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In This Issue
. On the Cloud Computing
. Motor Vehicles - FBT
. Chamber of Commerce
. Trusts
. Do the right thing
Resources
- Tax Dates
- Tax Facts
- IRD Website
Featured Services
Workflow
We ask that if you have been contacted to bring in your work that you phone us to let us know when you are planning on bringing it in. We are up to date with our work and right now are working on jobs brought in either last week or this week.
Click here to book an appointment to discuss any business problem with Michelle.
ACC Cover
If you are interested in finding out more about different ACC covers click here and contact us with your questions.
Debt Management
The worst thing you can do is to hide from the problem - make an appointment and seek our professional help. We are able to offer financial solutions with GET Smart funding that is through "group discounts" that may be much cheaper than other finance alternatives especially HP and leasing.
Contact us
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More and more we are finding businesses, when they are making software purchases for the first time or upgrading, are choosing to go for "On the Cloud" software packages.
The advantages of these are many:-
- Others are responsible for the safety and integrity of backups.
- You are always working on the best and most up-to-date version of the software.
- Someone else is responsible for installing the upgrades and new versions; no computer specialist required.
- There are usually online and phone support for problems you have as part of the monthly support fee.
- The software is often intuitive with automatic daily downloads from the bank.
- They all have auto code features which make GST returns and monthly accounts much easier for non book-keepers to prepare.
- You don't need expensive servers to run a network of computers.
- Flexibility of workplace - you can look at your business accounts at work, at home, anywhere there is internet available.
Extra advantages for us - as your accountant:-
- You can provide access to us as your accountant to download the data directly from your general ledger and also import the end of year journals onto your computer - so that both your ledger and our ledger for your business are the same.
- If we assist with your set up we will make sure the codes between your computer and ours are compatible - this saves us time later and you money.
- The best advantage really is that at any time we can discuss your results and implement changes because they will be more up to date and therefore provide more valuable information for business decision making. Rather than being months old by the time the accounts are prepared.
There are probably more benefits but hopefully the above list will convince you that the monthly fee required - which varies according to your needs - is really worth the effort in changing over to new software.
Try these links for more information on the various software options. BankLink Xero MYOB
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If you have a vehicle in a company's name it is subject to Fringe Benefit Tax unless it is a work related vehicle. However even if it is a work related vehicle there are conditions that the IRD are monitoring.
One of the conditions is that there has to be a quarterly check of the vehicle and mileage - with a written record of the date - to make sure it is not being used for personal use.
I have heard of a client (from another accountancy firm here in Auckland) that was charged FBT on his work related vehicle (this year) because there was no written record to show to the IRD auditor upon request. I was concerned to hear this because although it was in the rules the majority of you may not know about it. So please click here and here to read more on what is and what is not expected. If your vehicle is in the company and you do not pay FBT make sure you do this quarterly check and keep a written record.... It may be your company the IRD do a random audit on this year!
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I have belonged to the Auckland Chamber of Commerce for 3 years now. I would like to recommend to other small business owners that they consider joining this organisation.
There is a monthly magazine and weekly email that invites members to various events across Auckland, including the west, which you are able to choose to go to or not. They are all excellent networking opportunities to meet other business people and any training courses are inexpensive. My staff and I have without exception found them to be worthwhile. If you join the chamber then it is important to get the value from your investment and to actually attend at least one event a quarter or more often if you can.
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Legislation reforming the Trustees Act is still under consideration with considerable comment from lawyers. Most lawyers see the changing in gifting, as legislated, leaving trusts with administration problems - i.e. an ongoing lack of administration - now that formal gifts will not be annually required.
In the meantime, October has brought in a golden opportunity to set up a trust and gift all your property into it legally in one go with no tax at all. A great saving if Capital Gains tax or some other tax comes in that taxes these gifts to different structures later on.
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Your character has a huge result on your overall quality of life. It is made up of actions, thoughts and decisions you make every day. Being a person of good character involves every day decisions to do the right thing.
What works is not necessarily what is right even when you can get away with doing less, even when the wrong thing seems like not a big deal, even when no one is watching you. Practicing good ethics is a solo act. The buck stops with you.
Knowing what is right is no guarantee that you will do what is right, even though it is far easier to do right than undo wrong. You commit character assassination on yourself every time you choose to do something other than what you know is right. Some indiscretions shout, while others whisper but high standards leave no room for little indiscretions.
Good intentions are part of it - but in the end it is not what you say it's what you do that matters. With enough practice doing wrong becomes unthinkable.
Your integrity, honour, and reputation often precede you and linger after you move on. Your transparency or lack of it shines in your face and others either see it or perceive it. The greatest gift you can give yourself is to practice integrity so often that it's a habit to follow through on your words. If you can't do what you said you would do - for whatever reason (and everyone knows life happens) that you fess up quickly to the injured party - whether your partner, children or business associate.
When it comes to practicing good ethics saying no to vice is not good enough. A quality life is never achieved by focusing on the elimination of what is wrong, as true success requires us to focus mentally and physically on pursuing that which is right and good. The extent to which your personal character evolves depends upon, in a large measure, the extent to which you pursue the positive. E.g. You don't cultivate roses by simply eliminating weeds.
My challenge for this month is to focus behaviour on what is right and good and make a commitment to do the right thing always. Pay particular attention to what you say and what you do. Refuse to compromise your own character by acting out of integrity and knowing that you are.
Every moment every day counts.
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