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Accounting 101: Rental Properties and Tax FAQ’s

Do I have to return GST on rental income, and can I claim GST on any rental expenses? No. Properties used in a long-term residential rental activity are an exempt supply for GST purposes - no GST can be charged on rent income or claimed on expenses. Note that residential property used for short-term accommodation is a taxable activity for GST purposes – you will have to register for GST if your gross turnover is over $60k in any 12 month period, or you may choose to voluntarily register. Make ...

A4 Sustainability Updates

For the month of July each and every one of us made a conscious effort around the office and our homes to reduce plastic and other waste where we could. From using reusable containers for our takeaway sushi and our keep cups for takeaway coffee, as well as other small things that make a big impact, like reducing plastic wrapping.  We also held an informative "bin audit" so everyone could see what goes in our bin. It was a fantastic reminder of what can go in the compost, recycling, soft pla...

A4 In the Office

Here at A4 we love any excuse to get together, share our kai and maybe even showcase our baking skills...all whilst celebrating something special! Check out the baking skills of our girl Sara Hall - she was taught by her grandmother who was a baker. ...

Xero Tips and Tricks - Copy and edit an invoice, bill or quote

Have you ever wondered if there is a faster way to create an invoice, bill or quote in Xero? If so the answer is... there is! To be more time efficient and reduce data entry you can copy a previous invoice, bill or quote and all fields will populate with the original data you entered.   Read below and follow the steps to find out more about this Xero tip. To copy an invoice, bill or quote to a new invoice, bill or quote1. In the Business menu at the top of the screen, select ...

Get to know: Larissa

Larissa joined Accounted4 in August 2020 as an Intermediate Accountant in Martyn Steffert’s team. Larissa grew up on a dairy farm in Matamata before moving to Dunedin for four years to study. She moved back to Matamata, where she got married and had a family. Larissa and her family moved to Cambridge last year, when she started at Accounted4. Before Larissa became an Accountant she worked for 8 years as a Pharmacist but decided to change to a career that offered more opportunities and more fle...

HR Mythbusters

Blog written by LesleyAnn Thomas from People in Mind Ltd Yes! It’s the HR version of that famous television programme, Mythbusters! There are three myths in HR that we regularly hear clients and professional advisors talk about, and we seriously need to bust them! Myth #1 – Trial periods don’t exist anymore  Fact - They do!Some employers and business advisors think trial periods don’t exist, but this simply isn’t the case.  There are still provisions in the legislation f...

Employees on work visas

From 19 July, Essential Skills Visa holders will be able to apply for a longer visa to remain in their current role. The Government has decided to extend the maximum duration of an Essential Skills Visa for a job paid below the median wage from 12 to 24 months. The duration of Essential Skills visas for roles paid the median wage or above will still be up to three years. Application Process Simplified From 19 July 2021 until 28 August 2021, applicants need to apply using a paper-based form on th...

Keeping accurate records

As an employer, you must keep wage and time, and holidays and leave records that comply with the Employment Relations Act 2000 and the Holidays Act 2003. In particular, you must be able to show that you’ve correctly given your employees all minimum employment entitlements such as the minimum wage and annual holidays. Good record-keeping makes sure that an employee's pay and leave are correct, prevents misunderstandings and protects the employer and the employee if there is a problem. Your empl...

Contractor vs Employee

You need to know whether you’re an employee or a contractor because your rights and responsibilities will be very different.Health and safety laws apply to employees and contractors....

Getting Kiwis into Farm Roles

Federated Farmers NZ are encouraging farmers to hire NZ employees - new to the agri-sector, impacted by Covid-19 or job seekers to long-term employment. Federated Farmers is working with the Ministry of Social Development to get more Kiwis into work on the land. Federated Farmers is going the extra mile providing employment contracts and have teamed up with Kiwi owned and operated Kaiwaka Clothing to provide gear to those new to the farming sector.Their stocks ...

Paying tax on your shares

Investing on a share platform like Sharesies or Hatch? Should you be worried about paying tax on your dividends or when you sell? We have some tips. There’s been a boom in direct share investments since the lockdowns of 2020 with platforms like Sharesies, Hatch and InvestNow seeing thousands of Kiwis join up to buy shares. These straightforward platforms have democratised share market investment, helping New Zealanders grow their wealth and save for the future. One question though: If you’re...

How to protect your business from being held to ransom

What is ransomware?Ransomware is a type of malicious software (malware) that encrypts files and stops you from being able to access your files or computer systems. It’s not just bigger businesses that are targeted and there are no particular industries that are more vulnerable than others. If you work online, you’re at risk. The attackers are generally financially motivated. They’ll try to extort you by demanding you pay a ransom to get access to your system and files again. Ransomware inf...

5 ways to improve your cashflow

Cash is the lifeblood of any business – once the cash dries up, problems quickly begin to multiply. Keep the cash running freely and you can continue to grow your business.Here are five tips for improving your cashflow:- Have a system to manage your debtors - Come up with a clear, step-by-step way to handle outstanding accounts. It might include:automated reminders on unpaid emailsa phone call or email when the amount has been outstanding for a certain period of timea stop credit on the c...

Minimum Sick Leave entitlements increasing to 10 days from 24 July 2021

From 24 July 2021, minimum sick leave entitlements will increase from 5 days to 10 days per year. Employees will get the extra five days when they reach their next entitlement date – either after reaching 6 months’ employment or on their sick leave entitlement anniversary (12 months after they were last entitled to sick leave). The maximum amount of unused sick leave that an employee can be entitled to will remain at 20 days.Employees who already get 10 or more sick days a year will not be a...

Avoid harm on the farm

Been thinking about crush protection devices for your quad bikes but the cost is putting you off? ACC and WorkSafe can help ease the financial strain. If you’re self-employed or own a small-to-medium-sized farming business, you could be eligible for a cash back offer.  Each year, quad bikes are a major cause of death and serious injury in New Zealand - but installing crush protection devices could help lessen the impact. Log in to MyACC for Business online to find out if you’re eligible...

Triaging a Tricky HR Situation

Blog written by LesleyAnn Thomas from People in Mind Ltd There’s never a dull moment in HR. Although most moments are good, there are times when things are definitely not. Unfortunately the rule book for dealing with tricky HR situations hasn’t been written (yet), so if you find yourself struggling with an employee problem and wondering what to do, think about applying the emergency medicine principle of 'triage' to assess the scale and urgency of the problem and how to deal with it.&nb...

Xero's Multi Factor Authentication

As of the 1st June 2021 Xero's Multi-Factor Authentication (MFA)  will be mandatory for the majority of Xero users.  Hacking, phishing or other cyber attacks are frightening and can jeopardise a business if someone gains access. The good news is that many data breaches can be prevented with simple actions, such as using multi-factor authentication (MFA). This year, all Xero users will need to set up and use MFA to log in to Xero – it puts an extra bolt on the door to keep your data s...

Payroll Update: Attention Farming Employers

ATTENTION: Farming Employers Are my Employment Agreements up to date for all employees?https://www.dairynz.co.nz/people/recruitment-and-onboarding/employment-agreements/https://www.fedfarm.org.nz/FFPublic/Store/StoreLayouts/Store_Home.aspxAre my New Employee forms current?   - Tax Deduction (IR330) https://www.ird.govt.nz/-/media/project/ir/home/documents/forms-and-guides/ir300---ir399/ir330/ir330-2021.pdf?modified=20210322201441- KiwiSaver (KS2) https://www.ird.govt.nz/-/media/proj...

Featured Client - Treadlite NZ Ltd

Good for your horse and great for the planet! Treadlite NZ offer a premium, sustainable equestrian arena mix that is proudly made right here in New Zealand from recycled rubber. Treadlite use end of life tyres, which would otherwise be disposed of in landfill or illegally dumped or burned. These tyres go through a triple-treated refinery process to produce a material designed for horse arenas that is 99.9% metal free. To develop this product, Treadlite has worked alongside professional equestria...

Featured Partner - iPayroll

The payroll solution for successful businesses – special offer from Accounted4 Editorial provided by iPayroll NZ It is important to use a trusted, proven system that suits your business needs and makes life easier. iPayroll is a proven cloud-based payroll solution developed in New Zealand, for New Zealand businesses of all sizes. iPayroll provide an easy-to-use, feature-rich payroll solution so you can focus on your business. Suitable for a small business with a few employees, a group of busin...

Get to Know: Sara Hall

In February 2021 Sara joined Accounted4 and became a part of David Faville's accounting team. In 2020 she graduated from Waikato University where she completed her Bachelor of Business. Sara completed an internship at Dairy NZ over the summer of 2019/2020 and has experience in farming communities. Her aim for the near future is to commence study towards her CA. Growing up in the rural north Waikato town of Te Kauwhata, Sara values time with friends and family. When outside of work you will catch...

Counting your Livestock

Attention Farmers with Livestock! The 1st of June is fast approaching and we will be asking you to send us your farming records sometime in the following 10 months. Rather than waiting until we request your records and trying to remember your livestock numbers as at 31 May, why not count early! The more you can do for us prior to annual accounts, the faster and easier our job is and the less questions we will have to hassle you with. What we will need from you is: Livestock on hand, of all class...

A4 In the Community

On the 26th May our Business Manager Chris Stevenson will be a proud panelist for the upcoming Cambridge Business Chamber Event  - Waste Minimisation Workshop hosted by Nicola Turner from Mainstream Green. As the Waipa's Waste Minimisation champions we are eager to help like minded people and businesses in our community and share our story on how reducing waste can have an extremely positive and successful impact on your business and even the homes of your colleagues.  If you would lik...

Office Updates

As at 1 April 2021 we congratulated Grant, Kim and Jamie on their new roles in the Company.  If you haven't heard already, Grant is officially on his path to retirement and is now a Consultant, however you will still catch him in the office for the next few years as he scales back. Jamie has stepped into the role of Associate and Kim is our newest and first female Director who will keep us all in line!...

In The A4 Office

On the 20th April our Director David Faville celebrated his 10 year anniversary at A4. We made him feel extra special by having a morning tea with his favourite custard squares! We are so lucky to have him as a role model and as part of the team....