of Financial Year
is your annual questionnaire for your 31 May 2018 balance date.
fill in the green questionnaire form and when you have assembled all the
information, sign it and send it in to the office.
are a few tips to help you accurately record your livestock numbers.
a lot easier if it's done on or near to balance date.
include heifers coming into the herd in the cow numbers, these are R2 heifers.
forget to add in carry over cows and stock out grazing or leased out that you
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.
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.
are a few "golden rules" in calculating wage payments for those who work in
should not pay anyone without an IRD number. New employees must sign an IR330.
employees should have an employment agreement, including casual employees.
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.
pay period must meet the minimum wage rate requirement with respect to hours
worked. ( Minimum wage is now $16.50)
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.
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)
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
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:
PLEASE TALK TO US FIRST so that we can make sure you are getting the right
package for you.
make sure we help you SET IT UP PROPERLY from the outset
INVEST IN SOME TRAINING so that you are getting it right and utilising all the
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.
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
visits & communication
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.
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.
be mindful of scam emails from people pretending to be from the IRD and
offering you a refund!
IRD have recently released their Herd Scheme values for the 2018 year.
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.