Bev and I have been operating a business partnership ever since I stopped receiving a full stipend in 1990. We did book publishing, video production and consultancy work for a few years to help along with her full-time earnings until we qualified for NZ Superannuation.
The Partnership is still in place but in these retirement days it makes some losses as our actual costs for the bit of work we continue to do tend to exceed the income we receive for it.
So why keep the partnership going, I asked myself and the IRD recently. Well, the losses are a legitimate deduction from our superannuation income so there’s some tax compensation for some of the more worthwhile things we do in retirement.
That’s nice, but what has real value for us is the quality of what we do for people, not whether or not the partnership finances are in the black at the end of the year.
Our small church is moving into a deficit budget for the first time in a dozen years and we are having to ask ourselves questions about our day by day life as a parish. Where are the priorities? What will produce the best results from the most modest input? How do we match our resources to the needs? It’s a bit like the end of the year balance. And the full story will never be told in just the financial bottom line.
The Partnership is still in place but in these retirement days it makes some losses as our actual costs for the bit of work we continue to do tend to exceed the income we receive for it.
So why keep the partnership going, I asked myself and the IRD recently. Well, the losses are a legitimate deduction from our superannuation income so there’s some tax compensation for some of the more worthwhile things we do in retirement.
That’s nice, but what has real value for us is the quality of what we do for people, not whether or not the partnership finances are in the black at the end of the year.
Our small church is moving into a deficit budget for the first time in a dozen years and we are having to ask ourselves questions about our day by day life as a parish. Where are the priorities? What will produce the best results from the most modest input? How do we match our resources to the needs? It’s a bit like the end of the year balance. And the full story will never be told in just the financial bottom line.
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