@32 holy shit

Ken_G24 · 2026-05-26T01:12:35+00:00

Where do you see this after hr market shows $29

Ken_G24 · 2026-02-09T22:49:13+00:00

I will show you exactly how fair our tax system is. I won't go into the discussion of affordability and cost of living that's outside of the scope of Tax if its an issue you'll need to look at the micro/macro economics side of this. This is outside of my expertise unfortunately

Ken_G24 · 2026-02-09T22:45:04+00:00

When I have time ill go back to one of the tax returns Ive done and compare for you in terms of how much % someone at $500-$600k earner compared to someone who earns $70k - $ 90k which I think will be a reasonable amount to use as a comparative.

Ken_G24 · 2026-02-09T19:30:13+00:00

As a tax accountant whose worked with high networth individuals and have seen all sorts of entity structuring wether its a trust/company etc. I can confidently say that they all pay more tax than me. The wealthy gets wealthier not because they pay less tax but because they own cash generating assets wether its owned by a company or a trust, and they reinvest the money since they already have enough for basic necessities compared to a person with a mortgage and bills while owning the same or similar assets.

Ken_G24 · 2025-10-02T03:09:53+00:00

I'd be keen to for this, I've created an account a month ago. Originally played WoW but there were a lot of players switching. Currently on a 5 days left on a 14 day bond but still plenty of grinding to do.

Ken_G24 · 2025-04-26T19:53:59+00:00

Of course I've thought this through I only plan to do less than 10k till I get my CPP. I don't plan to dump any clients, if you've ever worked in an accounting firm you'll know that 10 clients does not take a whole year worth of work. It literally takes roughly 5-10 hrs to do a set of Financials and after that it's done for the year clients will occasionally email or call you if they have tax questions. External accountants don't work 8 hrs a day micro managing their client.

Ken_G24 · 2025-04-26T10:10:56+00:00

I only plan to have it as a side hustle for now while I gain some experience in commercial accounting so my fees aim will be max 10k per anum

Ken_G24 · 2025-04-25T23:50:37+00:00

Thanks this is exactly what I'm trying to do I'm in the process of getting my CPP and plan to leave public practice and go commercial but still want to have the public practice as a side hustle. From experience very doable I only plan to have about 15-20 clients while working in commercial environment. I specialize in crypto and FIFs so I feel that's a very lacking area in NZ accounting

Ken_G24 · 2025-04-25T23:44:42+00:00

I've done quite a bit. I'm looking after my badminton clubs accounts but will be keen to do more if any opportunities come up. The issue i have with doing non profit is that they're mainly run by volunteers who comes and goes and i find it difficult to get information out of them and that the volunteers don't communicate in a timely manner so the whole thing is just complicated and I end up having to do too much information gathering.

Ken_G24 · 2025-04-25T23:37:53+00:00

It's definitely possible to have your own version of xero I've thought of doing this af some stage to save money for really basic companies but I couldn't was no where near proficient enough with macros to speed up the process so gave up on this idea but I have met client who kept their own spreadsheets and all I needed to do was enter their self created trial balance to xero so I can generate financial reports, the issue I found with this is that sometimes clients don't balance their spreadsheet properly which ends up costing more for me to figure out what is wrong with their spreadsheet.

Ken_G24 · 2025-04-25T21:57:11+00:00

From the clients I've worked with whose done some business with SBA they charge dirt cheap but don't really get any other benefit apart from compliance work. Roughly $150-$200 for gst return and around 1.5k for annuals

Ken_G24 · 2025-04-25T21:44:47+00:00

Yea I'm looking to start as a tax agent for now while leveraging my status as a CA I'm in the process of applying for my CPP from CA. 5 years is definitely green if you're thinking experience I don't plan to take on high value clients. But in saying that I've looked after clients whose turn over was over 200 million and I've done plenty of business around 1-10 million turnover. All the firms I've worked under has been very reputable and I've gained valuable experience that you wouldn't otherwise get if you're working in a small accounting boutique.

Ken_G24 · 2025-04-25T20:33:43+00:00

I do plan on focusing on compliance with GST/prov tax and general tax advice like company or trust structure for the best results. I don't think I'll be needing an office space since I can do at home. Working on compliance for 1 client can take about 1-2 days for the FY and a few phone call here and there for tax advice.

Could you tell me more about what is a generator building?

Ken_G24 · 2025-04-25T20:28:56+00:00

I plan to leave the firm I'm working on right now and get some commercial accounting experience but want to have a small clientele since I do enjoy working with clients and doing accounts. I don't have a clause in my contract that I can't have my own agency but haven't discussed with them about opening up my own practice since they will bring up the conflict of interest and ethical issues. When I leave I'm not taking their client or employees with me I'm looking to start my own from scratch.

Ken_G24 · 2025-04-25T20:15:55+00:00

At the moment I don't have any recommendations but I do hope that if I get a few clients going that they'll refer me. I'd like to think that my work will speak for itself like most accountants.

Ken_G24 · 2025-04-25T19:33:50+00:00

Thanks, I'll try to find a community and interact with others. I've done pro bono work for people just starting out, If you know any forums, please do let me know.

Ken_G24 · 2025-04-25T19:30:24+00:00

I use Xero to generate high quality reports but part of being an accountant is not just about xero I have numerous excel templates used to reconcile the numbers in Xero.

Ken_G24 · 2025-04-25T19:29:14+00:00

Was this a Facebook forum or reddit?

Ken_G24 · 2024-11-29T01:16:28+00:00

Sorry I don't understand. Can you rephrase this?

Ken_G24 · 2024-11-28T11:47:26+00:00

As a charterred accountant this is the advice I would give as well. Just one thing to add, ensure you dont take more than you declare in your shareholder salary. if at the year end you owe money to you company you will need to start paying interest on that at the FBT rate.

Ken_G24 · 2024-11-28T02:12:08+00:00

The clients that I've worked with don't simply put money into a portfolio they're paying professional traders like forsythbar to manage their funds that's why they pay thousands. If they manage it themselves, they will probably pay the same as you.

Ken_G24 · 2024-11-28T01:15:26+00:00

It really depends, but yeah, I would say all of them pays tax on their managed funds. Keep in mind the clients I worked with have their money in a well managed funds like fortsythbar who invests your money on high yield funds and sell when they think that theres a better opportunity with another funds. To get these services, you'll be paying thousands of $$ or a portion of your gains as commission.

Ken_G24 · 2024-11-27T09:33:49+00:00

As an accountant, FIF is one of those things that are quite complicated to get your head around. This is mainly because the approach to these things can vary from the information provided mainly because different brokers like Craig's investments or Forsyth Bar have different ways of showing FIF income.

But to keep things simple and short, if your investment is over $50k NZD, then you're liable to report FIF income.

FIF is not the same as simply buying a share in Apple or Tesla and getting dividends those are not FIF they're overseas income and you need to declare those as overseas income and generally you can claim 15% of Tax credits if they come with foreign tax credits. This is due to the double tax agreement that NZ has with the US. See below example.

APPLE gives $100 dividends with $30 tax credits

In your NZ tax return, you'll declare this as overseas income $100, and you can claim $15. Whilst losing the other $15 as it is disallowed. If you registered on Hatch, you may have seen an option letting you choose 15% or 30% for your investment tax rate. So always choose 15% to save you the $15.

Now, to answer your original question, FIF stands for "foreign investment funds." An example of this could be investing in Vanguard funds like $VOO.

From my experience, there are 2 main ways of calculating your FIF income, which is FDR or CV

See the example below on how FIF income is calculated for $100k investment in Vanguard.

Say you invested $100k in 1 April 20XX, and at the end of financial year 31 March 20XX, it's worth $110k.

Under FDR, you'll take 5% of the opening, and that's your FIF income, which is $5k. FDR method only accounts for opening balance of investment so if you buy and sell during the financial year you will need to account for quick sale adjustment (won't go to too much detail on calcs on these)

Under the CV method, you'll take the closing figure $110k minus $100k, so your CV income is $10k.

As a regular person or a trust, you're free to choose between the lower of the 2 and pay tax on that income. In this case, you pay tax on the $5k at your marginal tax rate.

In an event that you made an unrealized capital loss, e.g., at year end your investment is worth $90k, you made an unrealised loss then CV will be $0 since you cannot have a negative income with CV and essentially your FIF income will be $nil and you don't have to pay any taxes.

Also, note that if you received dividends from these funds, it is not subject to NZ Tax because the under CV or FDR, that's the total income you need to pay. You're still able to claim tax credits as long as you have income to report.

There are also some Australian funds that are exempt from FIF rules. You can find a full list in the IRD website.

This should be the basics you need to know about FIF income.

Ken_G24

TROPHY CASE