Quarterly Newsletter
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Clients are often concerned with incurring fees each time they make contact with their accountant, and may therefore put off placing a call or sending an e-mail.
As your trusted advisers we want to encourage open lines of communication so we are better able to understand you and your business, and you are able to receive the right information at the right time.
As part of this commitment we are introducing Express Help.
Express Help is our guarantee you will not be billed for any quick questions which we are able to answer during a brief phone call or short email.
If a query requires more in-depth work to resolve, we will advise you of this at the time, so there are no surprises on your invoice.
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FRINGE
BENEFITS
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Given the importance of keeping your PAYE and GST record-keeping and payments in order, it might be tempting to think that Fringe Benefit Tax, or FBT, is a relatively minor thing. But don't be fooled. In 2017, Inland Revenue created a dedicated audit team to focus on this issue.
One of the team's aims is to ensure employers have the right business structures and documentation in place. And it turns out that many don't.
If this sounds like you, now's a good time to put things right. Regardless of whether you're acting correctly or not around FBT, a lack of proper records leaves you in a weak position and liable to negotiated settlements or, worse, serious penalties.
Most FBT revolves around company vehicles, so let's look at what IRD expect from you if you provide one to any of your staff:
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The employee's job description and employment contract |
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The company policy on motor vehicles |
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Any private use restriction letter in place, signed by the Directors and the employee |
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Documentation that shows regular checks on the vehicle to ensure it's not being used for private matters |
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The employee's performance review notes confirming they're sticking to company policies |
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CHANGES TO FAMILIES PACKAGE
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If you receive the Families Package (formerly the Families Incomes Package) you may be interested in the following changes coming on 1 July 2018.
They include:
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Best Start Tax Credit for families with young children |
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Increases to Working for Families Tax Credits |
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An extension to Paid Parental Leave |
Because the changes will be made automatically, you don't need to do anything if you are already a Work and Income client.
If you are not already a Work and Income client or have not been registered for Working for Families Tax Credits, you will need to apply for a Best Start Tax Credit through smartstart.services.govt.nz/register-my-baby or by completing the Working for Families Tax Credits Registration form (FS1) which is available on Inland Revenue's website.
Read more ...
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Contact Us
If you wish to discuss any of the matters raised in this issue of Dollars and Sense, please contact our office - a member of our friendly team will be happy to assist.
Kind Regards
The team
Ean Brown Partners Limited
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