Another End of Financial Year Looming

Posted 6 months, 1 day ago by Maggie Waine    0 comments

Hi,

There have been a huge number of changes to Matley over the last few months and this newsletter is an effort to catch you all up with the play.

Matley now has multiple offices; Hamilton (which encompasses the Tokoroa branch), Auckland and soon to be Tauranga and Christchurch.

Matley head office (for want of a better term) is now run by David and Maggie and the other branches involve David as well as other business partners. The good news is that there is bound to be an office near you somewhere :-)

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Matley Hamilton & Tokoroa Offices

By Neisha Comins

 

There have been a lot of changes happening of late!

 

New Office

 Tokoroa Clients – We have moved!  It has been a very long time coming but we are finally in our new premises.  It is a lovely space and no more stairs to navigate to pop in and see David, Jenny, Janine or Theresa.  We are now situated at 62-66 Bridge Street (the old Newspaper building) – please feel free to come by and say hi. 

 

Staff Changes

 When you phone 0800-MATLEY, you may be answered by our new Assistant Receptionist, Kelly Hanright.  Kelly will be working alongside Angeline to ensure the smooth running of our office function.

 Maggie is leaving her role actively working as the Administrator for the Hamilton and Tokoroa offices to assist David with his expansion plans through the new branches.

 Steffan, our Senior Accountant from Hamilton, moved to Auckland against the traffic with his fiancé, Cynthia, in June 2016.  The travel has made life very difficult, therefore, he has taken a great opportunity to join the team at the Health and Disability Commission – we will miss him and wish him all the best with his career change!  Steffan’s last day was 28th February.

 To assist in Hamilton, Nicholas Totton relocated from Tokoroa to Hamilton on 1st March.  Nicholas will be a great asset to help with clients and our two Junior Accountants, Jonathan Jordan and Hamish Evans, as they find their way around Matley Financial Services.  Jonathan and Hamish are both working towards their Accounting Qualifications.

 In Tokoroa, Jenny and Janine will were joined by Theresa MacKinnon on 1st March.  Theresa has prior experience in a Practice and has recently attained her Accounting degree.

 Lastly, Neisha is gearing up to take Maternity Leave in May 2017!  David has planned a few long weekends/holidays (shock horror) and everything else remains business as usual.

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CHANGES TO THE LAW - RWT DEDUCTIONS FOR CONTRACTORS

From 1 April 2017, the way contractors pay their taxes will change, giving greater choice and making it easier to get tax right. 

This is an expansion of existing rules called schedular payments. These rules previously applied to workers in certain industries, eg forestry and real estate, who were taxed at a flat rate.

The expanded rules are compulsory for all contractors hired by a recruiter — or other labour hire business — and those previously under schedular payment rules.

 Other contractors can opt in if their payer agrees to deduct tax on their behalf.

Contractors already under schedular payment rules

You must complete the new tax rate notification form (IR330C) when you start any new job on or after 1 April 2017.

 On this form, you pick the rate you would like tax to be deducted at. New Zealand tax residents can pick any rate from 10% up to 100%. If you want to change your current tax rate, complete this form and give it to your payer so they can make the changes.

Contractors hired and paid through recruiters

The new rules apply to those contractors who find work through an employment agency or recruiter (also known as labour hire businesses).

 Labour hire businesses must deduct tax on your behalf from payments they make to you. This is the same whether you are self-employed, a sole trader or a company.

 Tax must be deducted from payments made to you on or after 1 April, even if the work was completed or the contract was entered into before this date.

 You will need to complete the new tax rate notification form (IR330C)

 On this form, you pick the rate you would like tax to be deducted at. New Zealand tax residents can pick any rate from 10% up to 100%.

 The benefit of choosing the right rate means you are less likely to have a tax bill at the end of the tax year. 

If you complete the form but don’t pick a tax rate, the labour hire business will deduct tax at 20%. If you don’t complete the IR330C, the no-notification rate of 45% will be deducted.

 New Zealand tax residents can't apply for a certificate of exemption for these payments, but you may be able to apply for a 0% special tax rate instead. This includes companies.

Self-employed contractors

If you work directly for any business and are not required to have tax deducted by the hirer, the new rules allow you to choose to have tax deducted from your payments.

 Both you and your payer must agree to this approach. If you both agree, complete the new tax rate notification form (IR330C). On this form, you pick the rate you would like tax to be deducted at. New Zealand tax residents can pick any rate from 10% up to 100%.

 Keep a written record of the agreement. If you work for multiple businesses, each must agree to your request to have tax deducted. You’ll also need to give a completed IR330C form to each business.

 If a payer doesn’t agree, you must continue to pay tax for that work as you were previously.

For more detail about these tax law changes, see the Inland Revenue website.

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FROM DAVID

As the end of the 2017 financial year draws close, and we at Matley are on the home straight, it is a good time to sit and reflect on the year that was.

This year has been a transition year for Matley, and we have learned some valuable lessons from them.  We as a company re dedicated to delivering on customer service and realized that we may have not lived up to that expectation this year.  Moving forward we believe with the new job scheduling being implemented and a change/increase in staff we believe that we can refocus back on delivering service to you, our clients.

We are also looking at new technologies and systems to engage more with you as our clients.  If there are any suggestions that you believe that we can do better to communicate with  you or improve our service, please feel free to contact David or Neisha to discuss.



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