Expert trust and company administration
Forming a trust allows you to protect assets so they can pass on to beneficiaries safely. Forming a company allows you to register and protect your name and brand. It also offers tax benefits and provides continuity if a new shareholder enters the business. The most important advantage of forming a company is the financial protection offered. A company structure, recognised as a legal entity in its own right, allows shareholders to limit their liability for the debts of that company.
R J Preston Ltd can answer all questions related to trust and company set-up and thoroughly explain the advantages of each. Our accountants can assist with:
- Company formations and associated statutory requirements
- Trust formations and associated statutory requirements
- Record keeping and minutes
- Annual filing of returns
- Assistance with changes of directors and shareholders
- Transfer of shares
R J Preston Ltd is the accounting firm in Christchurch you can rely on. For any of the services listed above, please contact us today to book your free consultation.
Farm tax compliance
R J Preston Ltd understands both farm accounting and your obligations to Inland Revenue. In New Zealand, tax laws are set to encourage voluntary compliance to ensure you file your tax returns on time. Inland Revenue legislation clearly sets out the obligations and applies penalties for non-compliance.
If your return is not filed by the due date you may be charged penalties for any of the following:
- Failing to file your tax return
- You cannot give Inland Revenue a valid reason for not filing your return
- You do not get an extension of time to file your return
Our Christchurch-based Chartered Accountants will ensure you are tax compliant.
R J Preston Ltd offers the following accounting and taxation services:
- Preparation of financial statements
- GST returns
- Income tax
- FBT
- PAYE
- RWT
- ACC obligations
Advice on family members as employees
R J Preston Ltd acknowledges that half the tax battle is knowing which actions you are legally entitled to take and which to steer clear of. Our accounting firm stays up to date with changing tax laws and can professionally answer all your questions and provide you with sound advice.
Many clients ask us for advice on how they can meet their obligations and legally pay less tax. One way to minimise the amount of tax you pay is to spread your company income. Income splitting enables less tax to be paid at the higher rates. You can introduce family members as employees or shareholders. Under a company, there is no restriction on the hourly rate that can be paid; you must, however, ensure the amount paid is in keeping with the work undertaken.
Besides tax advice, you can contact R J Preston Ltd if you require assistance with farm succession planning or financial planning. Once you complete the online enquiry form our Canterbury tax accountants will contact you to discuss your requirements.
Talk to your rural accounting specialists
Book a free consultation with R J Preston Ltd. Send us an enquiry and we will be in touch shortly.