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We are closing the office at midday Friday 23 December and reopening on Monday 9 January.
newsletter

Christmas 2016


 


The year in review

2016 has been an up and down year. It was dry then wet, hot, then cold.

The dairy industry was down, now it's optimistic as prices firm and spring growth has been exceptional, for many this has kept irrigation costs at a minimum.

The sheep industry was relatively optimistic that there would be positives coming from ongoing developments and restructuring. As the season has progressed there is a level of pessimism in this industry we havent seen for many years.

Our commercial clients have had a good year with the construction industry still busy.

Retail has been a mixed bag, with highs and lows throughout the year, it's shaping up to be a record tourist season, hospitality numbers are very firm and town is busy.

Overall we will give 2016 a pass mark, the Waitaki continues to be the land of opportunies.


Best wishes to you and your families over the festive season.

 
Welcome to our team

In the new year we welcome a new team member.

Abbey Tonkin is returning to Oamaru after spending time working in Dunedin, working through completing the requirements to become a fully qualified Chartered Accountant.

Abbey is a passionate follower of rugby and netball and has been a competitive swimmer at a national level.

 

Software setup , training and support


This area is continually evolving and growing as applications are developed to take advantage of new technologies. Our accounting team is well versed on a number of software applications, using many of them in their daily work.

Bridget Hendry heads our IT Support team, she is the first point of contact for installation, training and support.

Software applications we support:

Accounting/Cashflow
  • Xero
  • Cashmanager Rural
  • MoneyWorks
  • BankLInk
  • Figured
Payroll
  • Ace
  • Xero
  • iPayroll
  • MYOB
If you are thinking about new software or wish to get more from existing packages, call Jennie and arrange a time to meet with Bridget.

Eight of our staff are now Xero Certified. They have taken the time to study and pass the Certification to do this. We are very proud of the Team for taking the Challenge and showing their committment to learning and wanting to help and work with our clients.

 


Knowing what's deductible

Do your plans for the festive season include functions to celebrate with clients and the team? What about gifts? If they do, here are some tips on the tax implications.

Functions and events
Some entertainment expenses are fully deductible but some are not. Use these examples as a guide.

50% deductible
  • Christmas drinks for team members or clients in the office
  • Christmas drinks for team members or clients in the pub
  • Hire of a launch to entertain clients
  • Restaurants providing food and drinks to team members at a social function in their restaurant
  • Staff Christmas party on or off the business premises
  • Function hosted in a marquee at the races (or in a corporate box at the rugby). Includes the cost of tickets  and any food and drink provided
  • A weekend away for the team at holiday accommodation in New Zealand. Includes any food and drink provided.
100% deductible
  • Donating food to a Christmas party in a children's hospital
  • Providing morning and afternoon tea for your team
  • Providing entertainment, including food and drink at your promotional stand for the Cracker Christmas Festival
  • Holding the Christmas party in Fiji (woo-hoo!)
0% deductible
  • Taking your family (who don't work in your business) out to dinner to thank them for being patient while you worked long hours and paying for this using the business credit card.
GST
If that's not enough to think about, you will need to make a GST adjustment for entertainment expenses which are 50% deductible. This adjustment will be required to be made at the time your income tax return is filed. Of course, we can help and advise you on this.

Gifts
The rule of thumb for gifts is that if they consist of food and drink, you can only claim 50% of the expense as a tax deduction. Use these examples as a guide.

50% deductible
  • Bottle of wine or six pack of beer
  • Meal voucher
  • Basket of gourmet food
  • Box chocolates/biscuits
  • Christmas ham
100% deductible
  • Calendar
  • Book or gift voucher
  • Tickets to a rugby game (but not in corporate box entertaining)
  • Movie tickets
  • Presents (not food or drink)


Government’s Afforestation Grant Scheme

If you are considering planting a corner or gully in trees here’s an opportunity.
MPI is providing grants of $1,300 per ha for growers to plant small to medium sized forests, 5 – 300 ha, up to $19,500,000 is available until 2020.
The scheme is now in the 2nd year of 5 year programme with the goal of planting 15,000ha of trees by 2020.
To see eligibility criteria and Application Forms go to  http://www.mpi.govt.nz/funding-and-programmes/forestry/afforestation-grant-scheme/
Upcoming Tax Dates

January to May is a tough time for many small businesses. On top of seasonal cash flow issues, timing of tax payments can place further strain on your cash flow.

If your cash flow is under pressure and you are struggling to make tax payments on time, call Kay or Andrea in our office before the due date of any payments. To minimise any penalties an arrangement needs to be in place with Inland Revenue prior to the due date.

A gift from us to you

Our busy elves have replenished the gifts under our tree. There's still time to come in and see us to choose yourself a gift.
 
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McKenzie & Co · P O Box 104 · Oamaru · Oamaru, Otago 9444 · New Zealand

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