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Trial Balance - December 2018

Check out the December 2018 Trial Balance here

In this issue

  • Are you managing all aspects of risk in your business
  • Write attention-grabbing headlines
  • Tool helps track Kiwisaver
  • Proposed new rules for GST on low value imported goods announced
  • Claiming business expenses
  • Get an NZBN
  • Food businesses - do you need to register
  • ACC levies
  • Tax calendar
  • Business Succession Planning
  • Planning: Tips and tools to help you start a business
  • Another home business calculation
  • Are you owed an ACC levy refund
  • Five key features of Kiwisaver changes
  • Capital gains tax
  • Updating your will
  • Are you making good use of your business cards
  • Are you a gig worker?
  • Quick tips to make your life easier

Trial Balance - September 2018

Check out the September 2018 Trial Balance newsletter here

In this issue:
  • Location the key to success
  • Cracking down on cartels
  • Kiwisaver - 5 key features of changes
  • Entity for owning rental property
  • Deemed dividends
  • New rules for PAYE
  • Payments for babies born or due from 1 July
  • Home business requires discipline
  • Tax calendar
  • Quick cash flow tip
  • Never too old?
  • Get rid of email prompts - and keep working
  • A going concern
  • 10 reasons you need help to grow your business
  • Rental losses law change coming
  • Mischief of family trusts
  • Are they an employee, or an independent contractor?
  • Get ready for payday filing
  • Complying with the AML/CFT legislation

CG Update - May 2018

Newsletters, Candy Gillespie Ltd, Matamata Newsletter March 2010
End of Financial Year

Enclosed is your annual questionnaire for your 31 May 2018 balance date.

Please fill in the green questionnaire form and when you have assembled all the information, sign it and send it in to the office.

 

Here are a few tips to help you accurately record your livestock numbers.

·         It is a lot easier if it's done on or near to balance date.

·         Don't include heifers coming into the herd in the cow numbers, these are R2 heifers.

·         Don't forget to add in carry over cows and stock out grazing or leased out that you own.

·         Calves born after last year's balance date and before this year's balance date are categorised as rising 1 even if they were born on the last day of the financial year. There can be confusion for winter milk herds calving from February.

 

Wages & Payroll

For those of you employing staff, make sure you have all your wages and payroll issues sorted. Labour inspectors now have the ability to fine on the spot for non-compliance including the lack of timesheets and contracts.

 

There are a few "golden rules" in calculating wage payments for those who work in your business.

·         You should not pay anyone without an IRD number. New employees must sign an IR330.

·         All employees should have an employment agreement, including casual employees.

·         Everyone is entitled to an 8% holiday pay component of their pay and that must be shown separately for casual staff if it is to be included in the period's pay. This must also be agreed on in the employment agreement.

·         Each pay period must meet the minimum wage rate requirement with respect to hours worked. ( Minimum wage is now $16.50)

·         If you provide any taxable allowance (free board or house) then its value must be included in your wage/PAYE tax calculation. Market value of rents should apply.

·         Self-employed contractors receiving schedular payments must produce a Withholding Tax exemption certificate, otherwise tax must be deducted. (This doesn't apply if the contractor trades as a company)

 

We have excellent knowledge in the office so please contact us if you are wanting help with wages calculations for new employees or final pays for those that are moving on.

 

Cloud Computer Packages

There is a lot of noise at the moment about cloud computer packages such as Xero, MYOB and Cash Manager Rural. If you are going down that track:

1) PLEASE TALK TO US FIRST so that we can make sure you are getting the right package for you.

2) make sure we help you SET IT UP PROPERLY from the outset

3) INVEST IN SOME TRAINING so that you are getting it right and utilising all the features

 

Budgets

Now is a good time for you to be putting together a budget for the 2018/19 season. If you would like us to help you with this please let us know as we have all you financial information and history. We also recommend you load your budget into your system so that you can compare actual vs budget figures during the year. The bankers love it if you are doing this.

 

Dairybase

If you want to benchmark your farm against the dairybase benchmark figures, please let us know and we can load your financial information for you or alternatively we can send your accounts directly to dairybase who load your data for a $100 fee.

 

IRD visits & communication

The IRD have been very active lately trying to promote their new initiatives such as AIM provisional tax and filing PAYE returns on line. Please discuss this with us first to make sure that what they are recommending is right for you. Tax simplification is not always as easy as it seems.

 

If you get a letter from the IRD with regards to outstanding taxes or taxes due, don't ignore the letter but please check with us first before paying it.

 

Also be mindful of scam emails from people pretending to be from the IRD and offering you a refund!

 

IRD Livestock Values

The IRD have recently released their Herd Scheme values for the 2018 year.

 

For those not on the herd scheme, there may be opportunities to get on the herd scheme. It will be interesting to observe what might happen with livestock values with the impact of Mycoplasma Bovis.

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