July Update

Posted 2 years, 4 months ago by Maggie Waine    0 comments

Brrrrrr - cold enough for you??
This months newsletter is short and sweet.

COMMUNITY COMPLIANCE TEAM FROM INLAND REVENUE

If you are not already aware, representatives from the Inland Revenue can turn up to your door step whenever and where ever you may be.  The Inland Revenue has a team called the Community Compliance Team.  They visit clients homes to engage with what problems (if any) clients may be having with the IRD.  By law you cannot stop them from visiting you, but you can ask them to cease discussions until a time where your accountant is present if you feel uncomfortable with them.

The Inland Revenue is not trying to be overtly threatening or dominating, they simply are trying to assist clients if they require it.  However, they are tending to ignore the fact that the client has a tax agent (us) who deals with their tax affairs, so if you wish for David to attend at the same time that the IRD Compliance Team has requested to meet with you, please call the office and we will arrange this.

 

 

WESTPAC BANK NUMBERS

What goes around, comes around.  In the case of Westpac bank numbers it would appear this is certainly the case!  Westpac bank are now RECYCLING old bank account numbers to new clients.  

If you had a Westpac account in the past and you have not updated your bank account with the Inland Revenue, make sure the current account numbers are correct.  We are updating the annual and GST bank accounts our end when filing the clients returns.

 

CAPITAL GAIN RATE

While the legislation is not in place yet the new 2 year Capital Gain rate that was announced in the budget will not apply to the family home. 

However, if you are purchasing rentals this may be something that affects you.  If you are concerned, please contact our office to discuss.

 

 

ANOTHER LITTLE REMINDER

We have now almost fully integrated to an email invoice/statement system - which I'm still trying to get my head around at times!  There have been a larger than usual number of clients who are double paying their invoices as they are not aware that they are on direct debit.

ALL Xero charges are paid by direct debit.  So any invoices that you get for these charges you do not need to pay.

Any other invoice that you receive from us is payable within 14 days UNLESS it clearly states in the email that you are on direct debit. OR if you are on a fixed price monthly payment arrangement.

We are also moving to the option of a Fixed Price Compliance engagement whereby you pay a set amount each month therefore negating the large invoice for accounting fees at the end of the year.  A letter will be sent out in the next week or so to those clients whom we feel may be interested in this oayment option.  If you have any queries about this, please let me know.



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