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Health & Safety - it's time

When it comes to how employers are reacting to the upcoming changes in the health and safety legislation, I've found there are three types of employers. The first is the employer who just sees it as part of business, and will get on with it. Then there's the employer who is a bit apprehensive and needs a helping hand, but quite willing to do it. And the third type is the employer who thinks it's just more red tape and interference, and who is unconvinced it will affect them. The ethos of our h...

Risk and Reward - Targeting the Cash Economy

Inland Revenue's crackdown on 'cashies' continues with their focus on undeclared cash in the construction and hospitality sectors. Last year, the Auckland region saw the most activity. Inland Revenue are now widening their reach. They've been trying to change attitudes among tradies and subcontracting businesses and their efforts seem to be getting results. Inland Revenue acknowledge people trying to cheat on tax are in the minority but stress that they're a very expensive minority. The so-cal...

Better Administration of PAYE - Submission to IRD

At Accounted4 we provide a payroll service for clients using various payroll providers that best fit our client's individual needs. I am all for reducing compliance costs for businesses but I think the Government needs to look at the complicated payroll legislation that we have in NZ first. We have so many different types of pay calculations for annual leave, sick leave, bereavement leave, public holidays with ordinary daily pay, 52 week average, annual average and 4 weekly average under the...

2016....Eyes Front, No Rear Vision

Recently at Accounted4 we reached six decades of business success and it was certainly great to celebrate this fantastic milestone with the team and their families. That's all well and good but, the question now looking forward is, how do we continue on the journey? How do we continue to remain relevant, competitive and successful not only in 2016 but for the next decade? Here's a few of my thoughts… I recently heard the saying "Culture eats Strategy for Lunch" and I have to agree with ...

Christmas Greetings

The team at accounted4 would like to wish you a very Merry Christmas, a safe and happy holiday season with family and friends, and a prosperous New Year. Our office will be closed from 5pm on Wednesday 23rd December, and re-opening on Thursday 14th January. If you need urgent assistance during this time, please call Grant Calvert on 027 251 2707. Thank you once again for your support and business in 2015. We look forward to working with you in 2016. ...

Time to Celebrate!

Accounted4 recently celebrated a special milestone, one that marked 60 years of service to Cambridge and its surrounding district. In the beginning the Company's roots were formed with the first kernel of an idea taking shape after Jack Shannon came from Ashburton to purchase Ted Littler's practice in late 1955. Accounting practices were relatively new to Cambridge then, as most local businesses had their accounting needs taken care of in Hamilton. Close collaboration with other working profes...

In the community

Recently, as part of the 'Cambridge Girls Day Out', there was an extra special race on Melbourne Cup day – the Office Chair Race. Anne Bland from our office took part. She was dressed for battle and did an outstanding effort, despite fierce antics from fellow competitors. Well done Anne!...

In the office

Baby news: The latest Accounted4 family member was born on 26th October. Congratulations to Geoff and Sandra on the safe arrival of Zoe. She's absolutely beautiful! Staff changes: We welcome Kathryn Leong to our team. Kathryn will be working part-time in the payroll & tax teams. Kathryn is making a comeback as she has a past association with the firm, having worked for Shannon Wrigley from 1989-1994 as a payroll and accounts clerk. Welcome back to the team Kathryn! Unfortunately we f...

In the industry

New legislation affects property sales made from 1 October 2015 onwards. The changes hit in a variety of ways. Bright-line test and residential land New tax rules now apply to residential property sales made from 1 October. A new 'bright-line test' will apply where a person who has purchased a residential property on or after 1 October 2015 then sells it within two years. The sale will be taxed unless the property is the seller's main home, inherited from a deceased estate or sold as part o...

Accounts team update

Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you're doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim. If there isn't a separate area for the business the apportionment will need to take into account criteria such as the amount of time spent on income-earning activities and the area used at home. ...

Featured Client

Cambridge Vets Services has been helping Cambridge animals since 1944. The original business was created as a 'Club', whereby farmers paid a small fee to become members, with benefits coming back to them in terms of cheaper fees. In the intervening years they have progressed to become a 24 vet practice, with vets concentrating on either production animals, equine, or companion animals. The Club system remains in effect for their farming clients. Along with this expansion, their services and pr...

Featured Partner

High Performance Sport New Zealand leads the high performance sport system in New Zealand. HPSNZ works in partnership with national sport organisations, coaches and athletes so that more New Zealanders can win on the world stage at Olympic and Paralympic Games and world championships. With over 160 athletes based here, including World Champions and Olympic medallists, Cambridge is a major hub for HPSNZ. The HPSNZ National Performance Centre is based in the Avantidrome and includes conditioning, ...

Payroll team update

The holiday season is a chance to relax with family and friends. Take the time to calculate and pay your staff what they're entitled to, and everyone will have a merry Christmas. Public holidays, annual closedowns, different pay rates – there are many considerations in the run-up to Christmas apart from buying presents. Employees are entitled to a paid day off on a public holiday if it would otherwise be a working day. Many businesses have an annual close down during the Christmas period, whe...

Tax talk!

These are the rules for the various payment types: by post - must be received by IRD before or on the due date electronic payments, local and from overseas - must be paid into IRD bank account before or on the due date internet banking - payments made on the due date must be made before the end of the bank's business day to be treated in time cash and eftpos - these are accepted at Westpac branches and must be made before or on the due date before the end of the bank's business day c...

Sensible seasonal housekeeping

If your business peaks during the holidays, have your marketing organised and plan your staffing. Is there a planned approach to when everyone is taking their holidays? Have extra business cards or other marketing giveaways on hand - it's a great season for networking. Magnetic car signs can attract enquiries as well Everyone is used to being cash strapped in the New Year but no one ever really prepares for it. Follow up with debtors to encourage payment before Christmas - help your cashfl...

Bright-line property rule is now law

The bright-line rule Government proposed as part of Budget 2015 has just passed into law. This rule will apply to residential property bought on or after 1 October 2015. What's changing? The new bright-line rule requires people who sell residential property within two years of buying it to pay income tax on the sale, unless: it's their main home they inherited the property they receive a property as a part of a relationship settlement. All existing property tax rules, for example ...

Using your home for business

Many people who run a small business use an area in the home for work purposes. You do not have to have an area specifically set aside for the business. If you're doing this, you can make a claim for the area so long as you keep a full record of all expenses you wish to claim. If there isn't a separate area for the business the apportionment will need to take into account criteria such as the amount of time spent on income-earning activities and the area used at home. No deduction is permitted...

Flexitax – New Zealand’s most flexible way to pay income tax

Businesses wanting to ease the burden income tax payments have on cashflow and have greater flexibility around their payments now have another way to pay. They can pay their provisional and terminal tax through Tax Management NZ (TMNZ) via monthly instalments, where they pay what they can, when they can. Tax pooling intermediaries, which are approved by Inland Revenue (IRD), reduce IRD interest costs and eliminate the late payment penalties. Businesses that owe a substantial amount of...

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....