Welcome to the new Financial Year - April 2022 Newsletter
Xero Online Training
To continue our client training, we have decided to host another Xero online training Webinar
This time we will be focusing on those who already use Xero and want to get more from their system. We will be looking at tracking codes, how to use Xero to track your cashflow and even more great Xero tips to save time and to get the best out of the accounting package.
The training will be held online using Microsoft Teams, Wednesday 20th April at 10am. Training will last approximately an hour and a half.
Please register your interest to attend by clicking on the link below.
You will then be sent an online meeting link the week of the training.
End of Year Accounts Checklist
Each year we request your records so we can complete your year-end accounts and income tax returns. It's important to keep accurate and complete records. Accurate records will help us to complete your tax returns faster and avoid possible penalties for incorrect returns or underpaid taxes.
Included with your scheduling letter, you will receive a checklist with the information that we require. For us to complete your accounts, it is imperative that we receive all the information requested.
If you're claiming expenses against your income, it is important sufficient records are kept as evidence to support your claims, e.g. receipts.
It is important that you keep and file your information throughout the year, and records must be kept for 7 years. There are options around keeping and holding your records they include:
- Using the Manual files that we have provided (Business, Home Office, Rental).
- Keeping your files electronically – ensure that they are safe and backed up regularly.
- Using the Files option in Xero. This is simple and accessible to all clients using Xero software – the information is then keep safe and secure on line, back up and accessible to us at year end. We teach this in our Xero trainings.
If you have a lot of personally paid expenses that are not recorded in your software, it is recommended that you complete a spreadsheet detailing these receipts to help us minimise the time taken to process these expenses and therefore the cost to you.
Due to the recent changes in the Trust Act, there is now additional reporting required for all trusts as part of their annual financial accounts. We have therefore, requested more information in your trust checklist to comply with IRD. We ask you please review your checklist and ensure you provide any further information we have requested.
Note: Your records must be in English, unless the IRD gives approval to use another language.
Increase in Xero prices
From 23 September 2021, the monthly retail price of Xero Business Edition plans in NZ increased to:
- Starter plans increased by $1.50 - from $27.50+GST to $29+GST
- Standard plans increased by $2 - from $60+GST to $62+GST
- Premium plans increased by $3 - from $75+GST to $78+GST
And, from 16 March 2022 the monthly price of Cashbook plans will also increase:
- Non-GST Cashbook plans will increase by $1 - from $12+GST to $13+GST
- GST Cashbook plans will increase by $2 - from $18+GST to $20+GST
Please be aware that your Xero invoice has increased to reflect the above increases.
If you have an Automatic Payment (AP) set up with your bank you will need to increase it to reflect the changes.
If you have not already increased your AP for April, please ensure you cover the payment shortfall.
Those on a Monthly Instalment Arrangement (MIA) will also need to check their AP is set up to the new 2023 MIA amount.
Important Tax Dates
The Tael 2022 Tax Calendars are available from our website or you can collect one from the office by appointment only.
Upcoming Tax Dates:
7 May - Final instalment of 2022 Provisional Tax is due for payment.
28 August - First instalment of 2023 Provisional Tax is due for payment.
Covid Support Payments
Three fortnightly COVID-19 Support Payments (CSP) are available.
Applications for the first payment are open for the period beginning 16 February 2022 and ending 4 April 2022.
Applications for the second payment opened at 8am on 14 March 2022 for the period beginning 7 March 2022 and ending 4 April 2022.
Applications for the third payment opened at 8am on 28 March 2022 for the period beginning 21 March 2022 and ending 4 April 2022.
Please note that applications for all 3 CSPs will close on 5 May 2022.
Leave Support Scheme
The COVID-19 Leave Support Scheme is available to employers to help pay employees who have been advised to self-isolate because of COVID-19 and can’t work from home. It’s also available to eligible self-employed workers.
- How much?
$600 per week for full-time workers and $359 per week for part-time workers.
- How to apply
You can apply on the Work and Income website.
How to apply for the Leave Support Scheme(external link) — Work and Income
Leave Support Scheme(external link) — Work and Income
If you have any questions or concerns for us, please don’t hesitate to get in touch with us.
THE TAEL SOLUTIONS TEAM