Download pdf September 2015 Newseltter

Help in times of Hardship

We are here to help – Free one hour appointment to our valued clients

The dairy farming economy is affecting many of us in our rural communities and with this in mind we want to help our clients as much as we can.

If you are feeling the pinch, please come and talk with us. Together, we will look at your income and expenses, work through your accounts line by line and review aspects with you such as interest rates, insurances, power and telephone costs, family assistance, etc.

We do want to help our clients, so please book a free one hour meeting and get some key actions underway that could have immediate results to your bottom-line and bank balance.

“Develop an action plan with us to make a positive difference”.

click here for useful information, quick wins, and what to concentrate on first to make a difference. Cooperaitken.co.nz/News/Help-in-times-of-hardship...

Welcome

We welcome Victoria Phillips to our team. Victoria is our new receptionist in Morrinsville and is very much looking forward to greeting you when you visit our Morrinsville office.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Congratlations to …

Kuljeet and partner Maia on the birth of their second son, Ashwin, born 22 July 2015 (left). Also Hettie and Yanwing on the safe arrival of their baby girl, Aster, born 4 August 2015 (above).

 

 

 

 

 

Mohini and Sudeshwar Goundar who were married Kiwi-style at the beginning of July. Mohini said, ‘It was an amazing day, we had so much fun, met up with lots of relatives and friends,  and we are now looking forward to our traditional wedding next year.

Dressed in Red to support Westpac Rescue Helicopter Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

111 Asks “where are you?”  

Sound like a daft question?  You could say “well I’m right here” - and that is where?

Agriculture is the most dangerous industry in New Zealand and, if you have ever had to call 111 in an emergency, one of the first things they will ask you is, “Where are you?”  In order to help you they need directions to get there.

That sounds simple, but now add in the stress that you would experience when someone has just been hurt – could you give an accurate description of exactly where you are for an ambulance or air ambulance to be sent to you?

What landmarks and reference points do you know of that you can provide in addition to your road address. Also how long is your road? Which side of the road is your farm on? Will someone be waiting outside the gate?

Do your employees have this same knowledge in case it is you that is hurt and they are making the call?

Ensure your Health and Safety Policy booklet contains this information, and at your next team meeting just make sure everyone knows where you are.

If you have any questions or concerns around this or any other employment issue, call John Brosnan, HR Advisor  on 07 889 8838.

 

Embrace Technology

“Don’t be intimidated by accounting software. We want our clients to embrace it and appreciate what it can do for them”, says Megan Shannon who was appointed to assist our clients with financial software support.

 

Megan started with us in May, and having a financial lending background she clearly understands the importance of monitoring business performance and the power this can bring.

We know many clients have a genuine desire to embrace technology, to enable monitoring and reporting of their business as well as providing timely information to assist them with decision-making, but taking that first step with the vast array of options can be daunting.

Committed to helping our clients, Megan can help you adopt the right financial software and provide on-going support to ensure you get the best use out of it. We provide training and support across a range of packages, including MYOB, BankLink, Xero and Cash Manager Rural.

It is important that clients contact us prior to making any software decision, to match the most appropriate solution for your business and ensure you get what you want from your software with the right set-up from the outset. Each package offers slightly different features, such as on-line/telephone support, bank feeds, etc.

For assistance with your accounting software call Megan Shannon on 07 889 8848

 

News from the IRD…

Claiming a school donation….

IRD are clamping down on what can be claimed as a donation.

To claim donations made to schools the donation must be for payment to the school’s general fund and not for a specific area. The donation cannot be for the direct benefit of the child but for the school/college. Basically, a donation must be a gift from which no benefit is obtained by the donee.

The receipt needs to be clearly marked with the word ‘donation’.

One exception to this is donations to Hamilton Diocesan School, as IRD allows all receipts with ‘donation’ written on to be claimed.

 

IRD contacting clients directly

Due to the success of the Inland Revenues (IRDs) campaign in March contacting clients for payment of terminal tax and filing of 2014 tax returns, they have advised us they will continue direct contact with clients by text, email or letter. The reminders will be for

  • paying or filing on time
  • now overdue = pay or file ASAP

We received many calls from clients confused with what IRD were telling them to pay, and what we had advised them to pay. The tax notices we send include transfers from other entities into your account, whereas the IRD often haven’t actioned these transfers.

Please contact our tax team if you are unsure of an income tax or provisional tax payment due.

  • Morrinsville: Sharyn 07 889 8868 or Catherine 07 889 8895
  • Matamata: Jessica 07 9022879
  • Thames:  Angela 07 868 9945

Remember to beware of scam IRD emails. Do not give out your bank account details, as IRD will never ask for this in an email.

IRD eDocuments have arrived

IRD are gradually replacing paper statements, notices and letters with eDocuments for those clients registered with myIR. Tax agents do not get these eDocuments. If you have any concerns with the content of these documents please contact our tax team.

 

Farmers – are you employing casual staff? 

The busy workload on farms at this time of year often leads to a dilemma of how to pay the wages for relief and casual workers, and in particular whether to deduct PAYE or pay by cash.  Some employees prefer to receive cash, and employers who do not normally employ staff sometimes prefer to pay cash to save extra compliance of filing IRD returns and calculating PAYE.

The Inland Revenue guidelines distinguish between agricultural contractors and casual agricultural employees.  The one aspect which is consistent is that tax must be deducted from the earnings unless it is an agricultural contractor who provides you with a current Certificate of Exemption (IR331) for that activity. If the person is registered for GST,  it makes no difference to the need to deduct tax

Agricultural contractors include workers contracted for maintenance, development or any other work on farming or agricultural land.  As a contractor, they are able to decide on their hours of work and are not in an “employee” relationship.  Tax will be withholding tax and deducted at 15%, using a tax code WT on an IR330 form.

Casual agricultural employees are in an employment relationship, and work on a day-to-day basis for up to three months.  This person would be taxed at 18.95c in the dollar, using the CAE tax code on an IR330 form.

If the employee does not complete an IR330 form, you must deduct PAYE at the no-notification rate of 46.45%, or 30% for agricultural contractors under the schedular payment regime.  It definitely is in the best interests of the employee to fill in the IR forms.

Be aware that when using tax code WT the contractor must file tax returns and will be invoiced separately for ACC. 

For employers who employ infrequently, they could apply to be a ‘non-policed’ employer. This alleviates the need to file a return each month if it would otherwise be nil.  This is available for employers who do not pay wages for more than 6 months of the year, the annual PAYE is less than $5,000 per annum and they have a record of filing on time.  Otherwise if a PAYE return is filed late the IRD charge a late filing penalty of $250.

The regulations around employment are complex. For more information contact Coral Phillips, Associate on 07 889 8822

 

Company Administration 

There is more to it than you might think…..

Operating a business under a limited liability company structure can be beneficial as it creates a separate legal entity.  This legal arrangement can make your business more attractive to investors and more credible to your clients.  It can provide its shareholders with limited liability for any debts of the company and limited name protection.  However it does require more diligence and transparency, and you must comply with the Companies Act 1993 which requires all companies to prepare and maintain a range of records.

If a company structure is the best option for you it makes good sense for us to take care of the administration of your company, as we have the specialised knowledge which is require to understand the effects of changes to your company.  We are aware of the consequences for late filing of company annual returns and the tax implications and penalties if financial statements and tax returns are prepared using non-compliant information.

Our Company Administration Service includes:

Company Formation

  • Name checks and reservation
  • Adoption of Constitution
  • Incorporation of Company at Companies Office
  • Preparation of Company Register & Statutory Documents
  • Application for IRD number and GST & PAYE registration during incorporation

Ongoing Company Administration

  • Appointments & resignations of Directors
  • Share transfers & increases/decreases in shares
  • Filing of company annual returns
  • Minutes & resolutions
  • Address changes & amendments
  • Change of company name
  • Company wind-ups

We provide our Company Administration Service to the majority of our company clients. For a relatively low cost you too can have peace of mind, so speak with Shirley Scherer on 07 8898859 or one of our other companies administrators if you would like to discuss this service with us.

 

Marketing

More than just advertising....

Marketing is NOT just advertising it is about anything that helps you obtain a new customer and keep an existing customer. It is about the whole customer journey or every interaction the customer has with you and your team.

  • All your internal processes
  • How you deal with a customer enquiry
  • Your purchase process
  • How the process of your invoicing works
  • How you handle complaints

The idea is to make all your practices, processes and behaviours more effective in getting and keeping customers.

Why do marketing?

The only reason you should spend money on marketing is to increase your revenue or profit.

  • Revenue is increased by bringing in new customers.
  • Revenue AND PROFIT are increased by utilising your existing customer base.

The golden rule

Existing customers is THE marketing golden key. The most effective way to use marketing spend is with your existing customers.

They can buy again, they can buy more, they can buy something different and they can refer a new customer.

Make the most of your existing customers

  • Have a good database
  • Upgrade a service or product to an existing customer
  • Cross sell another service or product to an existing customer
  • Marketing activity to stop customers leaving you
  • Communicate with existing customers AT LEAST 4 times a year
  • Monitor complaints - These generally provide a good indication of what internal processes are not working well enough
  • Encourage your customers to provide referrals to your business

For more information call Alison Clarke 07 889 8808

 

Specialist Services

Human Resources - John Brosnan 07 889 8838

Business Coaching - Craig Purcell 027 2785404

ACC’s accident cover questions - Robyn Pickett 07 889 8864

Trust administration - Kate Wood 07 889 8842

Payroll administration - Michelle Weller 07 889 8860          

Software assistance - Megan Shannon 07 889 8848

Company administration - Shirley Scherer 07 889 8859

 

 

 

 

 

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