New business

Starting a New Business

Starting a new business can be confusing. We help new business owners understand the key steps for tax, registration, GST, record keeping and employer obligations.

Step 1: Are You in Business?

Before starting, you need to determine whether your activity is a business or taxable activity. A business may trade as a sole trader, partnership or company. We can guide you through the options and help you understand what registrations may be required.

Step 2: Company Formation

If you wish to trade through a company, we can help guide you through the company formation process.

Information commonly required includes:

Proposed company name and alternative names
Business industry description
Director legal names
Director residential addresses
Director date and place of birth
Director IRD numbers
Shareholder legal names
Shareholder addresses
Shareholder IRD numbers
Trading address
Postal address
Company email address

Step 3: GST

A business must register for GST if it carries out a taxable activity and turnover is over the GST registration threshold, or expected to exceed it. GST-registered businesses must file GST returns based on their registration period. We can help you understand whether GST registration is required and what records should be maintained.

Step 4: Record Keeping

Good record keeping is important for business tax compliance. We recommend keeping business income and expenses separate from personal transactions where possible.

Useful records may include:

Business bank statements
Sales invoices
Expense invoices and receipts
Cashbooks
Credit card statements
Loan documents related to the business
Wage and payroll records
Vehicle and home office records where relevant

Step 5: Income Tax & ACC

Each year after 31 March, businesses may need annual financial statements and income tax returns prepared. Self-employed people may also have ACC obligations. We can help explain the process and assist with annual tax compliance.

Step 6: Employer Registration

Becoming an employer comes with responsibilities. These may include employer registration, employment agreements, tax code declarations, KiwiSaver, payday filing, PAYE payments and proper employment records. We can help guide clients through the accounting and tax-related requirements.

Starting something new?

Get practical guidance before registrations, GST, records and employer obligations become harder to untangle.

Book a Consultation Call 09 276 5650