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What's New?...
Vision Accounting
Welcome to the Vision Accounting e-newsletter for April 2016. 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 2016. And Happy New Financial Year to you all, may the year to 31 March 2017 be the most successful yet for us all.
 

What's very important?

Changes from April

 

Minimum wage

The minimum wage will increase from $14.75 to $15.25 per hour. Training and new entrants’ minimum wages will increase from $11.80 to $12.20 per hour.
 

Super, pensions and benefits

Superannuation and Veteran’s Pension rates increase on 1 April 2016. The rates (before tax) for a married couple will be $671.48, $443.43 a week for a single person living alone and $407.53 for a single person sharing accommodation.

Benefits for main beneficiaries and rates for student allowance recipients with dependent children will increase by $25 a week after tax.

Working for Families rates will increase for low income working families by up to $12.50 and $24.50 for very low income working families.
 

Health and safety

Changes to health and safety laws take effect from 4 April 2016. The new law says you need to take reasonably practical steps to manage any critical risks – those that could cause illness or injury serious enough to keep someone off work. Have you assessed how the new laws affect your business and implemented anything you need to? If not, contact us for more information on the rules.
 

Parental leave

A greater range of people — for example, certain casual workers and seasonal workers, employees with more than one employer and those that have recently changed jobs — will have the opportunity to access paid parental leave, which is up to 18 weeks from 1 April onwards. The Parental Leave and Employment Protection Act will also extend to a wider range of primary carers than biological or formal adoptive parents.

Employees on paid leave will be able to take ‘keeping-in-touch’ days, enabling them to work limited hours during their paid leave period.

What's you need to know

Don’t be caught out on holiday pay!

Holiday pay has been in the news recently and we know the Labour Inspectors from the Ministry of Business, Innovation and Employment will be checking that other employers have been recording and paying entitlements correctly.

There are two ways of calculating holiday pay: it can be based on ordinary weekly pay at the beginning of the holiday or average weekly earnings over the previous 12 months. The correct amount of holiday pay is whichever figure is the greater.

Where employees are permanently employed on a constant work pattern, working out their entitlement is easy. If you have employees working irregular hours, it can be tricky to ensure their entitlements are correct. It is vital to make sure your systems are set up to record all relevant information and that your payroll system uses correct formulas and definitions. Call us if you would like more information about this.
 

Sharing a bit about Virginia - Stamping fun

Over the years you may have noticed that you generally receive mail with a proper postage stamp not a pre-paid envelope (although I did succumb for a few years at the end of the financial year for the big mail-out). The reason for this is plain and simple, I am from a family that are avid stamp collectors. My father has instilled this lovely idiosyncrasy in me, and since the age of six I have been collecting stamps.

It started off with animals on stamps, then aircraft, maps, musical instruments, then countries such as New Zealand and the Commonwealth. Together with my parents I have spent many an hour sorting through stamps, and will always keep an eye out for them.  Even the “common garden variety” every day stamp has a use, as they are bundled up and on-sent to the missionaries overseas who receive desperately needed funds for their charities. So, if you want to “make my day” and also my parents’, we would love to receive any stamp you have, including the ones on the mail we have sent your way. All stamps extremely welcome, thanks in advance.


 

Sharing news from my clients with my clients

This is a topic very dear to my heart – BE GOOD WITH YOUR MONEY so when my long standing client Katie English of VitalSure Ltd shared the details of her up-coming workshop that she is running together with another long standing client Derek Good of Learning Planet Ltd, I asked whether we could share the invitation with all our clients. Note that there are limited seats, so be in quick!

So herewith from Katie English and Derek Good to you:
We would like to invite you and any of your colleagues/clients along to our ‘Be Good With Your Money’ workshop.

This will be held on Friday 22nd April at Solutions House, 59 Apollo Drive, Albany. We will start with a morning tea at 9.30am (allowing you some time to network with other attendees, so bring business cards!) and the workshop commencing at 10am and concluding at around 12 noon.

We will address the ‘Past You, Present You and Future You’ in terms of money, wealth accumulation and retirement planning. The workshop is designed to help you to map out your future and where you are headed – rather than where you think you are headed. 

A lot of us are in what we call the “Poverty Cycle” – we work, get paid, pay our outgoings, debt (mortgage, credit card and loans) and hopefully have some fun, and then it is wage time again – with little thought put into how we are going to fund and manage our retirement or to what savings we are going to require.  

Knowing that the Government would currently pay you $374.53 per week were you to retire today, when we know that we will need to have a fund of some $2 million if we want to retire with a lifestyle much as we currently have... shows you could have just a small shortfall!

The workshop is designed to be educational and help you to recognise where there may be gaps in your financial plan for your future. We will also touch on the importance and reasoning behind Trusts, Wills and also Enduring Powers of Attorney.

The workshop will be interactive and incorporate video, open and group discussion, Lego play and a Q & A at the end.

Please RSVP to Katie English at VitalSure katie.english@vitalsure.co.nz or on 021 634 451 with names and numbers of those whom would like to book a space as these are limited. First come, first served! Please would you also include an email address so that we can send a confirmation and reminder a few days beforehand.

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.)

Remember

We offer the service of a one on one meeting to review your financials and help set you up for a strong 2016.
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

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