November/December - Have you fulfilled your 2013 New Year Resolutions?

Posted 3 years, 10 months ago by Maggie Waine    0 comments

END OF 2013

How often do you think about whether you have fulfilled the New Year Resolutions that you so determinely (or not) make on January 1st?  If you make the resolutions simple and easy and not too unobtainable, you will be surprised at how fulfilled you feel at the end of the year when you realise you actually may have achieved them!

Matley Financial Services offices in both Tokoroa and Hamilton will be closed from Monday 16th December 2013 through to Monday January 13th 2014.  All the staff - David, Maggie, Jenny, Janine, Benjamin, Nicholas, Angeline and Wendy wish you a safe and happy holiday season through this time.

As at the sending of this newsletter, David and Maggie are still awaiting their new arrival.  They may send a picture or two once its all happened!!

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PASSPORT INFORMATION WILL BE USED TO TRACK DEFAULTERS 

(SOURCE - CCH Tax>NZ Tax Tracker> 2013> Issue 9, September 2013)

A new regulation made by Order in Council will allow the Department of Internal Affairs to share information with Inland Revenue to help track student loan borrowers and child support payers.  The regulation comes into effect on 3 October 2013.

Under the information sharing agreement, Internal Affairs will provide Inland Revenue with contact details from adult passport renewals or applications.  The information sharing agreement is the first to be made following changes to the Privacy Act 1993 which enabled effective and carefully controlled information sharing between agencies.

In announcing the new information sharing agreement together with the Internal Affairs Minister, the Hon Chris Tremain, the Inland Revenue Minister, the Hon Todd McClay said "Our tax system relies on voluntary compliance and the vast majority of people pay their taxes, their child support paymets and their student loan repayments on time.  But for those people living overseas who fail to comply, the principal reason is that many of them have simply lost contact with Inland Revenue.  This common sense measure will allow Inland Revenue to contact those people to arrange payment".

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CHILD SUPPORT CHANGES FROM 1 APRIL 2014

(SOURCE - CCH Tax> NZ Tax Tracker> 2013 > Issue 8, August 2013)

Inland Revenue has recently released a media statement outlining the forthcoming changes to child support laws.

The item notes that from 1 April 2014, the amendments "...include a comprehensive new formula for calculating child support assessments based on the circumstances of both parents, improving the way the child support scheme operates, and improving the way penalties are managed".

The new formula is designed to consider factors that include incomes of both parents "...and the level of care that both parents provide to their children".

Refer to the news release for further details on the child support changes

Source: www.ird.govt.nz

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GIFTING - ASSET DEPRIVATION

(SOURCE - The Small Business Institute Ltd, Tax-e-mail, Issue 1307)

There is a common misconception concerning gifting.  The maximum amount of gifts which can be made, prior to the gifting period (5 years before the date of means assessment for geriatric care subsidy) is $27,000.  The 2005 regulation is not clear whether this mens for the person being assessed or for a couple.  However, WINZ is interpreting it as for the person being assessed.  These last words are important.  If a couple are being assessed for going into care, then the total for the two of them is $54,000.  Thus many clients may prefer to gift $27,000 each per year.  If one only of a couple has to go into care, then the $27,000 gifted by the partner will be included as part of the amount for determining deprivation of property.  Ross Holmes Lawyers LP provided this advice.

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IMPORTANT BANKLINK CHANGES

We have been advised by Banklink of a number of important service updates we would like to share with you.

 Changes to the system requirements for all BankLink desktop products

A recent Microsoft directive means that from 1st February 2014, Windows 2000 and Windows XP operating systems will no longer be supported by MYOB BankLink.

This will not affect your ability to use MYOB BankLink desktop products on these operating systems. However, as Microsoft no longer supports any changes to these operating systems, if an issue occurs that is related to the operating system itself, and not the MYOB BankLink desktop product, we will be unable to offer a resolution.

These changes affect all MYOB BankLink desktop products only (not our online services):

  • BankLink Practice
  • BankLink Books
  • BankLink Notes (desktop)
  • BankLink InvoicePlus*
  • BankLink PayablesPlus*

* Windows 2000 does not apply to either of these products, as the operating system has never been compatible.


What does this mean from 1st February 2014?

  • Support will continue on how to use all MYOB BankLink desktop products, as it is now.
  • Installation of MYOB BankLink desktop products in either a Windows 2000 or Windows XP environment will no longer be supported.
  • Any issues with the software not working as expected in a Windows 2000 or Windows XP environment will no longer be supported.
  • MYOB BankLink will discontinue testing upgrades of MYOB BankLink desktop products in a Windows 2000 or Windows XP environment

We will continue to fully support Windows Vista until 31st October 2014, at which point, we will also discontinue support of this environment. A reminder communication will be sent out closer to the time.

If you plan to upgrade the operating system on any of your practice computers, or if any of your clients decide to upgrade their operating system, please talk to MYOB BankLink Support about the MYOB BankLink desktop products that will be affected. They will be able to offer advice on what backups you need to make, and whether the software can be moved or is required to be reinstalled.



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