Accountants, Auckland, accountancy and taxation advice, Henderson, Waitakere

September
Tip Bits

In This Issue

.    On the Cloud Computing

.    Gift Duty Demise

.    LAQC Companies

.    Penny and Hooper

.    Ask for Success

        Resources

- Tax Dates

- Tax Facts

- IRD Website

        Featured Services

Workflow

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.

Trust Management

If you have any questions about your Trust I suggest you make an appointment for a interview to discuss how the changes will affect what you do with your Trust.

It is also a great time to set up a Trust and do all the gifting at once.

Contact us

On the Cloud computing

Last newsletter I discussed the advantages of on the cloud computing and then in August we took the plunge. With the help of our IT specialist and Margaret on staff here we have all moved to Cloud computing for emails, internal practise management and also a specialised tax return module - more modules we use daily will come onto the cloud for us next year.

Change is always difficult, however a month on from this change we all love it! Michelle was overseas for a week and could easily go into any internet cafe and see all the tax and trust emails and communicate with the team. One of the staff was home with a sick child but could carry on working. Working between locations no longer requires waiting for our terminal server and thus seems faster.

If you are considering upgrading your software and particularly your accounting systems, please discuss your plans with us. We want you to be more efficient, effective and mobile as we strive to be within our own systems too.

Gift Duty Demise

The new legislation regarding Gift Duty has been passed and is now law. All future gifts between individuals and Trusts will still require a deed. However, no longer will you need to file gift statements with the IRD. We plan to carefully go through all the Trusts we have been involved with over the last 3 years. If you still have property to gift we will contact you sometime in the next 6 months. Although you are very welcome to contact us as early as this month to discuss what to do with this new legislation and how your Trust needs to be administered to be valid under this new legislation.

Click here to read more.

LAQC

We now have less than a week to apply for LTC's for those shareholders who did have an LAQC company in the past. We are doing all we can to encourage all clients to come and meet with us and make an informed decision. If you have not yet had a recommendation please contact us and schedule an appointment as soon as possible.

An incorrect decision on structure could cost you thousands of extra tax dollars, one I looked at today had a $5000 a year implication and each situation is different so needs to be considered carefully.

Penny & Hooper

A recent judgement released last week was an interesting test case for all tax professionals as to what is a reasonable salary for personal services income. For those earning income from self employment in excess of $120,000 pa. Please click here to understand a little more.

Ask your way to Success

Asking clear, provocative, penetrating questions is one of the smartest and most effective strategies for getting ahead in life. It is also one of the most underutilized.

Ask and you shall receive is a fundamental truth and success principle you can use to leverage your time, talent, money and other resources. Asking boldly and directly for what you want is the best way to get what you want out of life or a situation.

The world is full of genies waiting to grant your wishes. The genies are all around you but in order to make their magic work they first have to know exactly what you want. Secondly, you have to step forward and confidently ask for it.

1) Ask yourself questions such as: What do I want out of life that I am not asking for right now, What is needed to get what I want? Who can help me to get what I need? What are the obstacles or constraints I need to overcome? What path of action should I take to overcome these obstacles? What are the best and worst things that could happen by asking? What is most likely to happen and what am I waiting for?

2)    Ask for help: Asking for help allows you to accomplish your aims, achieve your goals and to get what you want out of life. Always remember to also help those that ask you for help. Be kind and generous to others.

-       If you need help with the housework ask nicely.

-       If you need more training to improve your job performance ask for it.

- If you are lost and need to ask for directions do it.

-       If you are late and need to renegotiate payments ask for it. (This is especially important when late with the IRD)

-       If you need to increase revenues confidently ask for the business.

-       If you need feedback in order to improve your service – ask your customers directly.

Good things come to those who ask.

Asking for what you want doesn’t mean you will get everything you ask for. But it does mean you will get MORE out of life. Imagine the tragedy of the many things that are lost simply because we are not asking for them.