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Recent tax changes

There are several important tax changes taking effect this year, including: Ring-fencing of residential property deductions From 1 April 2019, investors will no longer be able to deduct rental losses from other income. Instead the losses will be carried forward and available to offset against future residential rental income. Extension of the brightline test for residential land The bright-line period for residential land has been extended from two years to five years for properties purchased on...

Xero tips

If you use Xero, please send a copy of your bank statement/s showing the bank balance for each account on Xero as at 31 March 2019 to xero@ogier.co.nz. We are often asked why we need these when the feeds come through Xero daily. There are a few reasons.  Xero is very reliable but sometimes there is a glitch with the bank and some transactions don’t come through. Or if we have added a new bank feed through the year, we may not have all the transactions in Xero prior to starting the fe...

Year end questionnaires

This year we will be emailing a cloud based questionnaire, which allows you to upload your documents into a secure portal.  We have found it easy to use and we hope you do to.If you would prefer to use the paper questionnaire, you can find the 2019 Client Questionnaire  on our website under Resources.  Our “Top ten tips for making the year end stuff less painful” can also be found here. If you would like a set of Records Indices, please contact us or drop in and pick up a set....

ACC Coverplus and Coverplus Extra

We have had a number of queries regarding the difference between ACC CoverPlus and CoverPlus Extra.  ACC provides a good overview of the types of cover for self employed and how to apply for at:  https://www.acc.co.nz/for-business/choosing-the-best-cover-option/types-of-cover-for-self-employed/ Please note, CoverPlus Extra is not available if your self-employed income has PAYE deducted. For a comparison of the two options, please click on: https://www.acc.co.nz/assets/busines...

Holiday cashflow blues

Many businesses start to worry about their bank balance around now. The holidays looming recall unpleasant memories of last year. All the regular expenses (wages, rent, suppliers and so on) are still due, but the people who pay you are either away on holiday or slow payers awaiting payment themselves.Instead of a relaxing break the holidays can be filled with stress. The brutal facts are that December/January are the worst months for slow paying clients.These are “holiday cashflow blues”.The...

PAYE filing is changing

Payday filing will be mandatory from 1 April 2019. This means employers will be required to file employment information every payday instead of monthly. If you file electronically (through a software provider or MYIR), you must file employment information within two working days of payday. To keep on top of the filing requirements we recommend you file the IRD returns at the same time you process the pay.  We anticipate this will create an extra workload and risk non filing of returns ...

Your Christmas health check

Do your Christmas housekeepingChase up unpaid invoices to encourage payment before Christmas to get cashflow off to a good start for the New Year.Make sure your voicemail message and website mention closing date info and emergency contact details. Who’s responding to work related emails while you’re on holiday?Is payroll all set up for the holidays? Don’t leave it till the last minute and double check your calculations.Shutting the doors over Christmas? Remember to give staff 14 days’ no...

Enjoy the bells and whistles without the tax headache

Parties and gifts are all part of the festive fun but they can cost a small fortune. Here’s a list of the rules around entertainment expenses so you know what’s deductible and non-deductible before you fork out for your staff and customers.To claim 100% of your customer gifts, keep it non-food or drink related. Book vouchers, tickets to a sports match or a personalised calendar can be claimed in full.Got a staff party planned? Half your food, drink, entertainment and venue hire can be claime...

Checklist: Can your business survive the holiday period?

While the Christmas/New Year period is traditionally a slow time of year for business, you still need to meet your expenses. Ensure your bases are covered before you clock off for the year. 1. Plan aheadDo a budget to figure out how much you are going to need to cover your overheads. This is especially important if it’s going to be several weeks before you start earning a crust again. A cashflow forecast will help you identify any issues before they become problems. 2. Get your cashflow i...

Accounting from an accountants perspective

Here at Ogiers, we have a number of qualified accountants who have degrees and are all members of the Institute of Chartered Accountants of Australia and New Zealand. So what does this mean for you as a client? It does mean that we have a degree in commerce, have gained the skills necessary to be a valued member of the accounting profession and to have that important CA after our name.  It does mean that we DO spend 20 hours every year completing formal continuing education courses and...

Complimentary client review meeting

Have you heard us say before how important it is to work on your business, not in it? It is essential to take time out to discuss what is happening in your business.  The client review meeting is an ideal opportunity for you to meet with us on a no charge / no obligations basis to discuss any of the following: Your goals for your business and how you plan to achieve them.How your business goals tie in with your personal and lifestyle goals.Issues and challenges you are facing in your busine...