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FARMERS – Employing your kids on your farm!

A recent article in the 'Waikato AgriBusiness News' highlighted the importance of following the rules regarding paying your kids who work on your farm. Often farmers' kids help out with calving, docking lambs, relief milking and other general farm work. It's a great way for them to earn a little bit of pocket money, and they do learn some practical skills. If you are going to employ your kids, there are some important rules that you must follow. Firstly you must ensure that the wages paid are...

Fonterra Cooperative Support Payments

Fonterra recently released further terms and conditions regarding co-operative support payments. As you will be aware Fonterra will lend shareholders $0.50 for each kilogram of milksolids that are supplied in the period from 1 June 2015 to 31 December 2015 and which is backed by shares or counting vouchers held at 30 September 2015. Counting vouchers means a maximum number of vouchers equal to 25% of your minimum required shareholding for the 2015/16 season. The Loans are linked to production a...

Taking a public holiday

Thinking about whether a day would "otherwise be a working day" is key to determining an employee's entitlement regarding public holidays, alternative holidays, sick leave and bereavement leave. In most cases, whether a day would "otherwise be a working day" is clear because the working week or roster is constant and both the employer and employee can understand and agree about whether the employee would otherwise work on the day. Where the employer and the employee cannot agree whether a da...

Big Changes for Property Tax from 1 October 2015

From 1 October this year there are some pretty significant changes happening in the property tax and conveyancing areas to be aware of. The taxation change is the well publicised 2-year bright-line test brought in to assist IRD with taxing property speculators. The conveyancing law change is designed to enable further information to be collected to better track property transactions information, in respect to both foreign and domestic property buyers. The 2-year bright-line test has been introd...

In the office

Baby news: The latest Accounted4 family member was born on 8th September. Congratulations to Genevra and Logan on the safe arrival of Hazel. She's gorgeous! Election of Officers: Our Business Manager, Christine Stevenson was re-elected Vice President at the recent Cambridge Chamber of Commerce AGM. Congratulations Chris! Reminder: Martyn Steffert is now on leave. He will be returning to the office on Tuesday 27th October. Karen Carroll is also on leave from 25th September and returning to ...

Tax Talk!

If you have changed your bank account, please let us know before we undertake your tax return, otherwise you might miss out on your tax refund. We have heard of cases recently where the refund has gone to an account no longer associated with a business and the taxpayer has missed out. Make sure that you have given us your current bank account details for the account you would like your tax refunds paid to. And let us know immediately if your account details change....

In the community

The Cambridge Chamber of Commerce AGM was held recently and we are proud to announce that Accounted4 will continue to be the Keystone Sponsor of the Chamber as well as the main sponsor of the Chamber 1st XV Young Professional group....

Featured Client

Derek & Catherine Hayward own Premier Cattle Company Ltd. They 50/50 sharemilk 300 cows, with 1/3 equal pedigree Jersey, Ayrshire and commercial Holstein Friesian. Their business goal is to produce milk as efficiently, economically and sustainably as possible. The Fencourt property is 125ha effective; all crops are grown there and all the cows are wintered on the farm. They split calve August, January and March (January is only 2 weeks). The main breeding focus in on type and production wi...

Featured Partner

Frank Risk Management was founded in Cambridge seven years ago and from the beginning drove change in the business insurance sector. They were the first NZ fire & general insurance brokerage to give full income/remuneration disclosure to all business clients. It was fair and transparent which clients liked. Subsequently the business has grown to a team of 10. Now Hamilton based, they also have a successful online presence with Initio (www. Initio.co.nz); collaborating with Bookabach and mor...

How to attract great summer staff

If you're in tourism, retail, hospitality or horticulture, you'll probably need extra help during the busy summer months ahead. Capture the best and the brightest of the summer talent pool – and stay compliant with employment laws and processes – with these seasonal hiring tips. Know what kind of help you need. Do you need fixed-term employees to work specific shifts all summer? Or casuals who'll work intermittently, e.g. to cover for staff sickness or during unexpectedly busy periods? Fi...

Employment standards

The Employment Standards Legislation Bill has been introduced to parliament, proposing changes to strengthen enforcement of employment standards. This will introduce tougher sanctions for breaches and greater accountability for people and entities associated with the employer — such as directors, senior managers, legal advisors — if they are knowingly involved when an employer breaks the law. The changes target unfair practices such as unreasonable deductions from employees' wages; or whe...

Health and Safety Changes

The Health and Safety Reform Bill, which started its slow progress last year, took another step forward in late July with its second reading in Parliament. Meanwhile, tragically preventable accidents, particularly in high risk sectors such as quarrying, forestry, farming, manufacturing, transport and construction, keep the pressure on for better safety outcomes. The lengthy gestation period of the proposed legislation has aggravated employer uncertainty about the implications of the proposed l...

Why is business planning important?

Setting out to build your business without a business plan is like switching on the ignition and driving out of your driveway without knowing where you're going or how you plan to get there. Business planning helps define and guide: An agreed route for your business Your key objectives for the next three to five years and how they will be achieved What intellectual property you already have registered, or might want to protect Directions and timelines in which to achieve your goals Yo...

Health and safety law changes

Changes to health and safety (H&S) laws are a step closer, with a select committee reporting its recommendations back to Parliament. The Bill is expected to be passed later this year and there will be some months before it comes into effect. During this time government will provide further guidance to help businesses understand what the new law means for them, so you will have plenty of time to prepare. The aim of the law is to reduce the number of New Zealanders killed or hurt at work....

IRD Mileage Rate for Business Use Reduced

A recent review of the Commissioner's mileage rate has resulted in a reduction to 74 cents (from 77 cents) per kilometre for both petrol and diesel fuel vehicles for the 2015 income year. This mileage rate is for persons whose business travel is 5,000 or less in an income year. The reduction is largely due to a lower average fuel costs during the 2015 income year and to some extent more efficient motor vehicles. The 2015 income year for business taxpayers with a standard 31 March balance date,...

Upcoming Seminar: Planning your future

When: Thursday 27th August, 5:30pm – 7:00pm Venue: Accounted4 office, 30 Duke Street, Cambridge Facilitator: Jon Broadley MBE, MBA - Business Advisory Services Manager at Accounted4 Cost: Complimentary Quoting Lewis Carroll, from Alice's Adventures in Wonderland, Alice comes to a fork in the road and asks: "Would you tell me, please, which way I ought to go from here?" "That depends a good deal on where you want to get to," said the Cat. "I don't much care where–" said Alice. "Then...

A focus on sustainability

Sustainability is rapidly changing the way we do business. Consumers and retailers in New Zealand and international markets are increasingly demanding sustainably produced goods and services. Most business owners want to reduce their energy use and lower their carbon footprint, but many worry about the costs involved. You might be surprised to find that becoming more environmentally sustainable is more cost-effective and less resource-intensive than you first thought! When adopting sustainable...

Featured Client

The Native Forest Restoration Trust was founded in 1980 following a campaign against the felling of giant totara in Pureora Forest. The primary aim of the Trust is to encourage and undertake restoration of degraded or destroyed New Zealand indigenous habitats and plant communities. This small group of dedicated people have acquired and protected well over 6000 hectares of native forest and wetlands creating reserves throughout New Zealand. This is all the more remarkable as the Trust is almost c...

Featured Partner

LOVE Cambridge! We are so fortunate - Cambridge is not just a town we live in, it's a place we LOVE to live in. It's a great place to live and to do business. The Cambridge Chamber of Commerce aims to support sustainable business growth and vitality. Just as a seed requires the right environment to germinate, grow and flourish, so too does our business community. Healthy competition brings benefits to a healthy business environment. Cambridge is growing fast and as the opening of the e...

Tax talk!

No. The Commissioner, in "Questions we've been asked", confirmed distributing income in a family trust to family members on low tax rates was not avoidance. Don't overlook the opportunity offered by an LP or LTC . However, do not try and get too smart or it might be tax avoidance. E.G. Do not allocate all to one beneficiary who has the lowest tax rate and then get that beneficiary to gift to the other beneficiaries with higher tax rates....

Business Advisory team update

by Jon Broadley Achieving a balanced lifestyle given competing work, family and social commitments is challenging for us all. Constant change in all of these environments is draining but one must always put things into perspective. We live in a great country with great opportunities for ourselves, our families and our businesses so sustaining that for our future and the future of our children and their children is all important. Sustainability, the theme of this newsletter, relies on a bal...

Accounts team update

Businesses performing well in the current climate recognise the opportunities that lie within the office walls... your key staff! Developing a healthy business culture will prove a valuable investment, helping you to retain, motivate, and propel key team members and your business. It all starts with strong values and capable leadership. Fear is a massive barrier to innovation and improvement. Employees face many everyday workplace fears, including: fear of making a mistake, being made redundan...

Payroll team update

A new employee costs more than just wages! The MBIE – Ministry of Business Innovation & Employment website has a great new tool to assist employers when they are thinking of hiring a new employee. Employing staff can be a big decision but it can also be the best move you ever make. The EMPLOYEE COST CALCULATOR will give you the confidence to make that important next step, providing you with a ballpark figure of what hiring a new employee might cost based on industry averages. It helps...

In the office

We sadly said goodbye to two of our team last month. Helen Howlett has relocated to Tauranga and Katrina Frogley has moved up to Auckland. We wish them both well . Genevra Scott will be on parental leave from mid-August – May 2016 We have two new team members to introduce: Natasha Richards: Natasha will be in Kim's team and will be working approx. 30-35 hours per week whilst also attending Wintec and completing her Bachelor of Commerce Sonia Trebilco (CA): Sonia has previously wor...

In the community

At Accounted4, on the last Friday of the month we have a casual day and each team member makes a donation towards a charity. Our team contributions have been increasing so we have decided to donate $500 this month to the Westpac Rescue Helicopter (Waikato-King Country). A very worthy organisation which we are happy to support...