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.


FRINGE
BENEFITS

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:

The employee's job description and employment contract
The company policy on motor vehicles
Any private use restriction letter in place, signed by the Directors and the employee
Documentation that shows regular checks on the vehicle to ensure it's not being used for private matters
The employee's performance review notes confirming they're sticking to company policies

Read more ...


CHANGES TO FAMILIES PACKAGE

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:

Best Start Tax Credit for families with young children
Increases to Working for Families Tax Credits
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 ...


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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Disclaimer

The information contained in this newsletter is of a general nature and should be used as a guide only.
A senior representative of Ean Brown Partners Ltd should be consulted for specific advice before any action is taken.


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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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Valeria Maw
Chartered Accountant/ Kaipara specialist
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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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