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WILCO NEWSLETTER FEBRUARY/MARCH 2014

Our latest Newsletter is available, covering:Mixed Use Assets – tax treatmentClosedown periods – tipsHiring new employeesAnnual leave cashing upBusiness perspective – Croucher BrewingHealth & Safety for employees working from home...

ACC NEWS – RORY GRAHAM

How To Make ACC & Income Cover work TogetherLet’s be honest, we don’t all jump for joy when we get our ACC Levies Invoice, if anything it’s enough to give you reflux!For anyone that has made an ACC claim, as a self employed person this can be a very painful and drawn out affair.Basically for those with a ACC history of earnings, if you do not have the latest 12 calendar months of earnings on hand then ACC default to the minimum threshold of approx $300 a week!And for those newly self emplo...

WILCO NEWSLETTER SEPTEMBER 2013

In this newsletter:Transferring retirement savings from AustraliaChanges to online tax returnsChanges to parental leave and the minimum wageInvest in your staffRenting out your beach houseBusiness profileTax audit insurance...

IRD – TAXING HOLIDAY HOMES

Inland Revenue has recently published a factsheet outlining the tax rules that apply to “mixed-use” asset holiday homes. Owners of “mixed-use” holiday homes will have to calculate their income tax obligations differently from the beginning of the 2013/14 income tax year.Essentially a holiday home is a mixed use asset “… if during the tax year, your property is used both for ‘private use’ and ‘income-earning use’, and it’s also unoccupied for 62 days or more”.The mixe...

BLOG UPDATE 17 MAY 2013

NZ’s 2013 BudgetThe Minister of Finance, the Hon Bill English, delivered the National-led Government’s fifth Budget. The Minister stated that he will meet his targets for a return to budget surplus in 2014/15 and a drop in net core Crown debt down to no higher than 20% of GDP by 2020. These targets will be achieved by putting a cap on new spending, taking in more tax and delaying the resumption of contributions to the New Zealand Superannuation Fund until net core Crown debt is no higher tha...

NZ 2013 BUDGET

BUDGET 2013 TAX ANNOUNCEMENTS, 16 MAY 2013 On Thursday, 16 May 2013, the Minister of Finance, the Hon Bill English, delivered the National-led Government’s fifth Budget. The Minister stated that he will meet his targets for a return to budget surplus in 2014/15 and a drop in net core Crown debt down to no higher than 20% of GDP by 2020. These targets will be achieved by putting a cap on new spending, taking in more tax and delaying the resumption of contributions to the New Zealand Superannuat...

WILCO NEWSLETTER MAY 2013

In this newsletter:Creating a sustainable company culture “Risk & Reward”ACC changes self-employed invoicing method (full-time vs part-time status)Tax Talk – Working For Families, ACC, Kiwisaver, School childrenTax treatment of commercial lease paymentsKiwisaverNew rules for mixed-use assetsThe Redcurrent story...

BLOG UPDATE DECEMBER 17TH

Christmas BreakOur offices will be closed for the Christmas Break from 20th December 2012 until 14th January 2013.  If you require urgent assistance, please call the office line and we will endeavour to clear messages from time to time. Financial RecordsIf you have not yet submitted your 2012 records for us to complete the annual financials and tax returns, we encourage you to contact us to arrange a time to bring the records in before our closing day of 20th December so...

BLOG UPDATE 20TH NOVEMBER 2012

Time to boast! We are proud to announce that one of our clients has recently won a 2012 Westpac Waikato Business Excellence Award.  Anglesea Hospital (with our very own Greg Eden as the Board Chairman, and Scott Griffiths as the Accountant) won the 2012 Wel Networks Award for 15 – 49 FTE!  Congratulations to the team at Anglesea Hospital!  Click here to read more. Tax Audit Insurance By now you will have received correspondence from o...

TIME TO BOAST – 2012 WESTPAC WAIKATO BUSINESS EXCELLENCE AWARD

Eden Perich Prewett  is proud to be the accounting services provider for the winner of the 2012 Wel Networks Award for 15 – 49 FTE Businesses: Anglesea Hospital....

BLOG UPDATE 21ST SEPTEMBER

Tax Audit InsuranceAs mentioned in our last update, we have identified a service provider in the market who is ready to provide insurance cover for any extra work required to address IRD tax audits.  We will be releasing letters in the next month or so to promote this product to you.  Please contact us if you have any queries at all regarding this.Cost Reduction PlanI’m intrigued by recent ads on a prominent Auckland radio station.  The ads promote a service to assess business c...

AUGUST 2012 WILCO NEWSLETTER

This month’s newsletter has been posted to our blog site, and covers:Is your succession plan viable?Trials without tearsEmployment agreements are a mustKiwiSaver maturesStandard mileage rate increasesInternational investment tax changesIRD compliance focus 2012/2013...

NEW PRODUCT – TAX AUDIT INSURANCE

Tax Audit InsuranceAs the IRD steps up its national audit programme and development of analysis tools, we anticipate that more clients in the market place will be exposed to tax audits in the coming months and years.  This will present additional compliance costs to clients.  In preparation for this, we have identified a service provider in the market who is ready to provide insurance cover for meeting the tax audit costs.  We will be releasing letters in the next month or so to p...

TAX RATES 2013

For more detail on the current tax rates, see the IRD website…. http://www.ird.govt.nz/how-to/taxrates-codes/itaxsalaryandwage-incometaxrates.html Income tax rates for individuals The rates in the table below apply from 1 April 2012 to 31 March 2013....

WILCO NEWSLETTER JUNE 2012

In this newsletter:Remuneration of shareholder employees (Penny and Hooper comments)ACC changes self-employed invoicing method (full-time vs part-time status)Working For Families tax creditsKiwisaverMinimum WageNew GST rules for multi-use assetsTax poolingFinancials check-list reminderThe Heilala Vanilla story...

BLOG UPDATE 15TH MARCH 2012

End of Year ReadinessAs we approach the end of the 2012 financial year, now is a good time to review or prepare for important end of year processes (always better to manage this before the 31st March, than after!).  Here’s brief short list of matters you may want to attend to (call us if you want to discuss these or other processes in greater detail):Stock take on or around 31st MarchBad debts on your debtors ledger should be eliminated and cleaned out before 31st MarchClea...

HOLIDAY DATES FOR EDEN PERICH PREWETT

As we approach the Christmas break, we thought we’d give you advance notice that our offices will be closed for holidays from Thursday 22nd December.  We will be re-opening on Monday 17th January 2012....

IRD EMAIL SCAM

We have received several requests to clarify emails that appear to come from the IRD advising of refunds that are available to taxpayers.  These emails do NOT come from IRD – they are a scam and should be trashed.  NZ’s IRD has a policy of never sending out tax correspondence by email.  Nor does IRD request confirmations by email.  If you are at all unsure about IRD correspondence, the best action to take is to send it to us....

PENNY AND HOOPER VS COMMISSIONER OF INLAND REVENUE – THE DECIDER!

On 24th August the Supreme Court released its keenly awaited judgement regarding the case of Penny and Hooper vs Commissioner of Inland Revenue. As we anticipated at the start of the year, the Supreme Court ruled against the taxpayers deciding that “setting an artificially low level of salary” represents tax avoidance. The case involved two Christchurch surgeons who sold their surgical practices to companies they owned through family trusts. Under arrangements which became effective from 1 A...

TAX UPDATE DECEMBER 2011

Residential Rental Property Chattels – Depreciation Rate Following the issue of Interpretation Statement 10/01 Residential Rental Properties – depreciation of items of depreciable property (IS10/01), the IRD has issued a general depreciation determination to provide a new list of the “Residential Rental Property Chattels” industry category. The new asset classes include; air ventilations systems, awnings, portable dehumidifiers, lawn mowers, mail boxes and stereos. For a complete list of...

MANAGING GROWTH IN YOUR BUSINESS

Nearly all businesses we talk to at the moment are hungry for growth. The recession has seen the turnover and profitability of many businesses go backwards in recent times and people are now starting to look at how they can move things forward again.The important thing to realise when dealing with a growing business is that growth generally requires cash. If we use a typical importer / distributor business as an example, in order to sell more stock to its customers it first needs to purchase mor...

COLLECTING CASH

Some of you have asked about debt collection agencies, and it prompted me to think about strategies before you need to get a debt collector involved…A large part of keeping cash flow under control is managing your debtors. In these challenging times businesses will generally take as much time as possible to pay their accounts, after all, why pay interest on an overdraft facility when they can use your cash for free?Good debtor management starts with a very simple calculation to measure �...

THE INLAND REVENUE’S COMPLIANCE FOCUS FOR 2011-12

The Inland Revenue (IRD) has released details of its compliance focus for 2011-12. This document is of interest in that it highlights the areas that will be the subject of closer scrutiny by the IRD in the coming year.While the 2010-11 compliance focus was based on customer groups (individuals, non-profit groups, small to medium enterprises, employers and other taxpayers), the 2011-12 compliance focus is grouped around four key themes:Everyone pays the right amount of taxThe IRD receives the rig...

THE BUSINESS CASH CYCLE

Many of you reading this article will know of recent business failures, some of which will have had a direct impact on your own business. Sadly, many of these failed businesses may well have been profitable and failed simply because they ran out of cash. The importance of cash to a business can easily be compared to the importance of air to a human – cut off the supply and the end is imminent.In a typical business the cash cycle looks something like this:...

CONGRATULATIONS, MRS GRIFFITHS!

NZ Art Show AwardAt Eden Perich Prewett we’re not just accountants – we’re loving and caring spousestoo!  Scott’s better half Belinda was recognised for her art last week at the NZ Art Show in Wellington.  Read more about it here....