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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...

New Company Information Requirements

It is relatively straightforward to set up a company in New Zealand – complete a few forms, pay a few hundred dollars, and an Empire is born… This simplicity, together with our country's enviable status as an "OECD High Income Economy"1 is one factor that makes New Zealand an attractive place to do business. But unfortunately with this simplicity comes the potential for contempt, and even abuse. It is for this reason that the NZ Government has recognised that more information needs to b...

We are FINALISTS!

It has just been announced that Accounted4 are a finalist in the Waipa Networks Business Awards for the Cambridge Customer Choice Award. The team are very excited and we would like to say a BIG thank you to our valued clients and stakeholders for voting for us....

Splitting a couple’s income

Generally, splitting income of a couple is allowed only if you can justify the amount paid to the smaller income earner. If you work for yourself, you'll need to get the Inland Revenue's approval before paying your spouse or partner. This need for approval does not apply to companies. All that is needed is for you to be able to justify the income if IRD asks. The rules for couples who are partners in business are a little more complicated. Please ask us if you want to know what they are....

IRD payment due dates

If a due date falls on a weekend, public holiday or provincial anniversary day, Inland Revenue can receive your return and payment on the next working day without a penalty being applied. For more information on making payments in general to IRD, click here...

Extra pay in a tax year

The PAYE system and PAYE tables are worked out based on 52 weeks or 26 fortnights occurring in a tax year. However, each year a number of employees receive 53 or 27 pay days within the tax year because of the day on which their wages are paid. This often results in PAYE and/or student loan repayment shortfalls. Where the employee has an entitlement to Working for Families Tax Credits this may also be overpaid if their family income has been underestimated. Summaries of earnings began going...

KiwiSaver changes from 1 April 2015

Changes have been made to the first-home withdrawal rules from 1 April 2015. KiwiSaver members can now withdraw: their contributions and their employer's contributions, and the investment income received, and their member tax credit paid into their KiwiSaver scheme by the Government The $1000 kick-start payment still can't be withdrawn. Removal of the government KiwiSaver $1,000 kick-start contribution As part of budget 2015 Government announced the removal of the $1,000 KiwiSaver ...

Farmer as an employer - Hot Topics

1. Accommodation Allowances From 1 April 2015 new rules apply to determine the taxable value of accommodation. The key concept is that the taxable value of employer provided accommodation is equal to the market value of the accommodation. The market value can only be adjusted for the following factors: - Accommodation is shared between two or more employees - The employee makes a contribution to the cost (e.g. off farm accommodation) - The employee uses part of the accommodation for bu...

Welcome to Winter...

Freddy Farmer finally got round to clearing out the glove box of his ute and sorting out the pile of receipts and EFTPOS dockets, to make life easier for his accountant. Glovebox, shoebox, Freddy's fairly basic with his filing system when it comes to paperwork for GST claims. But, he's also very aware it's not very cost-effective – or great for relations – to hand his accountant a box full of paper, coins and lolly wrappers. So, Freddy starts the task of sorting out the paper pile. He k...

In the community

Last Friday the team had a Pink Ribbon Breakfast at Rouge to assist in raising funds for the New Zealand Breast Cancer Foundation. Money raised from this year's Pink Ribbon Breakfasts will fund research projects and medical grants to help improve the survivorship of breast cancer in New Zealand. It was an enjoyable breakfast and even Grant was wearing his pink tie, with his trade mark white shirt! ...

Fonterra - Farmgate Milk Prices

This week it was announced that the current forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with the previously announced dividend range of 20-30 cents per share, the change amounts to a forecast Cash Payout of $4.60 - $4.70 for a fully shared-up farmer. This revision means there will also be a reduction to Advance Rate payments for August and September The 10 cent reduction to the forecast reflects the reality that global commodity prices have not increased as...

In the Office

We recently celebrated Jacqui's 20 years with Accounted4. Congratulations Jacqui on this amazing achievement!...