AML/CFT - what is it and what does it mean for me?

As of today Accountants will now come under the obligations of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (or AML/CFT).

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Blog Series part 1

When starting up a business, a lot of small business owners are like impressive power-house dynamos, working in, on, and for the business, in every possible capacity: CEO, CFO, stock controller, salesperson, marketer, IT guru, PR specialist - as well as making their own coffees and taking out the rubbish.

It's impressive, admirable, and sometimes just plain necessary in those early cash-strapped days. But it is definitely not sustainable. In order to grow a business - and not completely burn out in the process - there comes a point when you need to take stock of your skills, time and resources, and know when to start bringing in outside help.

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Our September "hot desking" date at The Orchard

The Orchard's open-plan shared office space, overlaid with Ean Brown Partner's September hot desking date

It's time to shift to payday filing
Are you ready ...

For payday filing?

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Payday filing - are you ready for April 2019?

It's time to shift to payday filing

Payday filing has been available to employers since April 2018, and from 1 April 2019 it will become mandatory.

Inland Revenue have been writing to employers to remind them to start preparing for the shift to payday filing.

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Miniature farmer & tractor: can our farm manager go away on holiday for two weeks?!

Question: Our farm manager wants to go on holiday for two weeks and take his son, who also works for us. The manager started with us 16 months ago; the son started nine months ago and says he has 11 days annual leave accrued.

We can't do without our farm manager for two whole weeks! And with his son going as well, that leaves us with no-one to milk the cows. Are they allowed to go on leave together? Can we tell him he can take one week's holiday at a time?

Answer: Once your farm manager reached his one year anniversary of employment with you he became entitled to four weeks of annual leave, and you must allow him to take at least two weeks of that as uninterrupted holidays.

As his son has not been employed by you for a full year he is not entitled to paid leave at this stage.

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Our August "hot desking" date at The Orchard

The Orchard's open-plan shared office space, overlaid with Ean Brown Partner's August hot desking date

Brick layer with blue sky background: employee vs contractor - what's the difference?
Do you know ...

The difference between an employee and an independent contractor?

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Employee vs independent contractor - what's the difference?

Brick layer with blue sky background: employee vs contractor - what's the difference?

There are quite distinct differences between employees and independent contractors, although sometimes it can prove difficult to definitively categorise a worker as one or the other. For this reason the courts have developed a number of legal tests to help businesses classify workers.

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myIR with notification bell: check with your tax agent before paying taxes or claiming refunds

If you are linked to Inland Revenue's myIR you may receive correspondence via the online service notifying you of upcoming tax payments, or credits available for refund. However if you are also with a tax agent or accounting firm these notices have the potential to cause issues.

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Annual bookkeeping paperwork: how to obtain your annual RWT certificates

Question: My accountant is asking me for my RWT certificates for the last financial year, but my bank hasn't issued me any. How can I obtain these?

Answer: If you use online banking, your annual tax statements may have been made available to you via your online banking login.

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Announcing the winner of our EoY Livestock Count prize draw!

Curious cow: announcing winner of EBP's 2018 Livestock Count prize draw

We re-introduced our Livestock Count prize draw for the 2018 income year, to reward farming clients who submitted their closing livestock numbers to us within two weeks of their balance date.

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Farmhouse in picturesque setting: can sharemilkers and contract milkers claim 20% deduction on farmhouse expenditure?

Question: Can sharemilkers and contract milkers use the same approach as farmers and claim 20% deduction for farmhouse expenditure?

Answer: Yes - sharemilkers and contract milkers may claim a 20% deduction for farmhouse expenditure (for example, power and insurance bills) without calculating actual business use of the farmhouse, if:

  • They carry on a sharemilking or contract-milking business as sole traders or a partnership independent from the farm owner's business;

  • The business is of sufficient scale to require its own home office and centre of operations in the sharemilker's or contract milker's farmhouse; and

  • The sharemilker or contract milker's farmhouse is used in a similar manner to and to a similar extent as other farmhouses on type 1 farms.

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Schedule PAYE tax payments early to avoid hefty penalties

Coffee and alarm clock: how scheduling PAYE payments can help avoid penalites

If you file your PAYE returns on time but forget to pay the full amount of PAYE by the due date, Inland Revenue may charge a non-payment penalty as well as late payment penalties and interest.

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Small work truck: a new method for calculating expense claims on mixed-use vehicles

From the 2018 income year on there are two methods for calculating the business portion of a mixed-use vehicle:

  • cost method based on actual costs, or;
  • kilometre rate method, with that rate being set by the Commissioner of Inland Revenue.
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Our July "hot desking" date at The Orchard

The Orchard's open-plan shared office space, overlaid with Ean Brown Partner's July hot desking date

Small work truck: a new method for calculating expense claims on mixed-use vehicles
Do you know ...?

About the kilometre rate method for claiming expenses on the business portion of mixed-use vehicles?

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IRD to adopt leniency due to online GST processing issues

Inland Revenue have advised the problems with their online system for filing GST returns have now been resolved.

They acknowledge myIR has been slow or unavailable recently, which may have caused frustration and inconvenience to customers who have been trying to use the online services.

Due to these issues, Inland Revenue have confirmed they will not apply late filing and late payment penalties to GST returns due yesterday for the period ended 31 May 2018, if they are filed and payments made by Wednesday, 4 July.

They apologise to their customers for any negative impact the service issues have had.

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Meet The Team

Ean Brown
Director/ Chartered Accountant
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Barbara Collinson
Team Manager/ Chartered Accountant
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Andrea Allen
Chartered Accountant/ portfolio specialist
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Flynn O'Meara
Chartered Accountant
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Jared Slatter
Chartered Accountant/ commercial specialist
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Jessie Alison
Chartered Accountant/ tax specialist
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Pam Brown
Accounting Technician/ Kaipara specialist
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Sally Adams
Chartered Accountant
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Vicki Cozens
Chartered Accountant
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Bonny Rowson
Administration/ marketing specialists
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Julie Jenkins
Administration/ file management specialist
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Renee Marais
Reception
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Sheila Ujdur
Administration/ practice management specialist
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