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CLIENT PERSPECTIVE – DAN LACEY CREATIVE

Posted by on 9:51 am in Latest News | 0 comments

CLIENT PERSPECTIVE – DAN LACEY CREATIVE

WHERE SHOULD YOU BE HANGING OUT ON SOCIAL MEDIA? Are you using social media effectively for your business? It’s one of those things that we know we should be doing, but are enough of us using social media effectively? It can be a bit of a minefield due to constantly changing algorithms and fads. Here I take a look at the top four platforms and how to use them in 2018. Facebook The most popular social media platform there is, and the one that is most difficult to keep up with due to constantly changing algorithms. • Business pages no longer...

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NZ TRUST LAW TO BE OVERHAULED

Posted by on 9:49 am in Latest News | 0 comments

NZ TRUST LAW TO BE OVERHAULED

On 1 August 2017, Justice Minister Amy Adams introduced the Trusts Bill to Parliament. This will be the first significant change since the introduction of the Trustee Act 1956. The old Act has been viewed as being narrow in scope, with trust administration being complicated and expensive. Most trusts, like family trusts, business trusts and protective trusts, are set up with a trust deed or other document, like a will. These are known as express trusts. In the new Bill, it expressly states that trustees will have to: Know the terms of the...

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BUSINESS CULTURE, AND HOW IT AFFECTS PROFITS

Posted by on 9:38 am in Latest News | 0 comments

BUSINESS CULTURE, AND HOW IT AFFECTS PROFITS

While it’s easy to think of business culture as a bit soft compared with, say, achieving sales, in fact it’s anything but. A 2014 study reported that public companies named in a ‘Best Places to Work’ list in 2009 outperformed the S&P 500 by 115 percent in the following five years. The Glassdoor study suggests that a culture that engages and motivates employees helps the bottom line. But the reverse isn’t true: A company’s success isn’t enough to produce a positive culture, and companies that succeed without a positive culture are likely...

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LARGEST INCREASE TO THE MINIMUM WAGE IN A DECADE

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LARGEST INCREASE TO THE MINIMUM WAGE IN A DECADE

Employers need to be prepared for the minimum wage to increase by 75 cents to $16.50 an hour from 1 April 2018. The largest minimum wage increase since 2008 will affect all businesses across all industries that pay at the current minimum wage. This is the first of a commitment to phase in an increase to $20 by 2021. The increase to $16.50 per hour will benefit approximately 164,000 workers and their families, and will increase wages throughout the economy by $129 million per year. It has also been confirmed that within the new Government’s...

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SEVERAL WAYS TAXPAYERS CAN GET CAUGHT OUT

Posted by on 1:54 pm in Latest News | 0 comments

SEVERAL WAYS TAXPAYERS CAN GET CAUGHT OUT

AIRBNB INCOME If you rent rooms or homes through Airbnb, you may not realise that the IRD considers you to be a landlord. Your rental income must be included in a tax return. If you’re unsure of your tax obligations, please consider seeking professional advice. OVERSEAS RENTAL PROPERTY You must declare any rental income you get from properties overseas. You can claim deductions for rental-related expenses, and you may also be able to claim a credit for tax paid in the other country on that income. Complexities can arise when loans and...

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GIVE YOUR BUSINESS A MEDICAL

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GIVE YOUR BUSINESS A MEDICAL

The end of December will mark the third quarter point for this financial year, making it a good time for a business health check. Comparing your past nine months with the same period in previous years can show if your business has been growing, and most accounting programmes will easily produce year-to-date reports. What to look out for and think about: • How do you think the next three months will go? • Have you had better growth this year than you expected – what about next year? • If you had growth this year – have you saved enough for tax...

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SLOW PAYERS COST YOU REAL MONEY

Posted by on 1:27 pm in Latest News | 0 comments

SLOW PAYERS COST YOU REAL MONEY

You know you have to get your debtors to pay, but do you understand the true impact of slow payers? Without a realistic picture of the direct and indirect costs of slow payment, your debt management practices may hurt your business. You may: • Reduce your cashflow. • Create a snowball effect – if debtors think you’re relaxed about payment, you encourage them to be slow. • Build up an increasing number of debtors, leading you to let smaller debts slide. • Chew up valuable time and resources in managing slow payers and following them up. What...

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THE ACCOUNTING INCOME METHOD

Posted by on 1:16 pm in Latest News | 0 comments

THE ACCOUNTING INCOME METHOD

The accounting income method is a simple but smart change. It allows you to use your accounting software to calculate and pay your provisional tax, taking the guesswork out of the process. If that sounds a lot like how you calculate PAYE, that’s because it is. Although these changes don’t take effect until April 2018, now is a good time to start planning for them. We’ll look deeper into this in future issues, so watch this space. Other business-friendly measures include reducing or removing use of money interest (UOMI) for the vast majority...

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Filling Employment Gaps

Posted by on 11:52 am in Latest News | 0 comments

Filling Employment Gaps

When employing, think carefully about the kind of help you need and broadly what kind of employment contract is best suited to the situation. It’s important to make sure you comply with current employment law and have it right from the start. Casuals Casual employees might be right for your business, for instance if you are covering unexpected absences. But remember that, no matter what you call the employment, if you treat casual staff as if they are permanent — for instance, give them regular hours or work over a sustained period — their...

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Buying Perspective: Risk and Reward – Purchasing Land or a Home

Posted by on 11:47 am in Latest News | 0 comments

Buying Perspective:  Risk and Reward – Purchasing Land or a Home

Buying off the plan? The bright-line test and you We’ve talked before about how changes to tax law around buying and selling property might affect you. Now that the changes are in operation and the bright-line test is being applied to determine tax liability, an issue highlighted only recently might leave you exposed. As we’ve discussed before, people who buy or sell a property within two years of acquiring it must pay tax on the gain. The main home is exempt and there are some other exceptions such as inheritance and relationship break-ups....

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