Ahhh, summer.  A great time to relax, unwind and reflect.  And it’s that last one – reflecting – that can be so important to how we fare in the future.  Many of us think about what this year will bring – how it could be better than the last; perhaps you want to be more financially successful, or work fewer hours.  Maybe you thought about some personal goals – a new major purchase or even a healthier lifestyle?  Whatever it is, the difference between a daydream and a goal is that goals are in writing, with a plan of what you need to do to achieve it.

So, do you have daydreams or goals?

Part of achieving your goals is knowing the steps you need to take (often called having a plan).  And here the research is clear: having coherent goals in writing increases the likelihood of you achieving them.  The act of writing them down forces you to describe them clearly – to crystalise what that goal is – and results in greater likelihood of achievement.  But don’t take my word for it, check out this.

If you have something you really want to achieve this year, a great place to start is by getting out a pen and paper, and writing down exactly what your goals are.  And if you do have a goal that you need some help with, get in contact.


Trust income tax rate

Last year, it was announced that the Trust tax rate would change, going from 33% to match the top personal tax rate at 39%.  With the change of government, some commentators were suggesting (or hoping) that this would be rolled back.  However, it doesn’t look like this will be the case.

This means that if you have a trust and that trust derives income, the percentage of income tax that it pays is going up.  IRD have some information about it that is reasonably easy to read – check it out here.

For our tax clients, as a matter of course, we will be working through what the best options for you are.  But if you have any questions, please, get in contact.

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