Copy
What's New?...
Vision Accounting

Welcome to the Vision Accounting e-newsletter for February 2015.  This is a great way for us to share important information you need to know, helpful tips and hints and practical resources to help you in business for 2015.
 

What's very Important?

It’s time to finish off those end of year financials and get them completed for the 2014 tax year.

We know there are still some of you who need to get their information to us – please do so urgently. It’s important to have these completed now so you know what tax you need to pay for the current financial year and still have a small window of time available to attend to any terminal tax in April.  And if you’re behind in putting aside your GST and Tax money – you still just have time to do that, so you don’t get behind with the IRD and have to pay unnecessary penalties.

So please forward any outstanding information to the team at Vision Accounting and we can speed up completing your accounts for you. (any problems give Jane a call on - (09) 415 0319).

 

What You Need to Know

Health and Safety heads up
 

The Health and Safety Reform Bill was passed at the end of last year and the resulting Health and Safety at Work Act will be implemented in stages, the first stage taking effect from 1 April 2015. The legislation itself is part of a major reform of health and safety practice in New Zealand.

The new Act imposes a primary duty on employers, with a wide range of duties to ensure health and safety in the workplace. The definition of a ‘workplace’ includes any place where a worker goes, or is likely to be, while at work. The definition of a ‘worker’ is a person - for example, an employee, contractor, person on a work trial or volunteer - who carries out work in any capacity for 'a person conducting a business or undertaking' (PCBU). The concept of the PCBU is central to the new reforms, placing responsibility on anyone who owns or controls a workplace and therefore on all links in the contracting chain from principal to all levels of contractor and sub-contractor. Persons who are not necessarily visible at the workplace such as those who design, manufacture, import or supply plant, substances or structures can be PCBUs with responsibilities under the legislation for the health and safety of workers and others who use them in the workplace. Company directors and those in governance roles will have an explicit due diligence duty to ensure that workplace health and safety is managed proactively.

Workers and other people in workplaces will also have obligations to ensure care is taken for the health and safety of themselves and others.

The changes will help everyone involved in the business to be clear on what they need to do to maintain sound health and safety practices in the workplace and ensure workers have the knowledge and ability to keep themselves and their colleagues safe. The regulator and the courts will have a wider range of enforcement tools, including increased penalties for breaches of duties.

It is envisaged that there will be an initial round of new regulations covering general risk and workplace management; worker participation, engagement and representation; major hazard facilities; asbestos; and work involving major hazards. More industry-specific regulations are intended to be developed over the following two years.

We'll keep you posted as to what these new measures will mean for your business.

This Month’s Top Tips

My mate down the pub says…
 

Sometimes you’re chatting about business and a friend suggests something you didn’t know you could claim. So you want to know if he can do it why can’t I?

This section will discuss a few of those issues, and explain how or why you can (or can’t) do the same as your friend.

“You don’t need a log book if your car is sign-written”
You friend is partly right, but this isn’t the whole story. Fringe Benefits Tax is the reason why sign-writing matters. If you meet a number of requirements (including having the company name sign-written prominently on the vehicle) then it can be treated as a work related vehicle, and a log book won’t be essential. Here are the key points, so you can check for yourself if you are entitled to call your vehicle “work related”.

Company (not a sole trader or partnership)
If you are not trading as a company, then some sign writing might be beneficial from a promotional point of view, but it won’t save you from keeping a log book. Sole Traders and Partnerships can only claim a business portion of the car running costs, and you need to have a log book to prove the ratio of business to personal use.

Ask us a question

Have you got an accounting question that leaves you worried or confused?

We love a challenge – see if we can come up with the answer that gives you the ‘ah ha! moment'.

Contact Virginia at Vision Accounting NOW on 09 415 0319
Tel: (09) 415 0319
Email:
admin@visionaccounting.co.nz
Web:
www.visionaccounting.co.nz
Postal Address:
PO Box 303 157
North Harbour
Auckland 0751

Physical Address:
106A Bush Road, Albany, Auckland
(When posting documents please use the PO Box address, as there is no mail delivery to our street address. Thank you.)
A ute or van
To be counted as a work-related vehicle, it must be a vehicle that is intended for work, such as a van or a ute. Hatch backs and station wagons can just squeeze into this category if they have the back seats removed or permanently bolted down. A sedan or a station wagon that still has its back seats in place will be caught by the FBT rules. You do get away without the log book, but your company will have to pay FBT on the car no matter how much you use it for work.

No private use
That’s right, to avoid log books and FBT, your work vehicle must not be used privately. The absolute limit is taking the van home from work if it needs to be parked at home for security reasons, or if you could be called out to do after hours work. If the van is outside the pub, then your mate is using it privately and he should be paying FBT. Inland Revenue has been known to send agents to weekend sports matches and record licence plates of work vehicles, to check if they’re meeting the FBT rules.  Eek!

Sign-writing
The signwriting must be permanent and prominent. That means that removable signs such as spare tyre covers or magnetic door signs don’t count.

To be continued…
 

Invoice payment option

Newsflash - in addition to the payment of our invoices by way of direct credit, cheque and various FeeSmart options, we can now take eftpos and credit card payment too. Credit card payments can be made over the phone with us, so that saves a trip out to the office or the post office.

Remember

We offer the service of a one on one meeting to review your financials and help set you up for a strong 2015.
This one meeting can make a huge difference to the cashflow and profit of your business.

If you would like to schedule a business review meeting, or have a no-obligation chat – we’re happy to help.     

Thanks, and have a great month,
Virginia and the team at Vision Accounting



Please forward this email to a friend if you feel it would be of use to them.
Calculators
Vision Accounting Solutions
 
Copyright © 2015 Vision Accounting Solutions Ltd, All rights reserved.


unsubscribe from this list    update subscription preferences 
 
Email Marketing Powered by Mailchimp