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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!...

In the industry

Last Thursday the current National led Government released its 7th budget. It was definitely an interesting budget from National that continues its policy of fiscal restraint but also introduces some measures to assist low income families and tax cuts for all in the form of ACC levy reductions. The Government was aiming for a budget surplus this year but a deficit of $684m is now anticipated, due to lower tax revenue collected because of low inflation and economic impacts from commodity price dr...

For your office - Payroll team update

As an employer, you are legally required to keep a number of records such as a holiday and leave record and a wages and time record. Good records are also in your best interests – they provide evidence that your employee has received their correct entitlements and also contain valuable information for budgeting and planning purposes. These records must be made available to the relevant employee, their union and the Ministry of Business, Innovation & Employment on request. They can be sto...

Accounts team update

The IRD have recently announced this year's livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values as determined by a process involving a review of the livestock market as at 30 April. Dairy Cattle 2015 sees the combination of the Friesian and Jersey categories of livestock for the first time. The overall value represents the "average" dairy herd throughout New Zealand. Even th...

Useful information

Sick of loosing your wallet or keys all the time? You can now locate anything in seconds using your iPhone or Android. Get yourself small bluetooth tags to put on everything you keep losing. There are a couple on the market "The Tile", The Trackr" "Find'Em Tracking" and a few more, just attach them to everything you may misplace and they are now easily found when they go missing. ...

Featured Client

Alpino represents a combination of hard work, passion and belief. Cambridge was seen as a promising present and future market, with its positive community growth and well travelled citizens. The original town Post Office with its historic classical façade, gave a certain familiarity of the Owners European homeland. With a family background in the Italian Alpine Region of the Dolomites, combined with Chefs brought in from Italy – Alpino's authenticity has paved its way in a very competitiv...

Featured Partner

Fegan & Co was established in 1997 with the intention of assisting farmers with their HR and Health & Safety. John Fegan and his team have not wavered from that theme and still provide that service today. They are dedicated to helping their clients 'do it right' – be it recruitment, staff management, staffing structures or health & safety. All of these areas have become very important to all businesses and having a company such as Fegan & Co focussed on the rural sector means t...

Business Advisory team update

About 130 or so years ago, noted British Naturist and author Charles Darwin was allegedly quoted as saying that "It is not the strongest of the species that survives or the most intelligent but the one most adaptable to change." As you are only too aware the market is constantly changing; dairy prices up then down, fuel prices down then up and exchange rates all over the place. To 'survive' this uncertainty means adapting quickly to the altering needs, wants and/or expectations of your current a...

Building great client relationships

There is a saying that the best customers are the ones you already have. So once you've schmoozed and wooed someone into your client base, how do you go about keeping their business? Establishing trust and maintaining rapport in your business will be critical to building strong client relationships. When you're getting to know your clients, it's important to identify common ground. The easiest way to start doing this is by listening. Learn about people by asking questions and from here you'll ...

ESCT Threshold Annual Review at 1st April

It is an employer's responsibility to review all employees' ESCT - Employer Superannuation Contribution Tax thresholds at the 1st April each year. If you haven't already done this, we highly recommend that you review all employees rates, make changes and if necessary document your review/changes. Determining the ESCT rate The easiest way to determine your employee's ESCT rate is by combining their annual salary or wages and your gross annual KiwiSaver employer contributions. This is called the...

10 things you need to do before the Mondayised Anzac Day

The Holidays (Full Recognition of Waitangi Day and Anzac Day) Amendment Bill or, as it is more commonly known, the 'Mondayisation Bill', will have its first big impact on Anzac Day. Here are 10 simple things you can to do to make sure your business stays compliant: Know what's new. The 'Mondayisation Bill' states that from now on, when Waitangi Day (6 February) or Anzac Day (25 April) fall on a weekend, the public holiday must be treated as falling on the following Monday for employees who w...

Accounted4 Farming Forum

Planting and removal of trees - is this tax deductible? Can you claim anything for tar-sealing your driveway? If you build stockyards, is this a capital cost or deductible as fencing? Is replacement of your shed plant and equipment classed as repairs and maintenance or capital? If you would like to know some general, but important, tax tips then you should attend the Accounted4 Farming Forum - "Tax Tips for Farmers" Thursday 7th May - 10.30am to 12.30pm (morning tea provided) Present...

Parental Leave

This section brings together basic information about the rights and obligations of employees, employers and self-employed people in respect of parental leave. It contains the current parental leave entitlements, featuring statutory paid parental leave for birth mothers, their partners, as well as adoptive parents. Changes to parental leave The Government has announced changes to parental leave provisions as part of the 2014 Budget: The current 14 weeks' of paid parental leave will be incre...

Scaling back to retirement

We do have some important team changes to tell you about. Firstly, after joining the firm in 1976, Director John Landers is scaling back in the lead-up to retirement. Over the next two years, he will remain with the firm on a consultancy basis. John is looking forward to a bit more time on leisure activities like fishing and travel....

In the Office

Kim's 10 Year Anniversary We recently celebrated Kim's 10 years with Accounted4. Congratulations Kim and we look forward to the next 10! New Team Member We are pleased to announce a new member to our team; Theres Weenink - Theres is currently completing her Bachelor of Business Analysis majoring in Accounting at Waikato University and will be working part time from early May until the end of this University year when she will then move to fulltime beginning November 2015. She will be...