7 April 2017
Year End Information
At the end of your financial year (31 March for most commercial businesses) we require a number of pieces of information. The amount we need varies. Historically we have reminded you about what we need via an annual questionnaire.
- Business bank transactions
- for most of you we already have these via the Xero bank feeds we receive
- GST returns
- for most of you we already have these via Xero
- for manual returns please provide returns and workings
- What is owed to the business at year end
- accounts receivable or debtors
- some are in Xero, others are in other programs, others are a manual ist
- What the business owes at year end
- accounts payable or creditors
- some are in Xero, others are a manual list
- Stock and/or Work in progress at year end
- if your stock has a value > $5,000 it should be counted and valued
- value is generally lowest of cost or market value
- obsolete stock should be written down to market value
- some clients stock is in Xero, others are in other programs, others are a manual list
- Fixed Assets purchased during the year
- copies of invoices showing the purchase is what we need
- HP agreements/financing documentation relating to fixed assets are also required
- Term Loan / Mortgage information for the year
- this information generally doesn't feed directly in to Xero
- as a minimum year end summaries are required
- Personal income details
- we already have your wage and/or withholding income details from the IRD
- personal interest received, dividends received or any other items not included in your business
- Any other information that will assist us to complete your financial statements and income tax returns
Last year we trialled emailing out via our portal for a list of information that we required. This allows us to gather the information for you or your business efficiently. This has been done to make things more streamlined for both you and us. For any reason if you have difficulties accessing these, we can still provide you with a hard copy by email or by post.
Tax Payment Assistance
We would like to recommend an IRD approved option you might find useful if you have provisional tax due on 7 May 2017 for the 2017 year.
When you pay tax through TMNZ, it arranges for the provisional/terminal tax you require to be transferred from its tax pool account to your tax account with IRD. IRD treats the tax as if it was paid on the original due date once it processes this transfer.
There is a cost to TMNZ, but this cost is less than what the IRD would charge and easier for you than bank financing.
To set this up please contact us to arrange this on your behalf.
Rental Property Owners To Be Aware
It has been reported that methamphetamine usage is on the rise throughout New Zealand, often in rental properties.
If you own a rental property or are considering purchasing a property, this is something that you now need to be aware of.
Craward Testing Limited is a locally owned business currently specialising in methamphetamine testing. In fact they not only test rental properties but also hotels/motels, storage units, cars, trucks, items purchased on Trademe/Facebook, second hand goods, and many more.
If you have a rental property and would like to find out more about getting it tested, then click here to find out more from one of our clients who specialise in meth testing.
1 April Tax Changes
As usual, there are a handful of payroll and tax changes that take effect from 1 April 2017. All in all, there's nothing difficult for Payroll program users, but there are a few things you should be aware of.
Minimum Wage Increase
The minimum wage is increasing from $15.25 to $15.75 an hour. The starting-out and training minimum wage increases from $12.20 to $12.60 an hour.
Contractor Withholding Tax
From 1 April 2017, contractors employed through labour hire or recruitment companies will need to have withholding tax deducted. Here's more from IRD
- The Student Loan threshold is increasing by $1 a week.
- The ACC earner levy threshold is going up to $124,053.
- Most Employee Share Scheme (ESS) benefits will now need to be included on your EMS & taxed as an extra pay.
For our FlexiTime payroll clients who manage their own Payroll you can find more information here on how to make those changes within Flexitime.
Recommended App is ScanBizCards
This app allows you to take a photo of any business card to capture all the information on it, to save it as a contact within your phone rather than spending time inputting these details manually. If you have the ScanBizCard app on several devices then it will sync the contact across all of them to save you time.
Available for a cost of around $1.50 USD
See iTunes link here
See GooglePlay link here
March 24 2017
Another Financial Year is Looming!
As we fast approach the end of March I'd like to update you on what's been happening at Noone Plus, along with updates on our in-house payroll, IRD news and technology.
But firstly, I'd like to take the opportunity to thank you, our clients, for your continued support.
We will be sending out several small newsletters over the next few months to bring you more regular updates on IRD requirements, online technology systems and our firm.
In 2016 we farewelled Kirsten Sandri who left us to live over on the West Coast. Samantha Millken has been away on maternity leave but due back in May 2017, after she and her husband Tom welcomed their first child Jack.
Kash and his wife Namrata also welcomed their daughter Riddhi, who was born in June. We welcome Naomi Crawford and Deborah Willetts to the Noone Plus team.
We've had a fantastic year, highlights include being awarded 'Xero Accounting Partner of the Year' award in August, and in September we travelled over to Brisbane and won the '100% Xero Award Winner Asia Pacific'. But by far, our greatest satisfaction has been derived by seeing our clients succeed in their own businesses, exemplified at this year's South Canterbury Business Awards. It has been a privilege to be part of it.
2017 End of Financial Year
Last week all of our Terminal tax (due 7 April) letters were sent out. If you believe you had terminal tax to pay but have not received a payment letter then please contact our office and we can re-send this to you.
NOONE PLUS TAKES OUT THE 100% XERO AWARD AT THE 2016 XEROCON SOUTH AWARDS
Winners of the 100% Xero Award, celebrating a practice that operates entirely on Xero, was awarded to Noone Plus.
Anna Curzon, Managing Director of Xero New Zealand, said: “These firms and their clients, who are collaborating seamlessly in the cloud, demonstrate just how impactful cloud technology has become.
With more than 500 app partners to choose from in the Xero Marketplace, the sky's the limit for small businesses and their trusted advisors when it comes to creating a bestfit ecosystem. Our app partners are a huge part of what makes Xero great, and the Xero Awards is an opportunity to highlight the value they add for our customers.”
Trent Innes, Managing Director of Xero Australia, said: “Our accounting and bookkeeping partners are integral to the success of Xero. The awards are an opportunity for Xero to recognise their outstanding achievements as valued partners. We are proud to work with an overwhelmingly dedicated community of accounting and bookkeeping partners who use Xero to improve their service in innovative ways.”
From left: Rod Dury, Megan Noone, Nick Noone, Scotty Jenkin, Raewyn McConnell, Oliver Furniss at the Xero Awards in Brisbane 2016.
Below is our team at the Xero Roadshow in Christchurch where we took out the Xero Accounting Partner of the Year for the Canterbury Region.
As advised in our previous newsletter Heather Telfer has formed her own business called 'Centsable'.
Give her a call and she can sort your payroll requirements, or sort out any queries you may have with wages, holiday pay, maternity leave etc.