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Zero-rating land transactions - effective from 1April 2011 |
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New apportionment rules
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| We are holding a network meeting to discuss in a general way, changes which will affect any client with assets that are privately owned and also used for business. This will be on Friday 25th March. Please register here if you want to continue doing GST returns yourself correctly after April 1st. |
We were originally hoping to defer a review of all our LAQC's until we do your 2011 Tax Return, we have almost 100 clients affected. However, we have seen situations where it will be strongly advisable to make changes to the company's shareholding before 31st March 2011.
So you should be receiving a client letter shortly, outlining the changes and if we believe your company is not affected you will also receive a client letter stating this fact. So if you are an existing client and by the end of this month you have received neither please phone us. |
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Retail spending is weak, and there is downturn again in residential sales. There has been some talk in the media about a double dip in the economy overall but other forecasts remain optimistic over the medium term. There is data showing that there are less households ready to borrow and business debt is growing, but not through capital spending.
For more frequent economic updates by Tony Alexander form BNZ in an "easy to read" style please click on the link below.
http://www.bnz.co.nz/personal-banking/be-money-smart/economic-commentary-and-insight
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ACC have announced "Making ACC levies fairer for individual businesses"
From 1st April 2011 ACC is introducing 'Experience Rating' - a system of modifying a business' ACC work levy based on it's claims history.
Experience Rating can reward those business owners with safer workplaces, and encourages a focus on improving workplace safety and making New Zealand businesses better places to work. Find out more about Experience Rating and what it may look like for your business click here.
As more details come to hand we will put more information in this newsletter. In the meantime if you are unsure about any ACC invoice you receive please give us a call. |
2010 Tax year is almost over
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If you have not yet filed your 2010 Tax Return, you have one more month in which to do so. Failure to file on time means a late filing fee of $50 per outstanding return. You also lose your extension of time in which to file future tax returns and your terminal tax payment dates will be 2 months earlier than compliant tax payers. You also start to quickly jump up the radar of attention that the IRD will give your Tax Returns when eventually filed.
The IRD have issued a compliance focus review for 2011 which is fascinating reading for tax accountants. You may not know, but the IRD are internally rating your attitude towards tax. If you are constantly late and overdue with any Taxation Returns then they will treat you much more harshly than if you are regularly compliant.
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Compliance Model
Click here for more information
Mostly the IRD makes it easy for our clients to pay their tax. We have assisted some clients who would be in the category of having not complied, but voluntarily have chosen to change, that's been ok too. We have also seen some clients forced into bankruptcy and others faced with thousands of dollars in penalty tax plus they still have to pay tax to comply. In short it's not a good idea to get behind in filing any Tax Returns due without a conversation with the IRD.
Get help now rather than hide from the IRD.
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Last month we discussed Focus - the ability to say no helps in business and life to stay focused on one course of action, which in turn leads to success.
Your success in business will require a short yes list and a long no list. Answer the following questions:-
Can you list the activities which slow you down or prevent progress on the goal you want to achieve? If a certain activity doesn't advance you forward in at least one goal say no immediately.
- What meetings can you decline or delegate? List those you will not be attending this year.
- What relationships are not worth keeping? Identify those relationships that do impact on your ability to perform at high levels positively or negatively and focus on freeing yourself from those not helping you to reach personal or professional goals.
- What competitors will you not focus on? Remove yourself from email lists, blogs etc
- What websites, TV shows or magazines will you not visit?
- What will you not spend money on? Every dollar spent should be thought of as an investment towards greater operating income.
- What thoughts will you not think about? Replace negative, defeating or limiting thoughts with thoughts of abundance, optimism and positivity.
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What standards and values do you wish to measure your life by and which of these will you refuse to negotiate in yourself and others?
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I have a book called "250 ways to Say No and Mean it and Stop People Pleasing Forever" By Susan Newman. The cover of the book reads like this:
"If you are overscheduled, overworked & overburdened, saying no to others is rarely easy and often downright uncomfortable. Yet giving in often creates anxiety, added stress and sometimes regret and feelings of powerlessness."
So in order to focus and to get more enjoyment out of the time you make for family, friends and your business - this month please learn to say no and give yourself and others better boundaries and effectiveness.
This book gives a credo to saying no:-
You have the right to:
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Make your feelings and desires known
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Establish and guard your personal boundaries
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Know your needs in the forefront so saying 'no' is possible
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Exercise your power and choice to say 'no'
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Repeat 'no' until you are heard
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Use 'no' to get your life in control and to be in control of it
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Weigh the fallout of saying no
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Request details before committing
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Postpone an answer: stalling for time is your prerogative
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Refuse anyone who insists on an immediate answer
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Turn down those who flatter or try to con you into a yes
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Withhold explanations in an attempt to soften your 'no'
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Avoid tasks beyond your ability or expertise
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Alter a request or part of it - to make a task manageable
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Suggest someone else offer an alternative solution
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Say no initially and then change your mind later if you wish
Kind Regards
Michelle Thompson
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