Welcome to our July Better Business newsletter
Welcome to our latest Better Business newsletter. In this issue:
- Out and About at Fieldays
- Business Advisory Services
- The Employment Relations (Triangular Employment) Amendment Act 2019
- IRD – End of Year Assessment
- New Balance-date Questionnaire (BDQ)
- Tax Blog – sign up to stay informed
- App of the Month
- Wealth Management – Second Opinion Report offer
- Client News
Out and About at Fieldays
“If you’re keen on a bit of tractor pulling or log sawing, learning some tips from a live butchering demonstration, or need to upgrade the swanny, then the Mystery Creek Fieldays are a must!
Mid-June is when the Fieldays village comes alive with all things Ag and Jamie and Tom were lucky enough to head along to this year’s event. Test driving an Isuzu D-Max was a highlight, while a walk through the innovation tent ensured our Polson Higgs team has their finger on the pulse.
A big thank you to the Xero team for hosting and it was a great opportunity to catch up with the Figured crew as well. Xero and Figured are leading the charge in cloud accounting for farmers and there are more exciting developments yet to come.
All-in-all it was a really worthwhile trip and we would encourage anybody who’s on the fence about making the journey north for next year’s Fieldays to take the plunge. You won’t regret it!” Tom Hanning, Assistant Manager - Rural Advisor.
Business Advisory Services
We’re focussed on further developing our Business Advisory services to help support the success and growth of our clients. Using Business Advisory services has helped many of our clients become more efficient, grow revenue and progress many initiatives.
Recent areas that our team have been focusing on expanding include:
- Management training and mentoring
- Strategic reviews and workshop facilitation
- Budgeting and Planning
- Marketing review and strategy
- Customer and stakeholder surveys and analysis
- Agri business support
- Xero implementation and training
- Industry specific Xero add on's
- It review, system and hardware implementation and remote IT monitoring
- Advisory boards
If you would like to discuss any of these advisory services further, please feel free to get in touch with Stanley Hebden.
The Employment Relations (Triangular Employment) Amendment Act 2019
We’re aware that some of our clients use a labour hire model, utilising staff from third party businesses and thought this update from Employment New Zealand could be a useful heads up.
“The Employment Relations (Triangular Employment) Amendment Bill will be enacted shortly and come into force in 12 months’ time. This provides a long lead-in time for businesses and the employment institutions (like the Employment Relations Authority) to prepare for the change.
Triangular employment – such as a labour hire model – is where someone is employed by one employer, but working under another business or organisation that directs or controls the employee’s day-to-day work (a controlling third party).
Currently, employees can only bring a personal grievance – such as for harassment or discrimination – against their employer. For people in triangular employment situations, this limits their ability to raise a grievance, as often the actions that lead to them taking a claim are those of the controlling third party they are working with, rather than the person actually employing them.
The new law will allow either the employee or the employer to apply to the Employment Relations Authority to join a third party to a personal grievance claim, and for remedies to be apportioned to the responsible parties.”
If you would like any further information or to discuss how this might affect your business please do not hesitate to give us a call.
New Law Expands Workplace Personal Grievance Options
IRD – End of Year Assessment:
On 1 April 2019 the IRD made the tax refund process for individuals who receive only PAYE and investment income more straightforward.
These changes are for individuals whose only income is from employment or investments (such as interest from bank deposits and savings). If we have previously filed a tax return for you, you will not be affected.
For individuals who had previously been issued a personal tax summary from the IRD, you will now automatically receive an income tax assessment from the IRD. The income tax assessment will show details of your earnings and tax payments. From this the IRD will notify you if you have a tax payment to make or are due a tax refund.
If you receive IRD communication and you are in anyway concerned, please contact us.
New Balance-date Questionnaire (BDQ)
Our NEW BDQs have recently been sent out to Accounting Solutions clients. This year, we have changed from our outdated Beancounter system and have used a feature in Xero, Xero Ask. It looks a lot different from our old system, but should be a lot simpler to use, and a lot faster to fill out too!
We hope this change will boost our response rate from clients and help our compliance obligations for CAANZ. We have had a positive response so far, with some clients filling them out minutes after receiving the email, and only a few clients hesitant it may be Spam! If you have any questions, you can follow this up with Jack Elliotte or Clare Saunders.
Tax Blog – sign up to stay informed
You may not be aware that we prepare a weekly "Tax Update" email that is sent out to subscribers. These emails are to keep people informed of any tax-related developments and to provide our perspective on the implications to business. A recent example covered the area of "Short Term stay Accommodation", as below. If you would like to keep informed, you can sign up here to receive the weekly email.
Looking to provide a short stay accommodation in your own home?
IRD released Determination DET 19/02 on the 21 May 2019 on the standard-cost for short-stay accommodation providers. This is relevant to taxpayers who do not rent out rooms for more than 100 nights in the year.
The nightly standard-costs established in the Determination is considered to represent the average costs likely to be incurred by short-stay accommodation hosts per night.
If you choose to use the standard costs instead of actual expenses, the set standard costs are treated as expenditure incurred in deriving income from providing the short-stay accommodation service. This method can be used for any income year provided that the criteria in the Determination are met.
Income you earn from providing the short-stay accommodation service will be exempt income to the extent of the standard-costs calculated. Any income in excess of those costs will be treated as assessable income and will be required to be included in a tax return.
The standard-cost for the 2019/20 income year is $50 a night if the host owns the property and $45 if it is a rental.
App of the Month:
Figured is the leading cloud-based farm financial management system, designed to work closely with Xero to provide Farmers and their Advisors with real time production tracking, budgeting and reporting information.
Figured has been designed for all members of the farming team, meaning the Farmer, the agri accountant, agri bank manager and farm management advisor can work together on one accurate data set.
Using Figured and Xero together, farm and financial records are kept up to date and can be accessed in real time.
If you would like to discuss how Figured could help you, please contact Tom Hanning or Courtney Adams.
Wealth Management – Second Opinion Report offer
Getting a second opinion on your investments could help give piece of mind, or opportunities for improvement. Our friends in the Wealth Management team currently have a Second Opinion Report half price offer available contact Lisa Parata here.
Naseby Ice Rink, Luge & Snow Park
It was time to celebrate at Naseby Ice Rink, Luge and Snow Park on July 13 with over 200 participants enjoying the ice at the annual ice dance costume party! The rink which offers skating, curling, luging and a snow park has all the gear you need, along with instructions and coaching for the luge. The park has also developed school holiday camps. The rink is usually open from early June till mid-August, weather permitting.
The adventure park, which recently joined us as a client, is chaired by Jock Scott, local icon and Kyeburn farmer, who has been a long-time client with us. Jock has been instrumental to the complex's development and success to date, and it is fantastic to see the additions and progress they have made in Naseby. We are excited to be working Susie Farrell and the team to implement Xero accounting software to help support their processes and business.
Some of the team here have also helped keep Naseby warm, through helping chop plenty of wood for the firewood fundraising activities.
Abdal Catering: Abdal Moneem Kyassah – Executive Chef
Each month we hold a staff meeting to share news and update our team on how the business is tracking. We also take the opportunity to have food and drink for all staff and recently we invited one of our newest clients to cater for the staff meeting – Abdal Catering.
We would like to share a little about Abdal. We met last year when we participated in a free "Food Business Workshop" for new arrivals to Dunedin from Syria. The workshop coordinated through the Dunedin City Council and Startup Dunedin was to help recent refugees identify and develop new business opportunities in Dunedin. Abdal was one of the group at the workshop, which was a catalyst to starting his own catering business.
Abdal, who is a qualified chef, arrived in Dunedin in 2017 with his wife and three children (soon to be four). The family arrived here after spending five years in Malaysia after leaving a war-torn Syria. Along with ensuring his family was safe, a key objective of Abdal once he arrived in New Zealand was to start his own business. Abdal began working at various restaurants in Dunedin, on a casual, part-time and full-time basis to help understand what the restaurant scene was like in Dunedin. Then, following our workshop, gaining his food licence and with our help to set up his business he is up and running, serving delicious Syrian food!
It is great have Abdal and his family here in Dunedin, and to see that they been very busy with many events and catering projects – our staff can also certainly vouch that his food and service is fantastic.
Wenita Forest Products
Did you know we can help with specialist HR support? Our expert team have been working through a range of different projects lately, one being support with recruiting at Wenita Forest Products.
“We recently used Polson Higgs recruitment services to help with the search for a highly skilled and specialist role. At the outset, we understood that we are in a tight labour market and the search for the right person to join our team would be challenging.
However, we were able to secure a great candidate and were very pleased with both the process and outcome. We were very appreciative of the expert help we received from Lisa; she was always professional, efficient and thorough.
Having her assistance took the burden of much of the recruitment process off our shoulders, while also ensuring good communication with the candidates – something which aligns with Wenita's values”.
Dave, CEO, Wenita Forest Products
Please remember if you have any queries or need any advice, please get in contact with us.