North Canterbury News: March 10, 2022

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2462738 Farm Accounting Business Advisory Taxation T: 03 313 6534 E: enquiries@abacusca.co.nz 220 King St, Rangiora www.abacusca.co.nz • Annual Accounts • Bookkeeping • GST/PAYE /PAYE/FBT/FBT Returns • TaxReturns/Tax Planning • Xero Setup and Training Registered Taxation Specialists PH 022 327 5046 www.nctbk.co.nz info@nctbk.co.nz 2264923 TAXATION 22 North Canterbury News, March 10, 2022 ACCOUNTANCY T ASK FORCE The Approachable Professionals Levelling up your financialliteracytohelp youreach your business goals 2463514 Another year of change in the world of business and Covid By RAELENE REES CharteredAccountant With March 31 looming, we see the end of the second year of Covid times. The Government has been forthcoming with wage subsidies, resurgence payments, business loans and income tax relief, including –GST and income tax write offs, reprieve for interest/penalties on late payments to IRD if aresult of CV, writeoff now $1,000 for plant, loss carry back scheme. The latest round of wage subsidies available, from February 28, will be met L I M I T E D Providing Accountancy Services to Oxford since 2001 End of Year Accounts? Use an Accountant to SAVE on your Tax! • Rentals / Lifestyle Properties Specialists • Advice on Cloud Accounting Systems To save your time. • Business Start Ups Advice Dave Trayner, 9ABay Road, OXFORD Phn 03-312-4878 Email :atfoxford@outlook.com with welcome arms for many businesses. In recent times we have seen a significant increase in the value of property with overall low interest rates, although these are now on the rise. Changes to the lending rules at the banks mean it is getting harder to obtain finance. Amortgage broker can assist as they know which institution will suit your individual situation. Their service is also free. For those with rental properties, the mortgage interest claim phaseout commenced on October 1, 2021 where only 75 percent interest can now be claimed. It phases out completely by April 1, 2025. New builds however continue at 100% interest writeoff, with afive year brightline test. Older rentals have a10year brightline test with no interest expense claimable. Changes in the Trust reporting requirements also means alot of people are rethinking the use of their trust, and is it still appropriate. Everyone’s circumstances are different, so check with your Lawyer/ Accountant before making any changes. Staff shortages appear to be the norm and cashflow is always on every business owner’s radar. With the lengthy delays experienced, long lead times for many materials, more money is tied up in stockholding. Job delays also mean the money is not flowing at previous levels. The key to keeping the cash flowing is regular communication with creditors/ debtors and your bank. Owing to our current economic climate price rises are being experienced across the board. Be sure to budget accordingly, and have clauses in your contracts to allow for this. Although there is adefinite move to Lending rules ... Changes make it harder to obtain finance. PHOTO: FILE ‘‘shop local’’ there is the overriding, ever increasing trend to buy online. Online spending increased 21% in 2021, versus 1% for instore (based on card transaction data). If possible, harness this into your business model. Owning abusiness is never easy. It is when things become more difficult that the opportunities arise. Look for the opportunities in your business, as if it were easy, everyone would be doing it. Raelene@reesaccounting.co.nz Sprout Accountants are proud to be business support partners for our clients. 2463297 We offer a complete service, GST returns, monthly tax planning, management reports and annual tax compliance. Rental properties, farms, trades are our areas of expertise. Xero gold partner. Ring to book afreeconsultation BronwynCandish 021 517 001 77-83 High Street, PO Box97 Rangiora 7440 Phone (03) 313 6001 bronwyn@sheppard-ormsby.co.nz Situated at Rata Street Business Hub, Rata St, Oxford Ph 03 312 1264, www.sproutaccountants.co.nz 2464682 Business owner for more than 34 years What we do: Income Tax/GST |Tax and Succession planning |Cashflow/budgeting |Company formations... But what we Love doing: Is working alongside you, collaborating our experience and network with you and your business, and seeing your business grow And what we won’t do: We don’t want you to be afraid ofcontacting us, so if you have aquick question, or need toconfirm something, keep it on topic and the meter probably won’t start running www.reesaccounting.co.nz raelene@reesaccounting.co.nz 2locations Rangiora and Riccarton 21 Leslie Hills Drive Riccarton Christchurch 8011 Phone: 03 341 6913 Conway Lane, 188 High Street Rangiora Phone: 03 313 6909 Proud Supporters of The Speed Freaks, Venus Women’s Business Networking, and Rangiora Promotions 2464030
ACC levy changes will target those with poor safety records By THOMASCOUGHLAN WELLINGTON:Employers withbad safety records will pay significantly more in ACC leviesthankstoarule change by the Government, and businessesthat have ahistory of accidentalworkplacefatalities will be hit the hardest. The changes will increase the maximum additional levy paidby businesseswith ahistory of ACC claims, and add anew calculation to add levy costs for businesses where an employee died. The rule changes werefirstmulled in 2018, but the Cabinet could not agreeonthem. Changes were subsequently agreed at the end of lastyear, following consultation. Employers pay leviestoACC which part fund cover for injuries their staff mighthave on the job. Each business pays adifferent levy basedontheir industry and, since 2011,mediumand large businesses have had theirlevies adjusted to reflect their claims history. This adjustmentiscalledan experience rating, and it appliestoall businessesthat pay $10,000 or more a year in ACC levies. Businesses in accidentintensive industries pay higher levies, reflecting the fact theiremployees are morelikely to claim. Businesses with a history of accidentspay more again. Partofthe thinking behind the experience ratingsystem is to create an incentivefor employerstoreduce workplaceaccidents. Workplaces with ahigh experience rating would face additional ACC levy costs of up to 75%, while thosewhich had no accidents could have their ACC levies discounted by as much as 50%. But aregulatory impactstatement fromthe Ministry of Business, Innovation and Employment argued, using an analysisfrom 2014, that experience ratingsdid not ‘‘appear to be delivering amaterial reduction in claims,and in someinstanceswas not equitablyreflecting the costs of employers’ poorperformance, to the detrimentofbetter performers’’. ACC Minister Carmel Sepuloni has agreed to two changes. The first increasesthe ‘‘loading’’ on the experience rating—effectively the penalty for poor safety performance —from 75% to 100%. Thisincreases the maximum amount businesses which perform worse than the average in their Toprate in spotlight By THOMAS COUGHLAN The Government’s new 39% top tax rate is hitting more than 50% more people than Labour expecteditto. During the 2020election Labour promised to create anew top tax bracket for veryhigh earners, meaning instead of paying amaximum of 33 cents in thedollar on someincome,highearners would be taxedat39%. To ensurethat few people fell intothe new tax bracket, Labour said it wouldonly startatincome earned over$180,000, meaning just2%ofearners would be hit by the tax. The InlandRevenueDepartment estimated that workedout at 75,000 New Zealanders. However, since the tax came into effectonApril 1last year,IRD hadrun the numbers again. Those numbers, releasedunder the Official InformationAct, showed the ‘‘highincomepopulation’’ was actually about 119,000 people —44,000people morethan expected. Revenue Minister David Parker cautioned the paper was ‘‘based on only part of the 2021 tax yearand may be affectedbythe impacts of Covid so it is too early to be certain’’. But National Partyfinancespokesman Simon Bridges said the tax takeshowed ‘‘rankincompetence’’. IRD cautioned the estimates couldchange,aspeople who had earned more than $180,000inprevious years—who IRD included in its figures— mightearn lessthis yearand drop out of the rankings. The higher numbers might also be because of lump sums of money paid out in redundancies as aresultof Covid19. —The New Zealand Herald industry willhave to pay. Thesecondchangeistointroduce a ‘‘fatality modifier’’ which will increase the levy paid by employers which havehad afatal accident occur at work. Those businesses will now face an additional 20% loading on theirlevies in the year the fatalityis‘‘assessed’’, this will drop to 10% the yearafter. — TheNew ZealandHerald TAXATION The North Canterbury News, March 10, 2022 23 TAXRETURNS Debra Jowsey Karla Kilner Tax &Accounting Consultants since 1984 Overwhelmed? Confused? With the recent IRD changes to tax returns, GST returns, rental returns and pay day filing A-Plus Accounting is here to help. Give us acall. Friendly,knowledgable staff. A-Plus Accounting ☎ 03 314 9480 LIDDELL AND CROOK LTD CHARTERED ACCOUNTANTS HELPING YOU TO GET ITRIGHT AND GET AHEAD Accounting Services Business Support Xero Training and Conversion AMBERLEY OFFICE 2A Pound Street, Amberley Phone 03 314 8717 Amberley hours: Wednesdays only 9.00am –12.00pm and 1.00pm-2.30pm Email rachel@liddellcrook.nz 2293718 CHRISTCHURCH OFFICE 62 Langdons Road, Papanui, Christchurch Phone 03 352 1076 www.liddellcrook.nz ATCAccounting Services ExperiencedAccountant availableto visit youfor astress-free service. Competitive rates. Troy Cameron –Accountant Ph:021 122 1960 Email: troy@atcaccounting.nz forafreenoobligationconsultation. ABit Differentthanthe Average Accountant –Ready forAnything! Visitwww.atcaccounting.nz 2462480 2464368 Kirsten Nicol Chartered Accountant M: 027 635 5427 E: kirsten@knaccounting.co.nz W: www.knaccounting.co.nz A: Office 4/61 Main North Road Woodend Offering arange of accounting and consulting services. With experience in both small and large business: • Year-end Accounts • Income Tax • Forecasting • Budgeting • Company Administration • GST • FBT • Business Advice 2464384 2464346
Page 1 and 2: Locals Supporting Locals Thursday,M
Page 3 and 4: NEWS North Canterbury News, March 1
Page 5 and 6: Jacinda pops in for atasty lunch By
Page 7 and 8: NEWS North Canterbury News, March 1
Page 9 and 10: Wine region prepares for harvest By
Page 11 and 12: ONLINE VETSTORE WO DEND CATTERY Enh
Page 13 and 14: RANGIORA 100% LOCALLY OWNED
Page 15 and 16: UNIQUE WATER FEATURES? SORTED. 100%
Page 17 and 18: BUILDING &RENOVATING North Canterbu
Page 19 and 20: LOUNGE Sale Blitz WWW.AFFORDABLEFUR
Page 21 and 22: Your local professionals Call Pross
Page 23: Celebrations as new learning space
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Page 29 and 30: RANGIORA MOTOR GROUP 29 Southbrook
Page 31 and 32: RURAL LIFE SPRAYING &PASTURE MANA
Page 33 and 34: SPORT HORSES, RACING STABLES &PET H
Page 35 and 36: Dairy awards set to defy Covid Dair
Page 37 and 38: WHICH DIRECTION WILL THE MARKET GO
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Page 41 and 42: CLASSIFIED North Canterbury News, M
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Page 45 and 46: MASSIVE PLANTSALE MONDAY 14 TH MARC
Page 47 and 48: NATIVE SHRUBS CabbageTree, Ribbon W

North Canterbury News: March 10, 2022

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