end of each chapter. The 4th edition has been updated for important changes including accounting for leases, new taxable supply information requirements for GST, and the pooled alternate rate method for calculating FBT. Also included is coverage of working from home and telecommunication allowances and the interest limitation rules for residential rental properties. This edition has also been updated for changes to all rates including personal tax rates, ACC levies, ESCT, FBT, prescribed rates of interest, kilometre rates, square metre rates, and KiwiSaver contribution rates.